UAE: New real estate firm to target needs of middle class
Manazil (Apartments) Real Estate Company is currently preparing the programs for four huge projects by a total investment of Dh4 billion (US$1.089 billion) in Abu Dhabi, Dubai and Sharjah, reported the Kuwaiti newspaper, Al-Qabas, on October 11. The programs of the company's first four projects are expected to be ready within two months.
The four projects include construction of 6 residential towers on a 15,000 square meters area, construction of several office towers on a 17,000 square meters area in various regions in the three above mentioned Emirates, and building a desert vacation resort located between Abu Dhabi and Dubai.
The foundation of the company by a Dh1.2 billion ($326.7 million) capital was announced last week in Abu Dhabi. The company's strategy, according to its chairman, Mohammad Mihna al-Qabisi, focuses on covering the needs of the middle class and of the limited-income earners in the fields of housing, tourism and entertainment. Studies show that there is a gap between offered and demanded projects appropriate for
According to Al-Qabisi, the company will implement the principle of Islamic real estate investment in all its projects and financing activities, and expects to gain 30% annual revenues.