Eshraq Properties sees first profit in two years
abu dhabi — Eshraq Properties Company on Monday said it recorded its first positive earnings in the past two years by realising Dh636,000 second-quarter profit compared to Dh101.4 million loss in the corresponding period last year.
In a statement, the UAE-headquartered and listed developer said its board of directors held the fifth meeting of 2017 on Sunday in Abu Dhabi to discuss and approve numerous agenda items, including the company’s financial statements for the three months ended June 30, 2017.
“We have successfully stopped the flow of losses in Eshraq and are looking forward to the new era of growth in the company,” said chairman Jassim Alseddiqi.
“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,” he added.
The board also approved investing in a real estate project on Sheikh Zayed Road, Dubai, that is currently in the design phase.
Dh144m contract awarded
Meanwhile, the developer awarded a contract worth Dh144 million to Al Sweidi & Shams Contracting to execute the main works of the Marina Rise project in Al Reem Island, Abu Dhabi.
The Marina Rise is located in the Cove District on Al Reem Island, within walking distance of Galleria Mall and Cleveland Clinic Abu Dhabi. The development will comprise a single residential building with 233 residential units (studio, one, two and three bedroom apartments), 271 car parking spaces and a retail space.
Construction is expected to be completed by the end of 2019. — muzaffarrizvi@khaleejtimes.com