Deyaar Development, a property company that went through a difficult year with its former chief executive arrested on charges of fraud, said it had increased profit 105% to Dh1.104bn (US$300.6m) in 2008.

'Despite challenges facing the global financial markets and the real estate sector worldwide, Deyaar has continued to demonstrate consistent growth by focusing on its core competencies and managing its resources in line with changing market requirements,' said Nasser bin Hassan al Shaikh, chairman of Deyaar and director general of the Dubai Department of Finance.

The company said its fourth quarter earnings increased by about 10 per cent to Dh343m from the third quarter.

The National