Manazel Real Estate has announced the signing of a deal with Orbital Education, a British education company
UAE-based developer Manazel Real Estate has announced the signing of a deal with Orbital Education, a British education company.
The agreement will see Orbital lease and manage two schools in Manazel's mixed-use development communities of Al Reef 1 and Al Reef 2 for a period of 25 years.
The school in Al Reef 1 will accommodate 2,500 students and is scheduled to open in 2020. The school in Al Reef 2 is scheduled to open in 2021. Both schools will be operated in accordance with the English National Curriculum.
Following the successful launch of the Al Reef 1 Community in 2006, which is now home to 17,000 residents, Manazel launched Al Reef 2 in 2014.
This second development, which consists of 860 duplex villas and is located in Al Samha, has a central hub offering community facilities such as schools, retail and F&B outlets, clinics and public parks.
Handover of the project began in mid-2018 and is expected to be fully handed over by the end of 2019.
Manazel’s CEO, Yaqoob Al Doseri, said: “We are delighted to announce this new deal with Orbital Education, which reinforces our commitment to providing residents of Al Reef 1 and 2 with fully integrated community services.
"We believe that the new school is well positioned for long term success given the fact Al Reef 1 alone has approximately 5,000 students, which will create steady demand. We expect similar demand from Al Reef 2 in the years ahead.
"We remain committed to delivering long term shareholder value, as we continue to strengthen and diversify our recurring revenue streams, and we look forward to reporting on further progress in due course.”
Kevin McNeany, chairman of Orbital Education, added: “We look forward to working closely with the Manazel team and to managing these community schools in the years ahead as we anticipate high-levels of demand from expatriate families seeking internationally-accredited quality education."