Manazel to Hit UAE Real Estate Market

Dubai, November 20, 2005 – Manazel, UAE’s new real estate firm based in Abu Dhabi, has become one of the largest privately funded firms in the country, ready to enter the dynamic property market at mark speed with a unique set of projects already in the works.

Manazel offered investors a unique opportunity to invest in the company through a private stock subscription process supported by Islamic finance principles. The Sharia’a-compliant subscription was offered through Abu Dhabi Islamic Bank and the process was audited by leading auditors Deloitte & Touche. Investors will be issued stock certificates next month, symbolizing the company’s commitment to transparent dealings with its clients and investors.

"Such a record breaking sale is something which shows the understanding that investors have of our concept. We will provide the highest quality freehold housing for medium and low-income residents in the country. This segment is the biggest segment in the country but has been largely ignored by developers. You will soon see that everyone in this country can buy their own house, which will be even better quality than existing projects," commented His Excellency Mohammed Al Qubaisi, Chairman of Manazel.

Manazel is currently finalizing plans for its 4 mega projects in Abu Dhabi, Dubai and Sharjah. The company plans to initially invest in residential and commercial projects in the three emirates, developing 7 million square meters of space. Fifty percent of the master plan for Manazel’s projects is ready and will be announced first week of January.

"Our aim is to provide relief to the Middle Class, which forms an integral part of the UAE society. Current real estate developers are not even focusing on UAE residents. Their target is foreign investors seeking a tax-free lifestyle. We want to invest in our residents and give them relief from exorbitant prices. Rents are increasing at rocket speed and very soon even the middle class will not be able to have a decent life. We are aiming to provide an alternative for these families. We saw this happen in Europe, and I’m sure we will succeed in making it happen here" stated His Excellency Mohammed Al Qubaisi.

Manazel has brought in Australian and British experts to develop and implement the low cost, high quality housing concept, which makes up of 80% of the European market.

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