Sunaina Rana / Emirates Business
UAE-based leading real estate company Manazel is all set to venture into overseas in search of new market. Manzel has recently announced its new project in Jordan aiming at the mid-segment market.
“As it has been witnessed that Jordan is experiencing exponential growth, and our new venture ‘Manazel Amman’ is our effort to provide affordable housing for residents seeking spacious living. Our aim is to offer a vibrant community and quality facilities within a gated community,” said Hassan Fahmi, Manazel Real Estate’s CEO.
“Manazel will continue to capitalise 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” added Fahmi.
This initiative of Manazel is the testimony that Emirates real estate giants have been focussing on broadening their horizon by venturing into the international market.
As the UAE is experiencing resurgence due to the changing economy, due to the plunging oil prices, the it has been taking the initiative to diversify its economy. In GCC’s real estate industry, UAE has been accounted for the maximum value of projects US$525.6 billion followed by Saudi Arabia US$407.8 billion. Kuwait US$123.6 billion and Qatar US$113.8 billion, presenting a busy construction sector, followed by Oman US$29.6 billion as per Alpen Capital report.
As there is the rise in population in Jordan, it has also influenced the real estate market with increased supply among landlords. It has resulted in apartment rental rates to continue to remain unchanged compared to Q2 2013 while year on year growth amounted to 3 percent on average, stated Asteco Reports. The apartment sales market performed well with increases of 13 percent in 2013.
The Manazel’s new project is located outside Jordan’s capital city, and it will include 1600 units with a mixture of apartments and villas divided in two, three and four bedroom units. The additional facilities at this 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.
The real estate company reported that the following project would be the 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 percent increase in net profit compared to 2014. Throughout 2015, Manazel established 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.