Manazel Real Estate, an Abu Dhabi-based developer of affordable housing, has set up a subsidiary to operate and manage malls and retail units.
The company said the subsidiary, Manazel Malls, will run its three storey, 60,000 square metre Capital Mall in Mohammed Bin Zayed City alongside retail areas in Al Reef and Al Reef 2. It will also run all of its future retail projects.
Manazel said the retail business supports a strategy of diversification and growing non-cyclical revenues in areas related to properties. It said the unit could also potentially operate malls on behalf of third parties as well as those in its own developments. In the long it, it will also offer “an opportunity to potentially seek a listing” for the division on the public markets.
Manazel’s chief investment and commercial officer, Waleid Gamal Eldien, said: “In line with our strategy, we are capitalising on our expertise in the residential and commercial real estate sectors by launching Manazel Malls to manage all of our retail assets.
“We have built an experienced team of executives to run this subsidiary and to ensure optimal performance while driving recurring revenue streams across our real estate assets.”
He added: “We look forward to reporting on further developments in due course.”