Abu Dhabi’s Manazel signs co-development deal for three projects

Abu Dhabi-listed Manazel Real Estate has signed a co-development deal with Tasameem Real Estate for three new projects in Dubai and Abu Dhabi at an investment of Dhs500 ($136.1m).

The Shariah-compliant real estate firm said it was in discussions with other companies for similar deals in the UAE, South Africa and wider Middle East.

Manazel Yas Tower on Abu Dhabi’s Yas Island, Manazel Silicon Oasis Residences in Dubai’s Silicon Oasis and a third project in Dubai’s Jumeirah Village Circle will add to the company’s residential property portfolio.

“These developments and the partnership with Tasameem is part of the company’s strategy to expand our presence in the market and deliver positive returns to shareholders,” said Manazel chairman Mohamad Al Qubais.

“The company will continue to study and target projects in line with market demand through various business models to ensure that real estate investors have access to unique real estate that provide consistent returns.”

Manazel’s other assets comprise residential, commercial, retail and district cooling assets.

The firm has a paid-in capital of Dhs2.6bn ($707.8m).