DELIVERY OF “DUNES VILLAGE” PROJECT CONFIRMS MANAZEL’S COMMITMENTS TOWARDS ITS CLIENTS, AL QUBAISI

Manazel Real Estate has taken possession of the Dunes Village Project from the main contractor, the United Engineering & Construction Company (UECCO), in the presence of Mohammed Mehana Al Qubaisi, Chairman of Manazel Real Estate, and Abdul Hamid Muwa’ed, General Manager of UECCO.

Dunes Village, which embraces a full set of varied superior facilities and services, is composed of 19 modern residential buildings made up of 942 housing units ranging from studios, to one and two-bedroom apartments. The Dunes Village is noted for its location near to New Dubai where there is an atmosphere of quietude and tranquility, thus making it a feasibly lucrative investment and a perfect place for living, Mr. Mohammed Mehana Al Qubaisi said, adding that the Dunes Village is a calm haven away from downtown hustle and bustle as it was designed to ensure a sense of comfort and to provide its inhabitants with all necessary facilities for the recreation and convenience of residents of various tastes.

Mr. Al Qubaisi explained that located in Dubai Investment Park, the Dunes Village covers an area amounting to 462.700 square feet, is near to New Dubai, and gives easy access to both the International Village and the Dubai Land via the nearby Emirates Road. Likewise, it is truly an oasis in Dubai Investment Park and an outcome of Manazel Real Estate’s developmental vision as such a residential complex is a mixture of modern facilities and traditional values creating a familial milieu.

The Dunes Village has been fitted with safety facilities operating 24 hours a day in order to meet all needs of the village’s occupants. In addition, parking lots are also available at large for all residents. The designers have considered all minute details that would secure the absolute convenience of the village residents.

The entire works of the project have been executed on the basis of a turnkey system, Al Qubaisi affirmed, pointing out that the project’s operational tempo and pace has proceeded as planned when it was launched, and that all tasks have been plain sailing.

Furthermore, he praised the UECCO’s co-operation as it is the company which executed the project in accordance with the agreed upon specifications, noting that Manazel Real Estate cares for the best standards in all its projects.

In addition, Mr. Al Qubaisi affirmed that Manazel’s 2009 strategy gives priority to the accomplishment and delivery of projects on time. He added that the company is in a good financial and administrative position due to the selection and execution of projects serving its policies, approaches, and reflecting the actual market’s need. In addition, the expansion-related decisions have been well studied.

He pinpointed that the company is applying a risk management plan and strategy in order to adapt to the existing circumstances. This is manifested by applying new mechanisms for cost management in the company’s current projects and by adhering to the delivery programmes and schedules. Manazel would also work on making use of the decreasing inflation coupled with the drop in prices of some building materials with a view to roll out competitive prices for future projects.

Regarding the company’s priorities at both the present stage and in the foreseeable future, Mr. Al Qubaisi stated that the company would currently focus on timely completion and delivery of the existing residential and commercial projects by maintaining a close relationship with the contractors to avoid any delay and that new investment options are going to be considered in early 2010.

Mr. Al Qubaisi also mentioned that the status quo is an opportunity for considering fresh means and ways as well as of suggesting better and more feasible innovative ideas than those prevalent in previous stages. By the same token, it is a chance for introducing new architectural concepts and for innovation in design and execution-specific approaches and solutions. This would be one of Manazel’s objectives in the course of 2009; the company is going to make use of the shrinking inflation and falling prices of some building materials for purposes of floating competitive prices for prospective projects and for ones the implementation of which has not yet been initiated by the company at present – this would provide an opportunity for obtaining more favourable prices through a new process of pricing and estimation.

On his own part, Mr. Abdul Hamid Muwa’ed, the UECCO’s General Manager, said that the company is proud of the relation linking it to Manazel Real Estate. This is a relation which has been on confidence and trust between the two companies, stressing that the business partnership binding us to Manazel Real Estate has made a considerable addition to us as Manazel is considered one of the largest property developers in both the UAE and the region.

Mr. Al Muwa’ed added that the great confidence granted to us by Manazel Real Estate means a lot to us and would be our catalyst and incentive for reinforcing our commitment towards our partners in development, and for maintaining their trust and cementing our credibility towards them through commitment to the deadlines agreed upon plus abiding by quality execution of works.