Friday 17 November 2017

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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