By: Amr Adel

Abu Dhabi – Mubasher: Manazel Real Estate launched new projects worth over AED 4 billion, the company’s chairman on the sidelines of Cityscape Abu Dhabi said, adding that these projects will be completed within two to four years.

Mohamed Mehanna Al Qubaisi noted that Manazel plans launching quality projects in the field of education, as they had recently built some schools.

The UAE company put forward an idea to use three land plots it owns in Mohammed Bin Zayed City to construct a faculty of medicine near the hospital, which will include accommodation and hotel apartments. The investment cost for the project amounts to AED 1.5 billion and is currently awaiting approvals.

Al Qubaisi also said that his company is planning to launch Ghantoot project with a total value of AED 2.5 billion, which is a residential project for GCC citizens. He noted there are 760 plots, for which initial reservations have kicked in, and actual sales will start next month. Al Qubaisi predicts that all plots will be sold by the end of the year for AED 2.8 billion.

The chairman also discussed a new medical services project with an investment cost worth AED 1 billion in Mohammed Bin Zayed City, for which construction works will begin early 2018 after acquiring the final approvals. The project will consist of departments for children, cancer patients, and rehabilitation, besides a general hospital.

Al Qubaisi expects better profits this year in comparison to 2016 due to the company’s revenue diversity.

Manazel posted profits worth AED 206.516 million in 2016 from AED 195.468 million in 2015, up 5.6%.

Translated by: Abd El-Rahman Mamdouh