Manazel Real Estate posts higher profit in 2016

Abu Dhabi: Manazel Real Estate, the UAE based developer announced that its net profit in 2016 grew by 5.6 per cent to Dh206.5 million from Dh195 million in 2015, driven by the benefits of a successful restructuring strategy.

The company also reported higher consolidated revenues last year at Dh749 million compared to Dh740 million in 2015 due to progress in construction work and successful sales of 90 per cent of the Al Reef-2 project.

Manazel’s Chairman Mohammad M Al Qubaisi said: “Manazel continues to enrich and diversify its portfolio through the development of real estate and tourism projects with Manazel recently announcing its new coastal project in Ghantoot. Also, the company has started developing its ‘Manazel Medical City’ project during 2017 which will have a positive impact on the company’s future performance”.