Manazel to build property worth Dh3billion in Abu Dhabi

Developer posts decline in net profits to Dh152m in 2014



By Haseeb Haider - Principal Correspondent, Abu Dhabi

Published: Thu 16 Apr 2015, 12:44 AM

Last updated: Thu 25 Jun 2015, 11:43 PM

Abu Dhabi — Manazel Real Estate, a property development company in Abu Dhabi, is obtaining necessary approvals for its upcoming projects valued at Dh3 billion in the capital.

The private joint stock company listed on the Abu Dhabi Securities Exchange said that it has “initiated investments in highly unique and diversified projects.”

Manazel Real Estate is offering zero per cent down payment on villas in Al Reef 2, a mixed-used development in Samha. — Supplied photo

“These include projects that complement the previously successful developments in the region, in addition to totally new ones aimed at enriching the service sector in Abu Dhabi,” chairman Mohamed Al Qubaisi said in a regulatory filing to Abu Dhabi Securities Exchange.

These projects will provide Manazel with an overall increase in recurring income in the coming years, he said. Manazel has delivered housing projects valuing Dh7 billion until 2014.

Meanwhile, the property developer has announced a decline in net profits to Dh152 million in 2014, down from Dh189 million in 2013. However, the net operational profit excluding valuation gains in 2014 grew 41 per cent year-on-year to Dh124 million in the year. The Ebitda in 2014 went up 46 per cent year-on-year to Dh190 million.

Manazel has an authorised capital of Dh2.5 billion and its majority ownership is held by UAE nationals while expatriates own the remaining.

The developer distributed five per cent dividend for 2006, which more than doubled to 12 per cent along with 3.6 per cent bonus shares in 2008; dividend dropped to eight per cent in 2009 and further halved to four per cent in 2012.

Meanwhile, the developer is planning to take part in Cityscape Abu Dhabi 2015 next week, where it will capitalise on a recent promotion offering villas in Al Reef 2 for zero per cent down payment.

Located near the gate of Khalifa Port on the Abu Dhabi-Dubai highway, Al Reef 2 is a mixed-used development in Samha. It comprises 860 villas, including retail outlets, a school and kindergarten besides other community facilities.

Last year, the developer launched the 9712 Capital development that includes the Capital Mall, housing the biggest Lulu Hypermarket in Abu Dhabi.

Labelled after the code of Abu Dhabi city, 9712 Capital is a mixed-use development that is domiciled across 230,000 square metres of real estate in Mohammed Bin Zayed City.

Neighbouring the Capital District project, which is a major part of Abu Dhabi’s urban structure framework plan for 2030, and located near Mussafah, phase I of the project is already complete, with two Prestige Towers and Capital Mall.

Upon the completion of this development, 9712 Capital will form a standalone community with a population of about 20,000 people.

— haseeb@khaleejtimes.com


More news from Local Business