Dubai developer Union Properties' net profit rose to 179.79 million dirhams ($48.95 million) in the first quarter from 21.91 million dirhams in the same period last year, it said on Wednesday.

The company's profits rose on the back of gains from the sale of investment properties in the quarter and from liabilities settlement with contractors.

Companies across Dubai's property sector are booming again as the real estate market recovers from its 2008-2010 crash. - Reuters