Eshraq Properties appoints Alseddiqi as new chairman

Eshraq Properties has appointed Jassim Alseddiqi as the chairman of the ADX-listed developer.

Mr Alseddiqi, also the managing director and chief executive of Abu Dhabi Financial Group, had already been serving as a board member of Eshraq.

He “will focus on energising the company’s operations to be a leading provider of premium real estate in the UAE and in creating long-term value for its stakeholders”, the company said.

Eshraq, whose projects include residences on Al Reem Island in the capital, reported a loss of Dh1 million for the first quarter of this year, compared to Dh7m in losses in the same period a year earlier. It is yet to report second-quarter earnings.

Mr Alseddiqi said that Eshraq has tremendous potential in terms of redefining the property and hospitality sector.

“We will evaluate new investment opportunities and strategic partnerships that will build our portfolio and footprint. On the financial side, we are committed to optimising resource use, and to achieve long-term profitability for our stakeholders,” he said.

Eshraq shares closed up 1.3 per cent and are up more than 36 per cent year-to-date.

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