Abu Dhabi developer Aldar Properties has recorded a 5 per cent increase in gross profits for the first half of this year, according to a company statement.

The statement added that the developer’s profits increased to AED1.29bn ($351m) in the first half of this year from AED1.23bn in the first half of 2016.

Revenues for the first half of this year remained the same as the same period last year, sitting at AED2.93bn. The company recorded AED1.8bn-worth of development sales in the first half of 2017, with the company’s latest project, The Bridges, contributing AED600m to that figure.

Earlier this year MEED reported that Aldar plans to launch a $816m investment programme.

MEED also reported that the developer is planning on appointing a main contractor for its AED1.3bn ($350m) The Bridges project by the second half of this year.

Aldar officially launched what it has called a “mid-market” residential scheme at Reem Island during this year’s Cityscape event in Abu Dhabi.

The Bridges project will comprise six residential buildings made up of 1,272 units. The company is looking to retain three of the buildings and sell the other three.

US firms Aecom and Perkins+Will are serving as consultants on the scheme, which is set for completion by the first quarter of 2020.

Construction is expected to start by the end of this year. The project will be financed with the company’s existing funds and no new debt will be raised.