Manazel Real Estate anticipates Dh2b revenue

Published October 18th, 2006 - 07:42 GMT

Representatives of the UAE’s Manazel Real Estate recently announced that the firm is expecting some Dh2 billion in revenues during the year generated from its impressive projects which include Building Material City, Dunes Village, Al Reef Villas and other strategic partnerships and investments.


"The revenues are projected to increase 70 per cent with the launch of the three major projects in the next years," said Mohammed Mehana Al Qubaisi Chairman of Manazel Real Estate in a recent press release, according to Khaleej Times.


Qubaisi stressed that such revenues would be a strong base for the firm’s shareholders, and that such impressive growth within a short period of time reflected the company’s successful business strategies, which would also allow it to carry out a well thought-out business plan in the coming years.


He added that the revenues would also enable the company to become a public listed company at some point next year, and that its current plans would make the new real estate company one of the major players in the growing real estate sector in the region.


The Building Material City will be launched in December followed by Dunes Village in February 2007and Al Reef Villas in April 2007, after obtaining official permission. The total cost of Manazel projects exceeded Dh8 billion, Al Qubaisi indicated.


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