Dubai developer Emaar Properties saw net profit grow 12 per cent in the first half of 2015 to AED2.2bn ($600m), compared with AED1.98bn in the same period in 2014.

The higher profits reflected a 13 per cent growth in first-half revenues to AED6.5bn.

This is despite a stagnating real estate market in Dubai, where rental prices fell by 3 per cent in the second quarter, according to Abu Dhabi Islamic Bank (ADIB) and the local MPM Properties.

Emaar’s growth was driven by a 36 per cent increase in revenue to AED1.17bn from the developer’s international real estate business.

Its Egyptian subsidiary, Emaar Misr, listed on the Egyptian Exchange in June, valued at $2.3bn. The stock’s performance has been disappointing and Emaar Misr is reported to be supporting its share price by buying back shares.

The subsidiary managed strong net sales during the first half of 2015, of £E3.91bn ($517m), which is 20 per cent higher than its first half of 2014 sales.

Emaar’s UAE-centred mall, retail and hospitality business performed strongly. Recurring revenues rose in the first half of 2015 to AED2.9bn, 10 per cent above the first half of 2014.

Emaar Malls, which is listed on the Dubai Financial Market (DFM), recorded a half-year profit of AED845m.

Emaar’s half-year revenue from its property business was AED3.6bn, thanks to strong international demand. In Dubai, sales during the first six months of the year reached AED6.12bn.

The developer stated progress had been made on in its two mega-developments, Dubai Creek Harbour and Dubai Hills Estate, developed as joint ventures with the local Dubai Holding and Meraas Holding respectively.

Emaar’s flagship development, Downtown Dubai, saw progress on The Opera District. The firm is also developing Arabian Ranches 2, an extension of the villa community in the emirate.

At the end of June, the developer had total assets of AED158bn and a land bank of about 216 million square metres.