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Manazel first half profit weighed by reorganisation and staff costs at Abu Dhabi developer

Company reorganisation and staff costs ate into first half profits at Abu Dhabi-based property developer Manazel Real Estate.

For the six months of 2016, profits at the developer which built Abu Dhabi's mid market Al Reef compound fell 30.5 per cent to Dh31.2 million, down from Dh44.9m a year earlier.

In a statement accompanying its results, Manazel said that the fall in profits was the result of an "investment in human capital and organisational restructuring efforts".