First Manazel project outside of the UAE
Manazel Real Estate PJSC, a leading developer headquartered in the United Arab Emirates (UAE), will launch a mixed-used development, Manazel Amman, at Cityscape Abu Dhabi, which is taking place from 12 – 14 April 2016 at ADNEC. Located close to Queen Alia International Airport, Manazel Amman is the company’s first development outside of the UAE and is in line with Manazel Real Estate’s strategy of providing quality homes for the middle-income segment within a gated community.
Manazel Amman, which sits on half a million square meters of real estate, is situated just 10 minutes away from Queen Alia International Airport and 25 minutes from the center of Amman by car. The new community, located in a peaceful area just outside Jordan’s capital city, will include 1600 units with a mixture of apartments and villas divided in two, three and four bedroom units. A gated community, Manazel Amman will provide security around the clock and year-round maintenance, and will include retail areas, mosques, gyms, pharmacies, a medical center and a kindergarten. Retail shops will house anchors and recognized brands catering to residents and giving life to the community.
Commenting on the development, Hassan Fahmi, Manazel Real Estate’s Chief Executive Officer said: “We are pleased to launch Manazel Amman at the region’s largest real estate exhibition, Cityscape Abu Dhabi. Manazel Amman is Manazel Real Estate’s first step in our strategic expansion outside of the UAE, and we expect strong demand from buyers at the exhibition and beyond.”
Fahmi continued: “Jordan is experiencing rapid population growth, and Manazel Amman provides affordable housing for residents seeking spacious living, a vibrant community and quality facilities within a gated community. Manazel will continue to capitalize on opportunities outside of its UAE home market that support our strategy and provide significant returns for our shareholders. Manazel Amman will contribute to the company’s diversification of revenue from new countries with untapped potential.”
Manazel Amman will be Manazel’s second largest development to date and geographically diversifies the real estate developer’s portfolio. Manazel has demonstrated steady growth momentum with robust financial results during 2015 and a 29% increase in net profit compared to 2014. Throughout 2015 Manazel demonstrated progress on its strategy to expand into dynamic growth sectors, such as retail and facility management.
In addition to the development of its flagship project in Jordan, Manazel is also focused on the delivery of its Al Reef 2 project, which consists of 860 villas located in Samha, near Kizad and Khalifa Port in Abu Dhabi.