Enshaa expands investor group with placement

Dubai: Enshaa PSC, a UAE-based real estate development company, has expanded its investor group following a successful private placement, a statement said.

Major shareholders include Emirates Investments Group, Majid Al Futtaim Group, and Abraaj Capital.

Enshaa, chaired by Shaikh Tariq Bin Faisal Al Qasimi, has consolidated a number of companies and projects under its umbrella. Among its projects are Emirates Financial Towers, currently under development in the Dubai International Financial Centre, and Karachi Financial Towers in Pakistan.

Enshaa is developing the Palazzo Versace resort and neighbouring D1 residential tower in Dubai Culture Village through its joint venture business Emirates Sunland Group, and has previously acquired a 50 per cent interest in the Palazzo Versace resort on the Gold Coast in Australia.

"We are pleased to receive the ministry's approval, which reflects its trust and confidence in Enshaa, and the value that we can add to the economy," said Shaikh Tariq after receiving news of the ministry's approval of the capital increase. "We are now able to expand our operations to new geographic areas and to gain solid footing at higher levels, which will grant our shareholders access to more dynamic and ambitious projects, adding to the great achievements we've witnessed over the past few years."

The board of Enshaa appointed Raza Jafar as the managing director. "I am delighted to be leading Enshaa to new levels, backed by the ministry's approval, which will provide the company with resources that will enable us to meet our strategic goals and investment opportunities," said Jafar.