Date : 30 August 2017
Abu Dhabi, UAE; August 30, 2017: Eshraq Properties Company PJSC (“Eshraq”) and Reem Investments PvJSC (“Reem”) today confirmed that the discussions are at an advanced stage over a potential strategic investment in Eshraq (by way of subscription for new shares to be issued by Eshraq) in return for the acquisition of Reem’s entire business and assets (the “Potential Transaction”). This Transaction will create the second largest listed real estate developer in Abu Dhabi.
Reem was established in 2005 and is considered one of the largest and most successful real estate companies in Abu Dhabi. It also owns prime development land in Abu Dhabi.
The Board of Directors of Eshraq and Reem believe that the Potential Transaction is expected to be beneficial to the shareholders of both companies resulting in synergies derived from integrating their operational and financial resources and as well as combining their management experience and expertise.
The Potential Transaction remains subject to a number of conditions, including the final agreement of specific deal terms including price as well as obtaining the required regulatory approvals.
Eshraq is being advised by SHUAA Capital PSC (financial advisor) and Reem Investments is being advised by First Abu Dhabi Bank PJSC (financial advisor).
About Reem Investments:
Incorporated in 2005, Reem Investments is a prominent real estate developer based in Abu Dhabi with strategic real estate developments and leading position as a master developer of premium locations in the Emirate such as the Najmat on the Reem Island and Rawdhat on Old Airport road Abu Dhabi.
For further information visit www.reeminvestments.com
About Eshraq Properties:
Eshraq Properties Company is a leading real estate development company with an extensive portfolio of superior residential, commercial, touristic and other real estate developments. For further information visit www.eshraquae.com
Date : 08 August 2017
Abu Dhabi, UAE, 7 August 2017: Eshraq Properties Company (ESHRAQ), the UAE headquartered and listed real estate developer, has awarded a contract worth AED 144 million to “AL SWEIDI & SHAMS Contracting” for executing the main works of the Marina Rise project in Al Reem Island, Abu Dhabi.
Commenting on this agreement, Khaleefa Al Mehairi, ESHRAQ Board member, said: “We are pleased to award this contract to AL SWEIDI & SHAMS Contracting, a company with a proven track record of quality work and timely delivery. Once complete, the Marina Rise will be an exceptional new addition to the Reem Island community.”
The Marina Rise is strategically located in the Cove District on Al Reem Island in Abu Dhabi, within walking distance of Galleria Mall and Cleveland Clinic Abu Dhabi. The development will comprise of a single residential building with two basement levels, ground floor, two podium floors and 24 floors of high-rise appartments.
In total, this development will provide 233 residential units (studio, one, two and three bedroom apartment), 271 car parking spaces and a retail space.
Construction is expected to be completed by the end of 2019.
Date : 07 August 2017
Abu Dhabi, UAE, 7 August 2017: The board of directors of Eshraq Properties Company (ESHRAQ), the UAE headquartered and listed real estate developer, held its fifth meeting of 2017, on the 6 of August 2017 in Abu Dhabi.
ESHRAQ board discussed and approved numerous agenda items, including the company’s financial statements for the three months ended June 30, 2017, during which time the company succeeded in putting an end to the last two years’ losses, realizing a profit of AED 636 thousand (Q2 2016 loss of AED 101,4 million).
Commenting on these results, Jassim Alseddiqi, Chairman of ESHRAQ, stated: “We have successfully stopped the flow of losses in ESHRAQ and are looking forward for the new era of growth in the company. With a prudent growth strategy, ESHRAQ will continue to expand on existing projects while increasing our pipeline of future developments to deliver strong results for our investors.”
The board also approved investing in a real estate project in Sheikh Zayed Road, Dubai that is currently in the design phase.