Manazel first-half profit soars 81%

Dubai

Manazel Real Estate’s first-half profit rose 81 per cent to Dh56.5 million compared to Dh31.2 million a year ago fueled by its diversification strategy. Consolidated revenues increased by 54 per cent to Dh412 million, compared to Dh267 million a year ago. The company now has business lines in residential & commercial real estate development, property & facility management, commercial retail management, as well as the provision of district cooling services to key Manazel developments in Abu Dhabi. Its Al Reef 2 project, which consists of 860 villas located in Samha, near Kizad and Khalifa Port in Abu Dhabi and Manazel expects to deliver the first phase of this development in fourth quarter.