Abu Dhabi-based developer, Manazel Real Estate, announces that plans are underway to expand its business into the wider Middle East and North African (MENA) markets.
The companys assessment of the regional market has highlighted that there is a significant demand for middle-income housing segment in countries that have a high population density, in particular Saudi Arabia, which Manazel plans to enter through targeted developments before the end of the year.
Saudi Arabia continues to be a major economy in the GCC, which is primed to undergo significant investment and transformation as it moves towards the implementation of its Vision 2030 strategy. Saudi Arabias Public Investment Fund, which was originally established in 1971 to invest in commercial projects, is increasingly active making select investments in a range of companies and assets domestically and internationally. This has contributed to the establishment of numerous Saudi Arabian companies, supporting innovation, diversification, and non-oil sector development in the Kingdom.
Added to this, on-going real estate investment, introduction of REITS, tax reforms, public private sector partnerships as well as the development of Saudis leisure and tourism sector all create potential longer-term opportunities for Manazel Real Estate, according to a company statement.
Combined all these elements are expected to have a positive impact in achieving one of Saudi Arabias National Transformation Programs (NTP) goals of increasing real estate contribution to GDP from 5% to 10% annually.
Manazels chairman, HE Mohamed M Al Qubaisi, said: We are looking at a range of opportunities to expand into dynamic growth markets and broaden our revenue base especially within the Kingdoms market, which has always been significant to us. As part of our expansion strategy, we will continue to focus on entry into new markets which offer untapped value and support our growing real estate portfolio. This strategy will deliver significant returns for our shareholders over the longer term and I look forward to reporting on further progress shortly.