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Abu Dhabi Securities Exchange Lists Manazel Real Estate in Second Market
Nov 25, 2014
Abu Dhabi Securities Exchange (ADX) announced today the listing and trading of Manazel Real Estate on the Second Market for private companies launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The listing comes in accordance with ADX strategic objectives of diversification of financial products and introducing new financial tool for trading.  Starting today, Manazel Real-estate, listed in ADX under the symbol MANAZEL, shares are set to trade according to the sell/buy demand for a trading period of 3 working days, after which a fixed market share value is determined with a margin value of up to 15% and 10% down, in order to avoid the speculation that could be derived from the new listing process.

Mr. Rashed Al Blooshi welcomed the listing accession of Manazel Real Estate amongst the Abu Dhabi Securities Exchange companies, where he said: "It is a pleasure to have Manazel Real Estate shares listed on ADX, as the increased investment of national institutional participation represents a very important priority for Abu Dhabi Securities Market because of its positive effect in stabilizing the financial market. I would like to assure our permanent willingness to lend a helping hand to the Manazel Real Estate starting with the process of listing and the necessary follow-up we adopt with every new listing process”.

For his part, H.E. Mohamed M. Al Qubaisi, Chairman of Manazel Real Estate said: "It is a historic day to cherish, and we aspire it to be a bridge that takes us to further develop and achieve the best for all shareholders in Manazel Real Estate. With the continued growth of the company since its inception, and the diversity of its investments in remarkable real estate projects past and those that we are working on launching in the near future, we aim to expand the transparency circle we have always adopted and emphasize it today by listing the company's shares to trade in Abu Dhabi Securities Market”.

He concluded by saying: "We are confident that the real estate sector in the country is still one of the most lucrative and most successful productive sectors contributing to the economy, and we express this conviction through more real estate projects that we set out to plan and develop after concluding their feasibility to the fullest."

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