Manazel mulls Dh3 billion tourism project

Manazel’s is diversifying its sources of revenue and income in the coming years. Mona Al Marzooqi / The National

The Abu Dhabi-based developer Manazel is considering a Dh3 billion tourism project situated between Abu Dhabi and Dubai.

The chairman, Mohammed Al Qubaisi, said in a company disclosure to the Abu Dhabi Securities Exchange yesterday that the developer was conducting a study into the project, described as “a new concept in hospitality”, which will be concluded by the end of the year.

Manazel, whose projects include Al Reef Villas in the capital and Dune Village in Dubai, said last month it was “reviewing various opportunities in the hospitality sector in Abu Dhabi”, without giving further details.

The unnamed Dh3bn hospitality project is part of Manazel’s strategy to diversify its sources of revenue and income in the coming five years, said Mr Al Qubaisi, with tourism and health care identified as key growth sectors for the company. Manazel also said that it would break ground on its Capital Health Care City hospital and property project in the third quarter of next year.

Mr Al Qubaisi said the project, which will extend over 70,000 square metres, was likely to cost about Dh2.5bn.

Manazel’s chief executive, Hassan Fahmi, said theproject would consist of four facilities offering specialist health care services, responding to perceived gaps in the market, together with accommodation for healthcare professionals.

He declined to disclose the specific services the facilities would provide, noting that the projects still required approval from the Health Authority, Abu Dhabi. Manazel’s shares yesterday ended up 1.6 per cent at 61 fils.

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