Aldar has reported a drop in profits for the second quarter of 2017 of more than 5 percent, according to a statement.

The Abu Dhabi developer made AED 620 million ($168 million) during the period, compared to AED 654 million in the second quarter of 2016, it said.

The developer said it had awarded AED 2.2 billion of construction contracts for Yas Acres and Mayan projects so far this year.

Three key developments, Ansam, Al Hadeel and Nareel Island, are set for handover from Q4 2017, with construction entering final stages. Al Merief, Meera, Mayan, Yas Acres and West Yas are all progressing well and on track for their respective completion dates, it said.

Commenting on the results, H.E. Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said: “Aldar has delivered a solid set of results for the first half of the year. Robust occupancy across our portfolio of investments demonstrates our resilience as an asset manager and the success of our most recent residential development, The Bridges, clearly shows there is strength in the Abu Dhabi property market. The unprecedented response to The Bridges, which sold out in a matter of weeks, showcases the opportunities presented by the mid-market and supports our strategy to continue to focus on this segment.

“The Abu Dhabi Government’s unveiling of an AED 12 billion development plan for Yas Island will accelerate its transformation into a global urban, entertainment and business hub. Aldar is pleased to have been chosen to develop the AED 1 billion media and entertainment zone in the project, set to become home to thousands of working professionals who will further enrich the Yas Island destination.”