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Abu Dhabi's Eshraq overcomes 2016 net loss to post $9m profit

The Abu Dhabi developer's 2017 net profit is an improvement over its 2016 net loss of $82m

One of Eshraq's ongoing projects is the 233-unit Marina Rise project on Reem Island [representational image].
One of Eshraq's ongoing projects is the 233-unit Marina Rise project on Reem Island [representational image].

Abu Dhabi-headquartered Eshraq Properties has reported a net profit for 2017.

The company's $8.8m (AED32.2m) net profit is an improvement over its net loss of $82m (AED301m) in 2016.

Nuran Marina hotel apartments, one of Eshraq's fully owned properties, recorded 91.4% occupancy in 2017, compared to 85.4% in 2016. 

Last year, Eshraq commenced construction works for Marina Rise, a 233-apartment project on Reem Island (pictured) that is due to be delivered by the end of 2019. 

READ: Abu Dhabi's Eshraq Properties in talks to acquire Reem Investments

The firm also finalised the design of its Jumeirah Rise project in Dubai's Jumeirah Village Circle, with its construction contract to be awarded in Q2 2018. 

A design contract for Eshraq's Gateway project, located between Abu Dhabi's Maqtaa and Sheikh Zayed Bridges, will be awarded by the end of this year. 

In December 2017, Eshraq was granted the right to own land and real estate properties in the UAE capital, by the Executive Council of the Emirate of Abu Dhabi. 

The company is also negotiating an acquisition proposal with Reem Investments, which last year proposed a shareholding arrangement to Eshraq in exchange for Eshraq acquiring Reem's entire business and all its assets. 

Eshraq said this transaction is likely to be completed in Q2 2018. 

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Construction Week - Issue 725
Jan 19, 2019