Developer says to launch major coastal project in the UAE

Manazel Real Estate says project to be located between Dubai and Abu Dhabi is currently in licensing stage

(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

UAE-based developer Manazel Real Estate has announced that it is preparing to launch a major coastal project in the Ghantoot area, an area situated between Dubai and Abu Dhabi.

The project is currently in the licensing stage, with further details to be announced at the Cityscape exhibition in Abu Dhabi in April, the company said in a statement. 

Mohamed Mehanna Al Qubaisi, chairman of Manazel Real Estate, said: “I am delighted to announce this major new project, which reflects our on-going growth momentum, and supports the growth strategy of Abu Dhabi’s Vision 2030.

"We are continuing to develop and deliver innovative and high quality real estate projects, which are in demand from both UAE citizens and residents but also from customers from across the wider region. 

"Our planned project in Ghantoot will appeal to customers who are interested in high quality properties, which are in close proximity to both the coast line as well as the ocean and all of and all of the exciting leisure activities that come with such a location," he added, without giving any further details.

Manazel Real Estate posted a 30 percent drop in net profit in the first six months of 2016 compared to the year-earlier period.

Manazel said in a statement that it delivered steady revenues underpinned by the restructuring of the company.

Last April, the developer launched a mixed-used development, Manazel Amman, located close to Queen Alia International Airport, its first development outside of the UAE.

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