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Dubai’s Union Properties 2013 Profit Soars Eightfold

Dubai’s Union Properties 2013 Profit Soars Eightfold

The company said it was recommending a five per cent bonus share dividend to shareholders for 2013.

Union Properties, a Dubai-based real estate developer, said on Monday that its net profit jumped more than eightfold to Dhs1.58 billion ($430.2 million) last year from Dhs175.8 million in 2012.

The brief statement did not give a reason for the increase, but companies across Dubai’s property sector are booming as the real estate market recovers from its 2008-2010 crash.

The company also said it was recommending a five per cent bonus share dividend to shareholders for 2013 in a separate statement to the Dubai stock exchange.

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