By Angela Giuffrida
US $2.4 billion development - designed by Khatib & Alami - comes at the same time as developer's stock offering.
Eshraq Properties, a joint venture between leading business groups in the UAE and Saudi Arabia, has launched a massive US $2.4 billion (AED7.5 billion) urban development project on Abu Dhabi's Al Reem Island.
Construction of Marina Rise is expected to begin in October this year, with an estimated completion date of 2010.
The project - the largest launched so far on the island - will be spread over 929,030m2. It has been designed by Khatib & Alami Design Group.
The development will be made up of three residential towers and four office towers, along with leisure facilities.
"Designed to suit many different discerning tastes, each apartment, retail space and office at Marina Rise will be built according to the highest specification and design using the best materials," said Jamal Al Sagher, vice president, Eshraq Properties.
"We have worked very closely with New York-based design firm Khatib & Alami Design Group, to ensure that each product offers every modern amenity in a chic and functional setting. Marina Rise, without doubt, symbolises the aspiration of modern living, smart corporate office developments and boutique retail offerings."
Parallel to the launch of Marina Rise, Eshraq Properties signed a $272 million private stock offering which will be managed by Abu Dhabi Islamic Bank (ADIB). Stocks will be offered to investors through ADIB and aims to raise further capital growth for upcoming projects.
"The launch of Marina Rise is part of Eshraq Properties' confidence in Abu Dhabi's growing property market," said chairman Saleh Al Amri.
"Our ultimate goal is to create an urban development which consists of residential apartments with sufficient recreational facilities that have never been seen in the UAE, along with office towers that go beyond concrete blocks."