Deyaar Development has reported a net profit of AED291.4 million ($79m) for 2015, up 3.4% from the previous year.

The Dubai-listed developer’s launches last year include the Afnan District, a residential area comprising seven buildings and retail spaces within the developer’s Midtown development at the International Media Production Zone (IMPZ).

In addition, the company signed a memorandum of understanding with Millennium Copthorne to manage 1,000 keys in the UAE.

“Our ventures into affordable housing and hospitality will remain a focus for the company in the immediate future as we look forward to starting the construction of the Afnan District and the completion of The Atria and Montrose projects,” said Saeed Al Qatami, chief executive of Deyaar Development.

“In 2016 we seek to strengthen relationships with our existing clients and foray into new avenues.”

Safeguards put in place by the government, as well as the implementation and updates of new realty rules, will avoid market saturation, Qatami said.

“Industry specialists are confident in the increased real estate attractiveness for investors, especially in the run up to Expo 2020. We strongly believe that serious buyers will continue to make sound investments that provide value and sustainable returns on their investments.”