Joint venture would develop plots in Abu Dhabi owned by Mubadala on Al Maryah Island and by Eshraq Properties on Al Reem Island
Mubadala Development Company and Eshraq Properties have signed an agreement that will see that two companies explore opportunities for establishing a joint real estate development company in Abu Dhabi
The two parties signed a 'Heads of Terms Agreement', set out a range of principles relating to the potential joint venture to jointly develop plots in Abu Dhabi owned by Mubadala on Al Maryah Island and by Eshraq Properties on Al Reem Island.
"As a strategic investment company and the Master Developer of Al Maryah Island, we are looking for experienced partners who can support our wider strategy and bring the right credentials to these projects," said Ali Eid Al Mheiri, Executive Director of Mubadala Real Estate and Infrastructure.
"We are also pleased to be creating opportunities for a UAE business like Eshraq Properties to participate in the development of prime locations in Abu Dhabi," he added.
Jassim Alseddiqi, chairman of Eshraq Properties added, "This joint venture will benefit greatly from the combined depth of resources and experience from both parties. As we drive our strategic agenda forwards, we are committed to further diversifying our portfolio, escalating our rate of growth and establishing a stronger footing on the balance sheet."