Manazel Real Estate PJSC announced the creation of a new subsidiary called Manazel Malls, which will take operational and managerial control of Capital Mall and all retail areas in Al Reef Community and Al Reef 2 in Abu Dhabi in addition to future retail projects. The new subsidiary ensures that a dedicated professional and experienced team is now responsible for all of Manazel's retail operations and will drive operational efficiencies and improve performance across this line of business. The establishment of this new subsidiary supports Manazel's business strategy with a focus on, not only capitalizing on its expertise in the property space, but also growing non-cyclical revenues through diversification into closely aligned growth sectors.

Manazel Malls also strategically provides Manazel with the potential to manage retail assets on behalf of third parties within the UAE and across the wider region, and presents it with the opportunity to potentially seek a listing for this business.