Feb 10 2008 |
more articles from
|
Abu Dhabi's Manazel set for IPO
Abu Dhabi-based real estate developer Manazel Real Estate will soon list on local stock markets. It is currently engaged in procedures that will allow it to meet the requirements for issuing an IPO, the company's chairman said.In an exclusive statement to Emirates Business, Mohammed Muhana Al Qubaisi, Chairman of MRE , said his company is close to finalising the budget for two successive years, which is required by law for an initial public offering. The company has also engaged a firm specialising in records management to electronically organise its shareholders' information.
The developer will apply to the Securities and Commodities Authority (SCA) later this year to be listed on the local stock exchanges. Al Qubaisi said he expected Manazel Real Estate 's shares to climb into the premium bracket soon after the IPO, if the firm's future plans were anything to go by and if its financial results were as expected.
It is expected that the alliances will consolidate Manazel 's position in the real estate market not just at the national level but also regionally, said Al Qubaisi.
The past year was an exceptional one for Manazel Real Estate , Al Qubaisi said, whether in terms of the size and quality of the projects it executed or the novelty of the ideas and plans drawn up to be implemented in the near future.
Initial estimates indicate Manazel 's total sales in 2007 crossed Dh5 billion with a profit of nearly Dh1bn, he said. Most projects executed by the company in 2007 recorded 100 per cent sales, he added.
In the Cityscape Dubai 2007 property show, Manazel Real Estate 's sales on the first day itself exceeded Dh2.5bn, Al Qubaisi said, and added that this was proof the company was outdoing many established players in the sector.
He said in a first-of its-kind five-year-plan announced by Manazel Real Estate at the beginning of 2008, the company aims to construct 50,000 residential units at an investment of more than Dh40bn in various real estate projects in the UAE and six other Arab countries - Saudi Arabia, Egypt, Jordan, Syria, Tunisia and Morocco.
The UAE's share of Manazel Real Estate 's total projects will be 48 per cent.
The Amman Garden project in Jordan is the first of Manazel Real Estate 's projects outside the country. The Dh1.5bn project contains 1,700 residential units and covers an area of 500,000 square metres.
Another foreign project, Tunisia Gate, has 7,000 residential units and incorporates a marina for 1,500 boats and a golf course.
The project's total investment is expected to be Dh5bn. Both projects are set to start in the first quarter of 2008, said Al Qubaisi.
By Staff Writer
© Emirates Business 24/7 2008
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment