Dubai’s Emaar Properties, which plans to list part of its development unit, has reported a 32% rise in third-quarter net profit, helped by a surge in sales of residential properties, Reuters-affiliated website Zawya reports.

The developer, in which Dubai’s government owns a minority stake, made a net profit of AED 1.51 bn (USD 411.16 mn) in the three months to September 30, it said in a statement.

That compares with a profit of AED 1.15 bn in the year-earlier period.

Emaar said sale of residential properties rose 32% in the nine months to the end of September this year from a year earlier, to AED 15.36 bn.