Damac reports 79% profit rise as Dubai property market recovers

Photo: Damac reports 79% profit rise as Dubai property market recovers / Arab World

Damac Real Estate said on Tuesday that its net profit for the first quarter rose 79 percent as the developer benefited from buoyant conditions in its Dubai home market, Al Arabiya reported.

Net profit for the first three months of 2014 was $210 million compared to $117 million in the corresponding period last year, it said in a regulatory filing in London.

"The continued economic recovery in our core market of Dubai has supported strong sales in the first quarter of 2014," Hussain Sajwani, executive chairman and chief executive of Damac, said in the statement.

Booked sales more than doubled year-on-year to $864 million in the first quarter, Damac said.

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