Manazel Real Estate, which focuses on mid-income housing and has assets worth $1.39 billion, plans a listing on Abu Dhabi stock exchange this year, its chairman said, betting improved market sentiment will create appetite for the issue.
The Abu Dhabi-based joint stock company with around 3,000 shareholders has initiated the process of listing with the United Arab Emirates' market regulator.
'It is the right time to start the listing, the markets will move up by the end of this year,' Mohamed Muhana al-Qubaisi told Reuters. 'We have a good track record with stable income forecast in the coming years.'
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