Dubai's Union Properties expects H1 profit to jump fivefold

Developer says profits are set to soar to $191m, up 418% on the same period last year

Dubai's Union Properties expects its profit in the first half of this year to soar to AED700m ($191m), the developer said in a bourse statement on Tuesday.

That would mean a jump of 418 percent from the corresponding period of 2013 when the company earned AED135.2m.

The company did not explain the reasons for the expected rise, but property prices in the emirate have rebounded due to Dubai's renewed economic boom.

Union Properties' first quarter net profit was AED179.79m, up from AED21.91m in the same period last year.

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