UAE developer Manazel Real Estate has reported a net profit increase of 81 per cent in the first half of this year, according to a statement on the Abu Dhabi stock exchange (ADX).

The company’s profits reached AED56.6m ($15.3m) for the first half of 2017, compared with AED31.2m in the same period last year.

Revenues for the same period were also up by 54 per cent, said the company in a statement, which attributed the growth to the company’s diversification strategy over the last year.

Earlier this year, MEED reported that the company announced it is planning a mixed-use coastal development in the Ghantoot area between Dubai and Abu Dhabi.

In a statement at the time, the company said that the project is currently in the licensing stage and more details will be announced in the coming months.

Manazel’s is also developing a villa project in Abu Dhabi, close to the Ghantoot area.

The Al-Reef 2 is a $1bn villa community being developed on the Abu Dhabi – Dubai highway near the Kizad area. The 465,000 square metre scheme will be made up of 860 villas. It is understood that the local firm Fibrex Company is the main contractor on the project with full delivery expected at the end of 2018.