Manazel Real Estate has announced it will break ground on its new Capital Health Care City hospital and real estate project in the next four months.
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 during the next quarter.
The project, which was first announced by 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 loss 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 yesterday. They ended down 9.46 per cent at 67 fils after the company said it would not pay any dividend for 2014, after previously hinting that it was a possibility.