Real Estate Company planning ADX IPO

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Manazel Real Estate Co. expected to list its stock on Abu Dhabi Securities Exchange (ADX) this year.

The company reported a 60% jump in FY11 profit. It also posted a 50% drop in its administrative expenses as well as those of its subsidiaries.

According to Alrroya Aleqtisadiya newspaper, Manazel is projected to generate AED 800 million returns from delivering its whole projects in FY12.

Chairman Mehanna Al Qubaisi confirmed that his company will focus on small-sized projects over the coming five years. He added that Manazel is also seeking to establish a fixed-yield real estate portfolio worth AED 250 million.

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