• Manazel Real Estate profits increase by 179 per cent
  • Growth attributed to improved margins

UAE developer Manazel Real Estate has recorded profits of $12.2m in the first six months of this year, according to a company statement.

The company posted a 179 per cent increase from the same period in 2014.

Manazel said the increase was driven by improved margins from sales and a reduction in financing costs.

In May, the company also revealed plans to increase investment in the healthcare sector. The company said it was earmarking AED1.4bn-AED1.6bn for the Manazel medical complex project in Abu Dhabi, with work expected to start in the final quarter of 2016.

Manazel also released a statement in May saying it was considering a AED3bn ($817m) tourism and hospitality project between Abu Dhabi and Dubai.

The chairman, Mohammed al-Qubaisi, said in a company statement on the Abu Dhabi Securities Exchange (ADX) that the developer was conducting a study into the project, described as “a new concept in hospitality”.

The 700,000-square-metre project is part of Manazel’s strategy to diversify its sources of revenue and income over the coming five years.