Developer Damac's Q1 net profit soars 79%

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Hussain Sajwani, executive chairman and chief executive of Damac.

Hussain Sajwani, executive chairman and chief executive of Damac.

Damac Real Estate said on Tuesday that its net profit for the first quarter rose 79 percent as the developer benefited from buoyant conditions in its Dubai home market.

Net profit for the first three months of 2014 was $210m compared to $117m in the corresponding period last year, it said in a regulatory filing in London.

"The continued economic recovery in our core market of Dubai has supported strong sales in the first quarter of 2014," Hussain Sajwani, executive chairman and chief executive of Damac, said in the statement.

Booked sales more than doubled year-on-year to $864m in the first quarter, Damac said.

Earlier this month, Damac launched the first fully certified Sharia-compliant serviced hotel apartments in Dubai.

Constella, a luxury tower under construction in Jumeirah Village, will be managed by Sharia principles and result in the issuing of a Sharia Certification by Dar Al Sharia, the company said in a statement.

It added that although there are projects in Dubai that are alcohol free and claim to be Sharia compliant, Constella will also have separate swimming pools for men and women and separate gymnasiums and saunas.

The restaurant will also have a single section for men and separate family section while there will also be dedicated floors provided for ladies that will be served by female only staff.

Damac Properties said at the time it had delivered 9,318 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of December 31.

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