Local developer Deyaar has reported AED55.2m ($15m) in net profits, compared to AED52.1m recorded during the same period in 2014.

In 2014, Deyaar expanded its development portfolio beyond commercial and residential properties to include a portfolio of hospitality projects such as the Atria and Montrose in Dubai.

In March MEED reported that Deyaar awarded Dubai-based contractor Al-Rostamani Pegel the construction contract for work on the luxury mixed-use, twin-tower development in Dubai.

The Atria, located in the Business Bay area, will be built over an area of 366,000 square feet and will comprise a mixture of serviced apartments and residential units. The serviced apartment tower will feature studios, one-, two- and three-bedroom apartments and three-bedroom duplex units across a 30-floor complex.

The company also announced that it is current working towards the necessary approvals for a AED3.5bn new development in Dubai called Midtown.