Abu Dhabi – Mubasher: Eshraq Properties has signed on Sunday a memorandum of understanding (MoU) with Mubadala Developments to establish a joint real estate development company in Abu Dhabi, according to a press release.
The new company will participate in the development of Al Marayah and Reem Islands, the statement added.
Eshraq Properties will launch three projects in Dubai and Abu Dhabi during 2017, with investments reaching AED 600 million ($163.4 million).
In 2016, the company turned to losses, registering AED 575 million in losses against AED 1.61 million in profits in 2015.
