Dubai's Union Properties Q1 profit jumps eightfold

Profits rose on the back of gains from the sale of investment properties in the quarter
By Reuters
Wed 07 May 2014 12:01 PM

Dubai developer Union Properties' net profit rose to AED179.79m ($48.95m) in the first quarter from AED21.91m in the same period last year, it said on Wednesday.

The company's profits rose on the back of gains from the sale of investment properties in the quarter and from liabilities settlement with contractors.

Companies across Dubai's property sector are booming again as the real estate market recovers from its 2008-2010 crash.

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