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Dubai construction giant Emaar Properties posted a sharp rise in third quarter profits Sunday as residential sales in the glitzy emirate gathered steam. Dubai has started recovering from a three-year downturn after a 2014 oil price crash slammed the Gulf economies which underpin its real estate sector.But Sunday Emaar, which owns the world's tallest tower, Burj Khalifa, chalked up a $411 million net profit for the third quarter, up 32 percent on the same period of 2016 .Emaar, the largest firm on Dubai bourse, also recorded a 20 percent rise in net profit for the first nine months of 2017, with sales also up 32 percent to $4.18 billion.
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