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- UAE firms step up sustainability investment, outpace global peers: HSBC
- Mashreq launches fully digital home loan pre-approval for UAE buyers
- France eyes win-win partnerships with Kuwait as bilateral ties grow
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- Bahri, Hadeed in talks on maritime transport collaboration
- IHC, US DFC enter major deal to mobilise capital to invest in key sectors
17/08/2016 05:24 AST
Manazel Real Estate, an Abu Dhabi-listed developer, reported on Tuesday Dh31.2 million in net profit for the first half of 2016, marking a 30 per cent plunge from the Dh45 million reported in the same half of 2015.
Revenues rose marginally to reach Dh267.5 million in the first half of the year - up from Dh262.8 million in the first six months of 2015.
Manazel said the revenues during the period came from the launch of Al Reef 2 and the construction progress, leading to increased sales. The project is scheduled for delivery starting from the end of 2017, with 90 per cent of it already sold.
"We have commenced a cost management, profit optimisation and human capital investment programme, which coincides [with] new project launched, which we are targeting for H2 2016. We expect both these initiatives to have a positive impact on our results in the years ahead," said Yaqoob Al Doseri, Manazel's chief executive officer.
He added, "We will continue to pursue and study significant growth opportunities that exist across both our local and regional markets, and remain focused on steady expansion and growing the Manazel brand and footprint in the years ahead."
Gulfnews
20/12/2017
May Institute, a national nonprofit organization that serves individuals across the lifespan with autism spectrum disorder (ASD) and other special needs, has entered into a Memorandum of Understandin
Press Release
27/11/2017
Manazel Real Estate, one of the UAE's leading developers, said plans are under way to expand its business into the wider Middle East and North African (Mena) markets.
The company's assessm
Trade Arabia
17/04/2017
Abu Dhabi-based Manazel Real Estate said it has reduced for the second time the number of homes in its long-awaited housing project in Jordan, its first outside the UAE, because of "market feedback".
The National
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16/01/2026
Mashreq has launched an instant, fully digital home loan pre-approval service aimed at speeding up and simplifying the mortgage process for homebuyers in the UAE. The new offering allows eligible exp
Gulfnews
16/01/2026
The National Shipping Company of Saudi Arabia (Bahri) and the Saudi Iron & Steel Company (Hadeed) have signed a Letter of Intent (LOI) to explore potential cooperation in maritime transport to meet H
Trade Arabia
16/01/2026
IHC, a global investment company focused on building dynamic value networks, has announced a strategic framework with the US International Development Finance Corporation (DFC) to mobilise transforma
Trade Arabia
16/01/2026
stc group enabled a seamless digital experience for more than 12 million Riyadh Season visitors through smart networks, high-speed connectivity, and real-time performance monitoring
Advanc
Saudi Gazette
15/01/2026
Qatar Islamic Bank (QIB) reported a net profit of QR4.83bn in the fiscal year ended December 31, 2025, registering a 5% year-on-year (y-o-y) increase from QR4.60bn.
Basic earnings per share
Gulf Times
Financial Information Co.
Saudi Arabia