Dubai growth boosts Damac

Damac Real Estate said yesterday that its net profit for the first quarter rose 79 per cent as the developer benefited from buoyant conditions in its Dubai home market. Net profit for the first three months of 2014 was $210m (£171.43m) compared to $117m in the corresponding period last year, it said in a regulatory filing in London. Booked sales more than doubled year-on-year to $864m in the first quarter, Damac said.

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