(MENAFN- Arab Times) First Dubai Real Estate Development, a subsidiary of Kuwait-based Al Mazaya Holding Company, saw profit growth of more than 757 percent in 2013 as a result of strong sales and rental performance. The company, responsible for iconic UAE developments such as the 43-storey Sky Gardens and the 29m sq ft. The Villa residences, posted a KD 6.7m profit in 2013, compared to KD 784 thousand in 2012. Earnings per share of 6.73 fils compared to 0.79 fils twelve months previously. Engineer Ibrahim Al Saqabi, vice Chairman of the First Dubai Real Estate Development board of directors said: "We are pleased to announce financial results that support our longstanding claim that the UAE's real estate market is still full of opportunity for developers and agents prepared to offer genuine quality. "Today, more than ever before, the UAE's property buyers are discerning. First Dubai Real Estate Development is known throughout the Gulf as a provider of excellent residential and business properties, and this reputation underpinned our success in 2013
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