Dubai government-owned Emirates Airline posted a 52 per cent rise in net profit last year, with strong demand in the early part of the year offsetting a more challenging second half.

The Arab world's largest carrier made a net profit of $1.5 billion, Emirates said.Net profit for the wider Emirates Group rose 42.9pc to $1.6bn last year. Revenue for the airline in 2010 was $14.8bn, an increase of 25pc.

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One of Dubai's largest property developments, located near the Palm Jumeirah, has lost a crucial early shareholder and has slowed down construction.

Dubai Pearl, the US$3.8 billion (Dh13.95bn) development near the entrance of the Palm Jumeirah, has lost one of its largest investors and construction activity has been scaled back.Dubai International Financial Centre (DIFC) Investments, the commercial arm of the financial free zone, pledged Dh3bn to buy 29 floors of the east tower of Dubai Pearl in late 2008. The deal was one of the last major announcements in the peak of the property boom that year.

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Developers in the UAE have offered Gowealthy.com apartments, off-plan and at a very high price, in exchange for millions they owe to the company in commission, company chairman told Emirates 24|7.

“We have been offered off plan properties, at very high prices, by developers who owe millions in commission to us. Units being off plan and steep prices don’t make any sense,” KV Sidharthan said. “We favour out-of-court settlements… we are in negotiations with developers and are flexible in our approach.”

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