Dubai's Union Properties Reports Higher Profits

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Dubai-based real estate developer Union Properties reported its net profit increased more than eightfold in 2013.

The company's net profit jumped to Dhs1.58 billion ($430.2 million) last year from Dhs175.8 million in 2012, Reuters reports.

In a separate statement to the Dubai stock exchange, the company recommended a five percent bonus share dividend to shareholders for 2013.

Union Properties did not give a reason for the increase in the brief statement.

However, developers in Dubai are enjoying higher profits as the property market rebounds from the 2008-2010 crash.

In January, Nakheel, one of Dubai's leading developers, announced it would repay more than half of its bank debt of AED6.8 billion ($1.9 billion) one year before its first due date due to higher market performance.