Local developer launches new UAE project

09 February 2017

The company announced the project in a statement on the Abu Dhabi stock exchange 

Abu Dhabi-listed Manazel Real Estate has announced it is planning a mixed-use coastal development in the Ghantoot area between Dubai and Abu Dhabi.

In a statement released on the Abu Dhabi stock exchange (ADX), the company said that the project is currently in the licensing stage and more details will be announced in the coming months.

Manazel’s is also developing a villa project in Abu Dhabi, close to the Ghantoot area.

The Al-Reef 2 is a $1bn villa community being developed on the Abu Dhabi – Dubai highway near the Kizad area. The 465,000 square metre scheme will be made up of 860 villas. It is understood that the local firm Fibrex Company is the main contractor on the project with full delivery expected at the end of 2018.

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