Dubai-based developer Emaar Properties has announced a 17% rise in first-quarter net profits, which stood at AED 1.2 billion ($328 million) this year compared to $279 million in 2015.

The company says that its quarterly revenues, led by significant progress in construction of its projects, came in at $961 million, 17% higher than $823 million recorded in 2015.

Emaar also distributed to shareholders a cash dividend of 15% of the share capital, equivalent to $292 million, for the year 2015.

Mohamed Alabbar, Chairman of Emaar Properties, said: “The first-quarter results are a clear indicator of the growth we have achieved across all our three core businesses this year. Property sales in Dubai and other key international markets have gained momentum, a testament to our differentiating strength in offering the right property of choice for investors in premium locations.

“We are building on this positive trend by developing premium projects in exceptional locations, especially in Dubai, to support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to establishing the city as a global leader in all sectors, and to complement the preparations for the Expo 2020 Dubai. This is highlighted by the launch of the iconic new tower in Dubai Creek Harbour and the planned opening of Dubai Opera in Downtown Dubai this year. Both will serve as magnets for investors and visitors.”