Eshraq Properties and Mubadala Development Company are teaming up to develop plots on Abu Dhabi’s Reem and Al Maryah Islands.
Eshraq said yesterday in a filing that the joint venture company would develop land plots in Abu Dhabi owned by Mubadala on Al Maryah Island and by Eshraq Properties on nearby Al Reem Island.
The pair said that they would only disclose the locations of the plots once the joint venture company had been fully established.
“As a strategic investment company and the master developer of Al Maryah Island, we are looking for experienced partners who can support our wider strategy and bring the right credentials to these projects,” said Ali Eid AlMheiri, executive director of Mubadala Real Estate and Infrastructure.
Eshraq owns three main land assets including a sizeable chunk of Reem Island close to Al Maryah Island.
The developer started selling 500 apartments in a planned residential and office towers project dubbed Marina Rise in 2007. But the company was hit hard by the global financial crisis and for the past decade Eshraq instead concentrated on operating a hotel in Dubai and selling some of its smaller land plots on Reem Island.
However, last year the company received a new lease of life when Jassim Alseddiqi, the managing director and chief executive of the powerful Abu Dhabi-based alternative investments company Abu Dhabi Financial Group (ADFG), was appointed Eshraq chairman.
ADFG is also Eshraq’s second largest shareholder.
Eshraq said that the appointment of Mr Alseddiqi had enabled it to “establish a strong financial footing and lay out a new growth strategy.”
In January the company said it would press ahead with three major projects: Jumeirah Rise in Dubai; Marina Rise, on Reem Island; and a mixed-use project Gateway, between the Maqta and Sheikh Zayed bridges in Abu Dhabi.
Mubadala, the Abu Dhabi strategic investment company, which is in the process of merging with International Petroleum Investment Company, owns Al Maryah Island and acts as the master developer of the island, which is also the location of a new financial free zone.
However, local property agents say that over the past four years the company has been working to reduce its exposure to domestic real estate development.
lbarnard@thenational.ae
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Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
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Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
