Manazel Real Estate (Manazel) has announced the establishment of a new subsidiary, named “Manazel Malls,” for the purpose of operating and managing: i) the company’s Capital Mall (GLA: 60,00 sqm); ii) all the retail areas in Al-Reef Community and Al-Reef 2 in Abu Dhabi; iii) all future retail projects; and potentially iv) manage retail operations on behalf of third parties in the UAE and the region. This comes in efforts to grow the company’s recurring income segment. The new subsidiary will be managed by a dedicated team, aiming to improve operational efficiency within this segment. (ADX)