The Abu Dhabi developer behind Al Reef is planning an initial public offering as early as this year after notching up a profit of Dh360 million (US$98m) last year.
Manazel Real Estate aims to sell shares to the public after the expected introduction of new listing rules that would no longer require an increase in capital for companies intending to go public.
"We have submitted our request to the ministry and they have told us to wait for the new regulations coming in this year that will not require an increase in capital," said Mohamed Mehanna Al Qubaisi, the chairman of Manazel.
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