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