Dubai's Union Properties expects its profit in the first half of this year to soar to 700 million dirhams ($191 million), the developer said in a bourse statement on Tuesday.

That would mean a jump of 418 percent from the corresponding period of 2013 when the company earned 135.2 million dirhams.

The company did not explain the reasons for the expected rise, but property prices in the emirate have rebounded due to Dubai's renewed economic boom.

Union Properties' first quarter net profit was 179.79 million dirhams ($48.95 million), up from 21.91 million dirhams in the same period last year. – Reuters