Abu Dhabi

Eshraq Properties reported a net profit of Dh32.2 million last year compared to a net loss of Dh301 million in 2016.

The company which is involved in the development of various projects in Abu Dhabi and Dubai said that it started the construction of Marina Rise, a 233-apartment project on Reem Island, which is expected to be delivered by the end of 2019. It also finalised the design of its Jumeirah Rise project in Dubai and will award the construction contract in the second quarter of 2018.

Eshraq also made substantial progress in its negotiations with Reem Investments for the acquisition, which is likely to be completed in the second quarter of the year, according to a statement by the company on Thursday.