UAE's Manazel Real Estate plans Saudi expansion

Abu Dhabi-listed Manazel Real Estate Co. plans to expand its business in Saudi Arabia through targeted developments before end of the year, the company said in a statement.

Manazel sees potential longer-term opportunities in the Kingdom’s ongoing investments in real estate, the introduction of real estate investment traded funds (REITs), tax reforms, public-private partnerships, as well as the development of the leisure and tourism sector.

“We are looking at a range of opportunities to expand into dynamic growth markets and broaden our revenue base especially within the Kingdom’s market, which has always been significant to us,” Manazel chairman Mohamed Al Qubaisi said in the statement.

The move comes as part of the firm’s plans to meet the significant demand for middle income housing in the Middle East and North Africa region, the statement said.