Manazel plans major tourism project in Ghantoot
Manazel, the property company that built Abu Dhabi’s mid-market Al Reef development, said that it plans to press ahead with a tourism venture in Ghantoot on the Dubai border.
In a statement to the Abu Dhabi bourse, Manazel said yesterday that it was preparing to launch a tourism project in the UAE “which is to be considered as one of its major real estate projects within the country”.
Mohamed Mehanna Al Qubaisi, the chairman of Manazel Real Estate, said the project was in the licensing stage and would be fully announced at Cityscape Abu Dhabi in April.
In 2006, Mr Al Qubaisi said that he planned to develop 2,500 low-cost villas, known as Manazel New City, at the company’s Ghantoot site as the next phase of the Al Reef development.
At the time the company said it was looking to establish a joint venture with a prefabricated house builder to build homes quickly and cheaply.
Manazel completed 1,818 apartments and 2,376 villas at Al Reef Downtown in 2014 and is expected to complete building 860 villas at Al Reef 2 in Samha, close to Kizad and Khalifa Port, this year.
The developer has also completed Dunes Village, 19 five-storey residential buildings in Dubai Investments Park and the 60,158 square metres Capital Mall in Mohammed bin Zayed City in Abu Dhabi.
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