Emaar Properties PJSC’s five-month sales surged as Dubai’s real-estate market bounced back from the impact of the coronavirus pandemic.

The company put total property sales at 10.5 billion dirhams ($2.9 billion) compared with 3 billion dirhams year ago.

“I am confident that the Dubai property market is once again a growth story for developers, in light of the UAE’s wise policies, with Emaar perfectly positioned to capitalize on this,” founder Mohamed Alabbar said in a statement.

NOTE: Morgan Stanley Sees Dubai Property Rally Lasting for Years

Business activity in Dubai, the Middle East’s main financial hub, has risen to the highest level since late 2019 because of a rebound in tourism and a fast distribution of coronavirus vaccines. The United Arab Emirates, a federation of seven sheikdoms including Dubai, has one of the highest inoculation rates globally.