Eshraq Properties has announced its preliminary unaudited financial results for 2017, reporting a net profit of AED 32.2mn versus a net loss of AED 301mn for the same period in 2016.
In 2017, the company began construction of the Marina Rise, a 233-apartment project on Reem Island, expected to be delivered by the end of 2019.
The design of the Jumeirah Rise project in Dubai’s Jumeirah Village Circle area was also finalised, with the construction contract to be awarded in Q2 this year.
Eshraq also expects to award a contract for the design of its flagship Gateway project by the end of 2018.
The company was also granted the right to own land and real estate properties throughout the Abu Dhabi by the Executive Council of the Emirate of Abu Dhabi in December 2017.
Progress was also made in negotiations with Reem Investments in relation to the latter’s proposed acquisition of a strategic shareholding within Eshraq, the company added in their statement.