Mohamed M. Al Qubaisi
Manazel PJSC remains adamant in its commitment to safeguarding the overall value of its assets, which currently surpass 5 billion dirhams. This is achieved through a diligent and conservative approach to initiating any new business ventures or undertakings, particularly amidst the challenges posed by elevated interest rates and the adverse impact of inflation on the market. The company’s growth strategy entails a sustained exploration of potential opportunities for market entry across the region, with a focus on meaningful collaborative developments.
Among its notable accomplishments, is the initiation of the Merzab project, where construction work has begun and work is in accordance with the project schedule. The Merzab project is one of Manazel Company’s latest projects, which is located in the Al Samha area in the east, near the Al Reef 2 project, in a distinguished location on the Abu Dhabi-Dubai Road and near Khalifa Industrial City (KIZAD).
Additionally, the company achieved a significant milestone with the opening of the China Centre on March 13, 2023, resulting in a remarkable 95% occupancy rate, surpassing all other retail markets, and witnessing a substantial 250% increase in visitor numbers compared to previous years.
Manazel PJSC is pleased to announce the commencement of the second phase of the Capital Mall Extension and Expansion Project in Mohammed bin Zayed City – Abu Dhabi, covering an estimated area of one million square feet. Furthermore, the company possesses multiple infrastructural lands ready for development, with efforts underway to secure the requisite approvals.
The company’s property management services sector continues to contribute additional revenue streams through comprehensive administrative support, encompassing real estate consulting aspects such as sales, resale, leasing, and management. Additionally, the provision of facilities management services for all Manazel assets, including the management of Prestige Towers 16 and 17 in Abu Dhabi, underscores the company’s commitment to efficient operations.
Moreover, Manazel PJSC is focused on delivering efficient cooling solutions for commercial projects in Abu Dhabi, including residential complexes served by the cooling plants of the Capital Mall. With Capital Cooling operating at 50% capacity and the potential for doubling production with limited additional capital expenditure, the company is poised for growth without significant capital outlay.
Looking ahead to 2024 and 2025, Manazel PJSC anticipates expanding its real estate portfolio with ongoing projects in Mohammed bin Zayed City, alongside Capital Mall and Prestige Towers 16 and 17. The company also eyes opportunities in the mid-cost housing sector both within and outside the Emirates, aiming for lucrative rental returns to bolster cash flow and enhance shareholder value. The company expresses gratitude to its dedicated staff and looks forward to continued success.
H.E Mohamed M. Al Qubaisi
Chairman