DUBAI May 13 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.
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.
(Reporting by David French; Editing by Olzhas Auyezov)