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Abu Dhabi developer Manazel Real Estate said on Sunday that it has launched a new subsidiary to handle its retail business. Manazel Malls will operate and manage Capital Mall, a three-story retail development covering 60,000 square metres of gross leasable area in Abu Dhabi’s Mohammad Bin Zayed City, and all retail areas in Al Reef Community and Al Reef 2 in Abu Dhabi, as well as its future retail projects, the company said in a statement.
It added that the new subsidiary supports Manazel’s business strategy with a focus on capitalising on its expertise in the property space and growing non-cyclical revenues through diversification into closely aligned growth sectors.
“In line with our strategy, we are capitalising on our expertise in the residential and commercial real estate sectors by launching Manazel Malls to manage all of our retail assets. We have built an experienced team of executives to run this subsidiary and to ensure optimal performance while driving recurring revenue streams across our real estate assets,” stated Waleid Gamal Eldien, Manazel’s chief investment and commercial officer.
Manazel Malls allows Manazel to potentially manage retail assets on behalf of third parties within the UAE and across the wider region, and seek a listing for this business, as per the statement.
Source: Staff Report, gulfnews.com