UAE developer expands into Jordan

10 April 2016

Manazel Amman will be the company’s first project outside of the UAE

Manazel Real Estate plans to build a mixed-use development in Jordanian Capital Amman, the first foreign foray for the Abu Dhabi-listed developer.

Manazel will release further details of the project, Manazel Amman, at Abu Dhabi’s Cityscape property show between 12-14 April, the company said in a bourse filing. It did not give details about the cost or the funding plans for the project.

The 500,000-square-metre project is situated close to Amman’s Queen Alia International airport. It will include 1,600 units with a mixture of apartments and villas divided in two-, three- and four-bedroom units.

The gated community will also include retail areas, mosques, gyms, pharmacies, a medical centre and a nursery facility for residents.

“Amman is Manazel Real Estate’s first step in our strategic expansion outside of the UAE, and we expect strong demand from buyers,” Hassan Fahmi, CEO at Manazel, said in a statement.

Manazel will continue to capitalise on opportunities outside its UAE home market to improve shareholders’ return, he added.

The project will be the second biggest property development for the company, which reported a 29 per cent jump in its 2015 net profit.

Manazel is currently working on the delivery of its Al-Reef 2 project, which consists of 860 villas located in Samha, near Abu Dhabi’s Khalifa Industrial Zone Abu Dhabi (Kizad) and Khalifa Port.


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