Abu Dhabi – Mubahser: Manazel Real Estate on Sunday announced signing a co-development deal with Tasameem Real Estate worth AED 500 million ($136.15 million) to develop several projects across the UAE.

Under the deal, Abu Dhabi-based Manazel will develop a project on Yas Island in the UAE capital as well as two projects in Dubai.

“The projects are expected to positively contribute to the firm’s existing portfolio, currently comprised of residential, commercial, retail and district cooling assets…while also driving its strategy of growing the core development business line,” Manazel said in a statement to the Abu Dhabi Securities Exchange (ADX).

In Abu Dhabi, the developer will be responsible for the sales of residential units in its Manazel Yas Tower on Yas Island. The tower is located close to several of the emirate’s top attractions such as Warner Bros World, Yas Water World, Ferrari World, among others.

In Dubai, Manazel will co-develop its second largest project in the emirate, after the Dunes Village. The project will be strategically located in Jumeirah Village Triangle between Emirates Road and Al Khail Road, offering multiple access points to the city of Dubai.

Its third project with Tasameem will be the Manazel Silicon Oasis Residences located in Dubai Silicon Oasis, which Manazel says “is poised to be a regional hub for cultivating technological excellence.”

Commenting on the AED 500 million agreement, Manazel Chairman Mohamad M. Al Qubaisi said his company was “pleased” with its co-development agreement with Tasameem Real Estate, which will help the firm explore opportunities in the UAE’s property market, identify opportunities for its investors, and grow its portfolio.

Manazel “will continue to study and target projects in line with market demand through various business models to ensure that real estate investors have access to unique real estate that provide consistent returns,” the top official added.

The Abu Dhabi developer further revealed that its deal with Tasameem Real Estate was part of a series of talks that it was conducting with other investors for co-development projects in the UAE, South Africa, and the region.

Manazel last announced achieving a 7% rise in net profits to AED 220.6 million for the full-year 2017 from AED 206.5 million in the previous year.