ABU DHABI
Mubadala Development Company and Eshraq Properties are exploring opportunities for establishing a joint real estate development company in Abu Dhabi following the signing of a Heads of Terms agreement, it was announced on Sunday.
The two companies will be looking 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. 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,” Ali Eid AlMheiri, Executive Director of Mubadala Real Estate and Infrastructure, said in a statement.
Eshraq Properties has a portfolio of diversified properties and development opportunities in both Abu Dhabi and Dubai, including Marina Rise on Reem Island and The Gateway in Sas Al Nakhl. Established as a private joint stock company in 2006, it was listed on Abu Dhabi Securities Exchange in 2011 following a successful IPO (initial public offering).
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.”
