UAE developer Manazel Real Estate has announced plans to expand its business into the wider region, with a particular focus on Saudi Arabia’s middle income housing segment.
According to Manazel, the company plans to enter the Saudi market through targeted developments before the end of 2017, taking advantage of opportunities created by ongoing real estate investment, the introduction of REITS, tax reforms, public-private sector partnerships, and the development of Saudi Arabia’s leisure and tourism sectors.
“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,” said Manazel chairman Mohamed M. Al Qubaisi.
“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,” he added. “This strategy will deliver significant returns for our shareholders over the longer term and I look forward to reporting on further progress shortly.”
In 2016, Manazel launched its first overseas project, a mixed-use development located in the Jordanian capital of Amman, which is said was part of a larger strategy to provide quality homes for the middle-income segment.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.