Dubai-based property developer Deyaar said its first-quarter net profit more than doubled, buoyed by an upswing in the emirate's real estate market.

Deyaar made a quarterly consolidated net profit of 52.1 million dirhams ($14.2 million) compared to 19.4 million dirhams in the corresponding period in 2013.

SICO Bahrain had estimated the company would make a first-quarter profit of 30.6 million dirhams.

The developer said its revenue for the quarter grew by 55 percent year-on-year but did not provide specific figures. - Reuters