Union Properties Q1 profit jumps 8-fold

Dubai developer Union Properties' net profit rose to Dh179.79 million ($48.95m) in the first quarter from Dh21.91m 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.

The company said in February that its net profit for 2013 also jumped more than eightfold to Dh1.58 billion ($430.2m) from Dh175.8m in 2012.

Companies across Dubai's property sector are booming as the real estate market recovers.

UP recently increased foreign ownership to 25 per cent from its current cap of 15 per cent.