Manazel Real Estate has announced it will break ground on its new Capital Health Care City hospital and property project next year.
The Abu Dhabi-based developer, whose projects include Reef Villas and Dubai’s Dune Village, said in its annual general meeting on Monday that it would earmark Dh1.4 billion to Dh1.6bn for the project, which is expected to break ground in the third quarter of next year.
The project, which was first announced by the Manazel chairman Mohammed Al Qubaisi in December, will be located in Mohammed bin Zayed City, alongside the developer’s Capital Mall.
Speaking to Al Ittihad newspaper at the time, Mr Al Qubaisi said that the development would consist of four specialised hospitals with a capacity of 400 beds, together with housing units for doctors and other employees.
It is not known whether the project scope has changed since it was first announced. A spokesman for Manazel was unavailable for comment.
The company also said it was “reviewing various opportunities in the hospitality sectors in emirate of Abu Dhabi”, giving no further details.
“Manazel is now well placed to leverage the opportunities that exist in new sectors after a year of significant consolidation and restructure, both financially and in regards to personnel,” said the company’s chief executive Hassan Fahmi following Monday’s AGM.
“Our acquisitions, ADX listing and launch of new projects in 2014 show positive momentum and we look forward to reporting on further progress in due course as we grow and expand our business in the years ahead.”
Manazel reported a 19 per cent drop in net profit for 2014 at the end of March, largely as a result of a lower valuation of its investment properties.
The company’s shares, listed on the Abu Dhabi Securities Exchange’s secondary market, suffered their worst fall of the year so far on Tuesday.
They ended down 9.46 per cent at 67 fils.
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Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
Company%20Profile
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
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Director: Ron Howard
2/5
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
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Engine: 5.2-litre V10
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Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
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The five pillars of Islam
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No.6 Collaborations Project
Ed Sheeran (Atlantic)
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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Company%20Profile
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The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Kill%20
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now