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Mon 3 Feb 2014 10:54 AM

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Dubai's Union Properties 2013 profit soars eightfold

No reason was given for the increase, but property companies across the emirate are booming as the real estate market recovers from its 2008-2010 crash.

Dubai's Union Properties 2013 profit soars eightfold

Union Properties, a Dubai-based real estate developer, said on Monday that its net profit jumped more than eightfold to AED1.58bn ($430.2m) last year from AED175.8m in 2012.

The brief statement did not give a reason for the increase, but companies across Dubai's property sector are booming as the real estate market recovers from its 2008-2010 crash.

The company also said it was recommending a 5 percent bonus share dividend to shareholders for 2013 in a separate statement to the Dubai stock exchange.

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