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"Al Manzel" team to support UAE Nationals as they build their homes
Abu Dhabi, UAE - Manazel Real Estate PJSC, a leading developer headquartered in the United Arab Emirates (UAE), has announced the launch of Al Manzel, a new subsidiary responsible for managing and operating the company's Dari initiative. Established to support UAE Nationals, Dari connects the recipients of governmental housing loans with consultants, qualified experts at Manazel who oversee the new home's construction from design to delivery.
Under the new subsidiary, a dedicated a team of consultants act as the local clients' representatives before governmental departments, contractors and architects, and oversee all aspects of construction, including timelines, budgets and inspections.
The creation of Al Manzel supports Manazel Real Estate's ongoing strategy to make affordable housing more accessible in the UAE, and aligns with the vision of UAE leadership to give all citizens access to quality homes at an affordable price. Through Dari, aspiring home owners with limited budgets can build their homes in a turn-key operation, choosing from among 10 types of villas of varying sizes. Al Manazel will deliver its first home this week in Mohammed Bin Zayed City.
Al Manzel identifies and works with contractors and consultants on the citizens' behalf, and ensures that homes are delivered within the government's AED 2 million housing loan budget. Through a rigorous contractor selection process, it also ensures every contractor complies with Abu Dhabi's sustainability and environmental standards and building codes. Each of the villas on offer is constructed by external contractors, in accordance with traditional family values, and incorporates between six and seven bedrooms, two majlis spaces and accompanying service rooms, including a kitchen, laundry, store room and maid's room.
With the aim of adding even more value to Dari and working in coordination with government entities, Al Manzel offers post-delivery services that are initiated after the acquisition of all municipality permits for water, electricity, internet and phone lines, and the handover of the finished home. Al Manazel identifies vendors and negotiates rates on everything from home furnishings with UAE-certified suppliers, interior designers, landscapers and maintenance services.
Commenting on Al Manzel, Hassan Fahmi, Manazel's Chief Executive Officer said: "Manazel Real Estate's core business strategy centers on meeting the demand for affordable housing in the UAE, and Dari is a natural extension of this. By launching Al Manzel, we are capitalizing on our expertise in the property space to advance a goal set by His Highness Sheikh Khalifa bin Zayed Al Nahyan to make obtaining high-quality, affordable housing easier for UAE Nationals.
Fahmi continued: "Not only are the homes we help deliver both affordable and comfortable, but they are also designed to correspond with the values embraced by families in the UAE, including majlis areas for both men and women."
The creation of Al Manzel follows the establishment of the Manazel Malls subsidiary to manage the company's retail areas in Al Reef Community and Al Reef 2, Capital Mall and future retail projects. It demonstrates Manazel's continued focus on operational efficiency with a team of experienced professionals dedicated to specific divisions of the company.
For the Dari Initiative, Manazel received a certificate of appreciation from "Absher" for being the first real estate company in the country to introduce this housing objective enabling UAE Nationals, especially those with medium and low incomes, to own their dream homes. While Dari is currently only available in Abu Dhabi, Al Manzel intends to expand the program to other emirates in the UAE.
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About Manazel Real Estate
Manazel Real Estate (MRE) is one of the UAE's leading developers of quality homes for the country's middle income segment of the population. Manazel with a paid-in-capital of AED 2.5 billion is a sharia complaint real estate company listed on Abu Dhabi Securities Exchange (ADX) within the segment of Private Joint Stock Company. Through strategic investments spanning residential and commercial developments, Manazel has succeeded in striking a balance between creating thriving, sustainable communities while providing the highest returns for shareholders and investors.
For further information please visit our website www.manazel-re.com
For further information please contact:
Enquiries:
Waleid Gamal Eldien
Chief Investment & Commercial Officer
Manazel Real Estate
Tel: +971 2 6444 466 Ext: 909
Email: investorrelations@manazel-re.ae
Media Contacts:
FTI Consulting
Email: amy.piek@fticonsulting.com; tina.carter@fticonsulting.com
Tel: +971 4 437 2100
© Press Release 2016
