Developer reveals plans for medical complex
- Manazel Real Estate eyes healthcare investment
- Developer records dip in net profits
Abu Dhabi developer Manazel Real Estate has revealed plans to increase investment in the healthcare sector. In a press release, the company stated it is earmarking AED1.4bn-AED1.6bn ($381m-$436m) for the Manazel medical complex project in Abu Dhabi, with work expected to start in the final quarter of 2016.
Manazel has also posted a 41 per cent increase in gross profit for 2014, the firm announced during its annual general meeting on 18 May.
Despite this, the firms net profits contracted to AED152m, compared with AED189m in 2013.
The companys results come at a time of a projected slowdown in Abu Dhabis real estate market. A report by US real estate firm CBRE expects the emirates GDP growth to decelerate to 3 per cent in 2015 due to its heavy reliance on oil.