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.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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