Union Properties has announced that profits declined by by half in 2016 to $57m (AED211.4m), down from $118m (AED434.6m) in 2015.

The property developer faced a drop of 51% in full year 2016, filing preliminary results on the Dubai Financial Market, according to The National.

Revenue also witnessed a decline of about 23% to $307m (AED1.13bn) compared with $400m (AED1.47bn) in 2015.

Last December, Union Properties announced that it was currently developing a feasibility study for a $163m (AED600m) motor racing theme park in Dubailand which was cancelled in 2013.

The developer also awarded China State Construction Engineering Corporation Middle East (CSCEC ME) the contract to build its $119m (AED440m) Oia Residences project in Dubai’s Motor City last year.

"The project is now coming to the completion of the structure. I think that by the end of this year the whole project will be handed over. We are very satisfied with the performance of our team," CSCEC Middle East president Yu Tao reportedly said.

Union Properties also said last year that it is hoping to revive other projects located in Dubai’s Motor City, including a $82m (AED300m) hotel and retail development, the Link Motor City project.