Manazel PJSC

Manazel: communities, rental assets and services

As of: 2025-12-31 / 2026-08-30

Manazel PJSC, traded on ADX as MANAZEL, is a UAE property group whose activities extend beyond selling new homes. Its residential communities sit alongside an investment-property portfolio, property management, facilities services and district cooling. The important distinction is between the homes it has developed, the assets it still owns and the services it continues to provide.

The financial anchor is the year ended 31 December 2025. Reporting periods and current website descriptions are kept separate.

How the business earns revenue

As of: 2025-12-31

Established in April 2006 and registered in Abu Dhabi in May 2006, the issuer conducts Sharia-compliant property development, sales, investment, construction, management and related services. The group includes a Jordanian investment subsidiary as well as UAE operating entities; legal presence abroad is not a statement that all project revenue comes from that country.

In the reported year, investment properties were the largest revenue contributor. The development-and-sales segment reported no revenue, which should not be confused with having no development assets or no announced projects. Cooling revenue includes activity during a year in which a subsidiary was sold.

Subsidiaries and the disposal boundary

As of: 2025-12-31

These are disclosed group interests at year-end, not a list of every branded project. Tatweer Capital is held through the fully owned ADGM entity Tatweer Holding Limited; nominees representing the holding company are not presented as its economic owners.

Communities: delivered scale is not retained inventory

As of: 2026-08-30

The corporate project pages describe the scale and location of the communities. Their unit counts are project totals, not unsold inventory, current ownership percentages or a new annual handover figure. Services to owners may continue after individual homes are sold.

New projects and land: area, rights and stage

As of: 2025-12-31 / 2026-08-30

Merzab is described as a planned community adjoining Al Reef 2 in Al Samha. Its disclosed plot area and gross floor area measure different things and are not interchangeable. The project page does not provide a verified current completion percentage or handover date; neither is inferred here. Nor is a plot-size description treated as proof of an unencumbered freehold title.

Manazel Square is presented as a second-phase redesign combining residential, commercial and retail uses. It is an announced development direction, not proof that all new buildings are operational. Separately, the annual accounts identify land in Amman, Jordan transferred from development work-in-progress to investment property while held for development; that accounting movement does not mean a completed project or a new cash purchase.

Retained assets and their encumbrances

As of: 2025-12-31

Investment property includes assets held for income and capital appreciation, while development work-in-progress relates to properties intended for sale. The report says Capital Mall was rebranded as China Centre with Origin International Management's assistance and was fully operational. This does not establish a current occupancy percentage or an independent appraisal of every asset.

The auditor explicitly identifies Capital Mall as valued using management's internal estimates, unlike the other properties valued externally. Asset carrying amounts therefore depend on rental assumptions, capitalisation rates and the execution of commercial plans. Mortgaged property is not freely available collateral for another financing without regard to existing lenders.

Owners and management: keep the roles separate

As of: 2026-08-30

The current corporate leadership page identifies Mohamed M. Al Qubaisi as founder and chairman, and Mohamed Thaaloob Al Derei as vice chairman. It names Ali Mohammed Al Ahbabi, Adel Mohamed Al Marzooqi and Khaled Abdulla Al Khoori as board members. These are the website's identified roles at the check date, not a prediction of the outcome of a subsequent board election.

The biography describes Adel Mohamed Al Marzooqi as a major shareholder since establishment but does not provide a dated percentage. No current ownership percentage, controlling bloc or government ownership is inferred from biographies, public positions or board seats. A current shareholder register would be needed for such a breakdown. The investor-relations page identifies Feras Al Sibai as Head of Finance and Investor Relations.

Annual results and the source of profit

As of: 2025-12-31

Revenue declined while reported profit after tax increased. The two statements are compatible: the annual result includes property revaluations, disposal losses, credit-loss allowances and a tax benefit, not just the margin earned from serving customers. A positive final profit should not be described as an equivalent recurring cash return.

The audit opinion is unmodified. The emphasis-of-matter paragraphs on collections, financing and the going-concern assessment are nevertheless material reader information; they are not rewritten as a qualified opinion or omitted because the opinion is unmodified.

Debt and liquidity: refinancing is not completed refinancing

As of: 2025-12-31

The financing note lists variable-rate facilities, including historical maturity ranges and arrangements still being restructured. It does not support treating all balances as newly extended debt. The report also describes litigation and court-ordered payments on one facility; the timing of future payments remained uncertain in the going-concern assessment.

Mortgages over properties and assignments of rental proceeds secure bank funding. Cash held for a home owners' association is outside the company's control and excluded from its cash balances; restricted deposits are also distinct from funds available for general use. These distinctions matter more than comparing gross assets with debt in isolation.

At 31 December 2025, the disclosed expected maturity profile placed AED 1092.894 million of bank financing within 12 months of the balance-sheet date and AED 120.000 million after 12 months. This is the dated reported profile, not evidence that refinancing has subsequently been completed.

Collections and the main financial risks

As of: 2025-12-31

Infrastructure receivables have a net carrying value of AED 378.350 million at year-end, after an allowance of AED 35.197 million. Collection timing and certainty are unresolved in the accounts and highlighted by the auditor. This is a claim recognised as an asset, not cash available to repay lenders today.

Management concluded that no material uncertainty cast significant doubt on going concern, relying on cash forecasts, collection measures, cost controls and financing discussions. That assessment does not mean the restructuring was already signed or that disputed collections are guaranteed. The positive annual operating cash flow also reflects substantial working-capital movements and should not be extrapolated as a stable yearly yield.

For a reader, the critical risk combination is valuation sensitivity, asset encumbrances and the mismatch between uncertain collection dates and financing obligations. A large property portfolio can coexist with limited freely usable cash. These are editorial implications of the disclosed balances and uncertainties, not an estimate of a forced-sale value.

Plans and the next evidence to watch

As of: 2025-05-09 / 2026-08-30

The company announced a hospitality expansion direction in May 2025. Together with the Merzab and Manazel Square descriptions, this shows intended development of the portfolio; it is not evidence that the full announced hospitality offering has opened or earns recurring income. Construction milestones, operating contracts and subsequent financial recognition are the relevant confirmations.

An ADX disclosure says changing auditors delayed the first-half 2026 review, with trading suspended pending review and disclosure. This describes the notice, not a check of today's trading status; no resumption date or pending results are assumed.

Official contacts and updating this profile

As of: 2026-08-30

Use the corporate and investor-relations channels below for company enquiries. They are public business contacts, not personal mobile numbers. The office location shown on the website is distinguished from the registered postal address in the annual accounts.

Financial sections should be refreshed when new results are disclosed; ownership, projects, disposals and financing on material announcements. Contacts and leadership merit a monthly check and the full profile a quarterly review. Source dates are retained so that a current webpage is not mistaken for a newly audited asset or project status.

Sources

1. S1 · FY2025 consolidated financial statements · 2025-12-31
2. S2 · Al Reef 1 · 2026-08-30
3. S3 · Al Reef 2 · 2026-08-30
4. S4 · Dunes Village · 2026-08-30
5. S5 · Merzab project description · 2026-08-30
6. S6 · Manazel Square plans · 2026-08-30
7. S7 · Corporate leadership · 2026-08-30
8. S8 · Official investor relations · 2026-08-30
9. S9 · Disclosure on delayed H1 2026 review · 2026-08-30
10. S10 · Announced hospitality strategy · 2025-05-09