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Manazel partners with Tasameem to develop three projects in UAE

Manazel Real Estate has signed co-development agreements with Tasameem Real Estate to develop three projects in the UAE

One of the three projects will be developed in Jumeirah Village Triangle.
One of the three projects will be developed in Jumeirah Village Triangle.

Manazel Real Estate has signed co-development agreements with Tasameem Real Estate to develop three projects in the UAE.

In a statement, Manazel said that Yas Island, Dubai Silicon Oasis, and Jumeirah Village Triangle (JVT) have been chosen as the locations for the projects.

Its partnership with Tasameem will result in investments worth more than $136m (AED500m), the company added.

READ: Manazel net profit grows by 6%

Two of the planned projects are called Manazel Yas Tower and Manazel Silicon Oasis Residences, with the latter to be developed on a build-and-lease model.

The JVT property, meanwhile, will be Manazel Real Estate’s second largest development in Dubai, after Dunes Village.

Manazel’s chairman, HE Mohamad Al Qubaisi, said: “Manazel is pleased to be able to co-develop these three projects alongside Tasameem Real Estate, as we continue to explore opportunities within the UAE’s real estate industry and identify strategies that offer value to investors whilst growing our real estate portfolio.

“These developments and the partnership with Tasameem [are] part of the company’s strategy to expand our presence in the market and deliver positive returns to shareholders. The company will continue to study and target projects in line with market demand through various business models to ensure that real estate investors have access to […] real estate that provide consistent returns.”

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Construction Week - Issue 749
Sep 15, 2019