Manazel unveils major Mena expansion plans

27/11/2017 07:03 AST

Manazel Real Estate, one of the UAE's leading developers, said plans are under way to expand its business into the wider Middle East and North African (Mena) markets.

The company's assessment of the regional market has highlighted that there is significant demand for the middle-income housing segment in countries that have a high population density in particular Saudi Arabia, which Manazel plans to enter through targeted developments before end of the year.

Saudi Arabia continues to be a major economy in the GCC, which is primed to undergo significant investment and transformation as it moves towards the implementation of its Vision 2030 strategy, said the company in a statement.

Saudi Arabia's Public Investment Fund (PIF), which was originally established in 1971 to invest in commercial projects, is increasingly active making select investments in a range of companies and assets domestically and internationally.

This has contributed to the establishment of numerous Saudi Arabian companies, supporting innovation, diversification and non-oil sector development in the kingdom, said the statement.

Added to this, on-going real estate investment, introduction of REITS, tax reforms, public private sector partnerships as well as the development of Saudi's leisure and tourism sector all create potential longer term opportunities for Manazel Real Estate.

Combined all these elements are expected to have a positive impact in achieving one of Saudi Arabia's National Transformation Program's (NTP) goals of increasing real estate contribution to GDP from 5 to 10 per cent annually, it added.

Manazel's chairman Mohamed Al Qubaisi said: "We are looking at a range of opportunities to expand into dynamic growth markets and broaden our revenue base especially within the Kingdom's market, which has always been significant to us."

"As part of our expansion strategy we will continue to focus on entry into new markets which offer 'untapped' value and support our growing real estate portfolio. This strategy will deliver significant returns for our shareholders over the longer term and I look forward to reporting on further progress shortly," he added.

A leading developer of quality homes for the country's middle-income segment, Manazel has succeeded in striking a balance between creating thriving, sustainable communities while providing the highest returns for shareholders and investors through strategic investments spanning residential and commercial developments.

Trade Arabia