(MENAFN) Dubai-based property developer Damac plans to reduce new projects in the Gulf due to turmoil in other parts of the Middle East, the company said after it posted a 166 percent growth in the third quarter net profit, Arabian Business reported.
House prices in Dubai decreased by more than half from a 2008 peak due to oversupply and the emirate's debt crisis.
The rebound has led other Dubai developers to refocus on the United Arab Emirates (UAE) after struggling abroad.
'The focus will remain on the UAE,' Damac chief executive Hussain Sajwani said.
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