UAE developer Eshraq awards Dhs144m contract for Abu Dhabi project

UAE developer Eshraq Properties Company has awarded a contract worth Dhs144m for the main works of its Marina Rise project in Al Reem Island, Abu Dhabi, it announced on Monday.

The contract was awarded to Al Sweidi and Shams Contracting, Eshraq said in a statement.

Located in the Cove District on Al Reem Island in Abu Dhabi, Marina Rise is a single residential building with two basement levels, ground floor, two podium floors and 24 floors of high-rise apartments.

The development will provide 233 residential units (studio, one, two and three bedroom apartment), 271 car parking spaces and a retail space.

It will also feature a health club, swimming pool, and other facilities on the first floor.

It is also located close to the Galleria Mall and Cleveland Clinic Abu Dhabi.

Construction is expected to be completed by the end of 2019, the statement added.

The wider Reem Island master development is a massive project spread across approximately 800 hectares of land that will feature residential and commercial buildings, schools, a university, hospital, marinas, open spaces and parks, public transport system, district cooling system, a wastewater and storm water collection system, and a wastewater treatment plant.

Meanwhile Abu Dhabi listed Eshraq also confirmed on Monday that its board had approved investing in a real estate project in Dubai’s Sheikh Zayed Road. The project os currently in the design phase, a statement said.

The company also reported a net profit of Dhs636,000 in the second quarter of the year, following losses in the last two years.

Jassim Alseddiqi, chairman of Eshraq said: “We have successfully stopped the flow of losses and are looking forward for the new era of growth in the company.

“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.”