Eshraq awards contract to build Dubai mixed-use project
Abu Dhabi based investment company Eshraq Investments has awarded the cosntruction 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 its diversification plans continued to pay off each of its business divisions recording strong growth duruşng the first half of the year.
Eshraq 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. Besides, Eshraq said its investment portfolio generated strong income from investment 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. Besides, the board has 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.
Additively, Eshraq 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.
Fulya Altunyay/[email protected]