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Abu Dhabi's Manazel
pledges Dh25b in project investments |
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Abu
Dhabi: Abu Dhabi-based Manazel Real Estate is planning to invest
more than Dh25 billion in local and regional development
projects in the next few years, the company's chairman said on
Tuesday.Mohammad Mehanna Al Qubaisi, Manazel's chairman, told Gulf News that his company is in talks to undertake new projects in Saudi Arabia, Egypt, Tunisia and Morocco as well as the UAE.
"We are planning to develop these projects by buying land in those countries and building commercial, residential and tourist projects," said Al Qubaisi. "We are looking to the medium term of about five years to minimise risks," he said.
Manazel has already beguan construction of the Dh4 billion Building Materials City (BMC) in Abu Dhabi and aims to complete it within 36 months.
The new city, which is to act as a hub for building materials manufacturers and contractors in the region, is located in the area between Musaffah Bridge and Mohammad Bin Zayed City, five minutes from Abu Dhabi International Airport, and 15 minutes from the city centre.
"This new project comes within the ambitious econ-omic goals of Abu Dhabi to become a world class centre as it progresses into the new century,"
He says that BMC will attract leading local and regional players
in the construction industry which reflect the strong growth of
the construction sector in the UAE and the region.
"The project includes the first building materials stock
exchange in the Middle East to make the city a hub for
manufacturers, importers and suppliers," said Al Qubaisi.
BMC will include 17 commercial towers, 32 residential towers and
a huge 100,000 square metre shopping centre dedicated to
building materials showrooms.
There will also be a hotel and landscaped gardens.