DAMAC Properties reported a 27 percent slide in year on year net profit to AED 1.94bn ($528mn) during the first half as it delivered under 500 properties.
The developer recorded revenues of AED 3.37bn, down from AED 4.75bn during the first six months of 2015.
DAMAC handed over just 494 units in Dubai and Beirut during the first half but the company says it is still targeting delivery of up to 3,000 units during 2016 and expects sales of around AED 7bn.
Hussain Sajwani, Chairman of DAMAC Properties, said: The Dubai market remains solid. The levels of interest in our new product launches and existing portfolio are healthy.
We believe that Dubai is well positioned for continued growth, and we expect the city to consistently outperform more established metropolitan centers around the world.