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Abu Dhabi developer delays new projects

Abu Dhabi, January 24, 2009

Abu Dhabi developer Manazel Real Estate is postponing and reassessing its new projects until the property market recovers, said a news report.

'In view of the current developments and challenges arising out of the global financial crisis, the company is adopting a risk-management plan to cope up with the existing circumstances,' the daily Khaleej Times said on Saturday quoting the firm's chairman Mohammed Muhanna Al-Qubaisi.

The company has a paid up capital of Dh2.5 billion ($680.6 million) and is planning an IPO this year, the newspaper said. Manazel could not be reached for comment.-Reuters




Tags: project | postpone | Manazel Real Estate |

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