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- Bahrain All Share Index, Islamic Index close higher
- CBB Government Development Bond issue 39 oversubscribed by 308%
- Closing Bell: TASI closes in green at 11,764
- Qatar, Germany discuss mutual investments to strengthen ties
- Al Ahlia wins contract to build largest Merc-Benz facility in Kuwait
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- Gold rebounds on dip buying despite US-China trade deal hopes
- China says US should revoke unilateral tariffs, denies talks
- Saudi Awwal Bank signs SR2 billion credit facility with Saudi Binladin Group
- World Bank forecasts MENA growth at 2.6% in 2025, 3.7% in 2026
17/08/2016 05:24 AST
Manazel Real Estate, an Abu Dhabi-listed developer, reported on Tuesday Dh31.2 million in net profit for the first half of 2016, marking a 30 per cent plunge from the Dh45 million reported in the same half of 2015.
Revenues rose marginally to reach Dh267.5 million in the first half of the year - up from Dh262.8 million in the first six months of 2015.
Manazel said the revenues during the period came from the launch of Al Reef 2 and the construction progress, leading to increased sales. The project is scheduled for delivery starting from the end of 2017, with 90 per cent of it already sold.
"We have commenced a cost management, profit optimisation and human capital investment programme, which coincides [with] new project launched, which we are targeting for H2 2016. We expect both these initiatives to have a positive impact on our results in the years ahead," said Yaqoob Al Doseri, Manazel's chief executive officer.
He added, "We will continue to pursue and study significant growth opportunities that exist across both our local and regional markets, and remain focused on steady expansion and growing the Manazel brand and footprint in the years ahead."
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Press Release
27/11/2017
Manazel Real Estate, one of the UAE's leading developers, said plans are under way to expand its business into the wider Middle East and North African (Mena) markets.
The company's assessm
Trade Arabia
17/04/2017
Abu Dhabi-based Manazel Real Estate said it has reduced for the second time the number of homes in its long-awaited housing project in Jordan, its first outside the UAE, because of "market feedback".
The National
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25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
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The change at the top comes just weeks after Abu Dhabi
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QNB has launched a new campaign, aimed at rewarding customers to use their QNB Mastercard debit cards for everyday purchases.
The campaign, taking place from April 24-June 24, will offer win
Gulf Times
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