Marina Rise will be the first development executed by Eshraq to contribute to its recurring revenues
Abu Dhabi, UAE: Eshraq Investments PJSC (“Eshraq” or “Company”), the Abu Dhabi-based investment company listed on Abu Dhabi Securities Exchange (“ADX”), announced that its maiden mixed-use project Marina Rise has received Building Completion Certificate from Abu Dhabi Municipality, paving the way for the handover of the project’s commercial and residential units. Marina Rise will be Eshraq’s first developmental project to contribute to the Company’s bottom line.
Marina Rise Tower, located on the west side of Reem Island, is a mixed-use building with residential and commercial units. Marina Rise Tower (has a height of 110 m and consists of two basement levels (for parking), two podium levels (commercial and parking), 24 residential floors with a total of 233 residential units and 271 parking spaces. The apartments vary between 84 studios, 116 one-bedroom, 27 two-bedroom, six three-bedroom apartments and two penthouses of 3 and 4 bed rooms.
Ajit Joshi, Delegated Member of the Board of Directors of Eshraq, said, “We are excited to have completed our first development project Marina Rise within the planned timeframe despite the many hurdles created by the pandemic. The development not only demonstrates the technical excellence of the team but will also be an important step towards monetizing our land bank and improving our bottom line.”
Joshi, added: “Our goal was to develop an upscale mixed-use project that would attract interest from Millennials and other customer segments, particularly those who work in or near ADGM and Hub 71. We are also seeing a lot of interest in the project’s commercial spaces as it offers great opportunities for businesses looking to operate from a strategically located site. Marina Rise will undoubtedly add to the vibrancy of the Reem Island community.”
Built to create a lush residential community where people can live, earn, play and have educational and health facilities in the same vicinity, Reem Island will include residential and commercial buildings, private houses, schools, a university, a hospital, marinas, open spaces and an extensive network of parks, modern infrastructure including roads, water and electricity supply, a public transport system, a district cooling system, a sewage and storm water collection system and a sewage treatment plant.
Khatib and Alami is the design, supervision and architectural consultant, while Al Sweidi & Shams Contracting Co is the main contractor.
About Eshraq Investments:
Eshraq Investments is an investment company with an extensive portfolio of residential, hospitality and other real estate projects. Eshraq also has a diversified investment portfolio across equities, fixed income, private equity and debt products.