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Fri 9 Aug 2019 12:19 AM

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Eshraq awards contract to build Dubai mixed-use project

Abu Dhabi-based investment company announces contract award as it posts AED4m net profit for first half of 2019

Eshraq awards contract to build Dubai mixed-use project

Eshraq Investments, the Abu Dhabi-based investment company, has awarded the construction contract for its Jumeirah Rise project in Jumeirah Village Circle, Dubai.

The project consists of two mixed use tower and one hotel apartments, the company said as it announced that it made a net profit of AED4 million for the first six months of 2019.

Eshraq said its diversification plans continued to pay off with each of its business divisions recording strong growth during the first half of the year.

The company added that its leasing and hospitality businesses including its residential apartments in DIFC and Nuran Marina hotel apartments continued to outperform the market, with occupancy rates touching 100 percent and 88 percent respectively.

Eshraq also said its investment portfolio generated strong income from investments and deposits.

On the development front, Eshraq’s Marina Rise project in Reem Island construction is now over 40 percent complete and is targeted to be ready by the fourth quarter of 2020.

The board has also approved the start of construction of the Jumeirah Rise project which will increase Eshraq's footprint and capacity with a new total leasable area of 35,500 square metres.

In addition, the company said discussions are ongoing relating to the cross-listing of its shares on the Saudi Stock Exchange (Tadawul), with applications have been submitted to regulators.

The directors also proposed the removal of the foreign ownership limit cap.

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