Written by: Amr Fouad

Manazel Real Estate is examining the execution of Capital Health Care, a medical city in Abu Dhabi’s Mohamed bin Zayed city, at an estimated cost of AED 2.5 billion, a media spokesperson for the Company told Mubasher.

Manazel Board Chairman Mohammed Mehanna Al Qubaisi had previously told Al Etihad newspaper that the new project will comprise four hospitals. The Company is adding the final touches to the designs of Capital Health Care in preparation to present them before relevant authorities by March, he noted.

The medical city is the third stage of the Capital project in Mohamed bin Zayed city, the Company revealed, adding that the new stage covers an area of 100,000 square feet. The first two stages involved a mall and towers for offices and companies.

It is worth noting that Manazel Real Estate was listed on the secondary market on the Abu Dhabi Securities Exchange (ADX) on November 25, 2014 as part of the private joint-stock companies sector. Moreover, its capital amounts to AED 2.5 billion divided on 2.5 billion shares.

The share rose by 1.2% to AED 0.80 on Sunday, while the real estate sector gained 0.49%.

Based in Abu Dhabi, Amongst Manazel’s specialises in building mid-income residential units such as the Dunes Village, Al Reef Villas and Al Reef Downtown.

Translated by: Nada Adel Sobhi

Photo Credit: Arabianeye-Reuters