The project will house more than 2,000 hotel apartments and residences.
The developer made a net profit of Dhs1.03 billion ($280.4 million) in the first quarter of 2015.
The contract has been awarded to build the bridges linking the project to the mainland.
The company attributed the growth in profits to a strong performance by its development business.
Barwa made a net profit of QAR3.2 billion in the three months to March 31.
Rents in the emirate, on average, remained flat during the first quarter of the year, the report found.
The number of house sales in Riyadh between the time the new lending limits were introduced and the end of last month fell 70 per cent from a year earlier.
The new Safi community will feature studios and one, two and three bedroom apartments.
The Bulgari Residences project expands upon the May 2014 announcement of Bulgari Resort Dubai.
Dubai is ranked 16th spot on the index, with prime office rents remaining flat since H2 2014.
Developer Eagle Hills plans to spend $3 billion on building the mega mixed-used Belgrade Waterfront project.
Indian nationals accounted for Dhs3.040 billion of the total.
The deal is eventually expected to lead to a joint venture between the two companies.
The four-bedroom villa concept includes an array of solar panels that will generate approximately 40,000 KWh per year.
Construction work on the project is set to begin in the first half of this year.
The developer made a net profit of Dhs792.9 million in the three months to March 31.
Sale prices rose about 24 per cent in 2014 after an increase of 31 per cent in 2013, but rents rose only two per cent in Q1.
The project will have a residential building consisting of 234 units and a 188-key hotel.
CBRE Middle East’s MD Nicholas Maclean and head of research Matthew Green, give their insights into the Dubai and Abu Dhabi real estate markets.
The developer launched West Yas and Mayan communities on Yas Island while its third project Meera will be located on Reem Island.
Low oil prices mean Abu Dhabi’s real estate market is expected to be stable to negative this year, with a new rental cap under consideration.
Through the deal, a limited liability company specialised in real estate investment and development in Saudi Arabia will be formed.
The subsidiary of Dubai’s Emaar said profits reached $22.65 million in the first quarter of 2015.
The newly launched Maple community will feature 118 townhouses with three, four and five bedroom units.
Nakheel’s chairman reveals how he revived the company’s fortunes, and why he is confident Dubai’s property market will not crash again.
Al Naboodah will carry out the complete earthwork grading for the 31 million sq ft project.
The listed developer also projected a higher profit forecast for this year and approved a cash dividend worth Dhs1.07 billion.
Emaar Properties expects a 2015 net profit of Dhs3.695 billion, higher than the Dhs3.366 billion average forecast.
Over 60 per cent of residents plan to move to a new home before their next lease renewal, finds new survey.
The developer made a quarterly profit of Dhs55.2 million in the three months to March 31.