Apr 23 2009 |
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Manazel to press ahead with plans to go public
Manazel Real Estate is to press ahead with its plans to convert into a public joint stock company despite having to delay the move because of market conditions.The company announced early last year that it was preparing to launch an initial public offering but did not go ahead because of the deteriorating economic climate.
"We will not give up our plan and strategy to become a public joint stock company," Faiza Al Zarouni, Head of Administration and Services, told Emirates Business at Cityscape Abu Dhabi.
"We hoped the shift would happen at the end of last year but the circumstances of the global financial crisis prevented this.
"We will turn into a public joint stock company once circumstances improve, and currently we are observing positive indicators. The offering might happen next year."
Al Zarouni revealed that Abu Dhabi-based Manazel was reviewing its plans for the Dh5 billion Bawabat Al Sharq project in Tunisia but said work was proceeding on Amman Gardens in Jordan. The main contractor for the Amman project has been replaced and a new contractor is working on the development, which Manazel says will hand over on schedule. And the company is studying a 44-storey commercial tower project in Saudi Arabia.
" Manazel has been harmed least by the crisis," she added. "We have not changed our prices, which are still lower than average for the real estate market inside and outside the country."
She said the company had not announced any major projects at Cityscape because it wanted to determine the actual housing needs of the market.
" Manazel 's investments are worth Dh15bn and our five-year plan includes projects worth Dh40bn inside and outside the UAE. We need to go public to implement our plan and secure the funds needed," Al Zarouni said.
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