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Dh7.5b marina community on Reem Island launched

ABU DHABI — Eshraq Properties, a joint venture between leading business groups in UAE and Saudi Arabia, has announced the launch of its urban development project 'Marina Rise', the first complete urban development project on the Reem Island, Abu Dhabi.

The project is worth Dh7.5 billion and is built on over 10 million sq. ft. The project is considered the largest development so far to be announced on Reem Island.

"The launch of the Marina Rise is a manifestation of Eshraq Properties' confidence in the Abu Dhabi's growing property market. Our ultimate goal is to create an urban development which consists of luxury residential apartments with sufficient recreational facilities that has never been seen in UAE, office towers which go beyond concrete blocks, canal side corniches as well as one of the biggest malls in the island. Marina Rise is an expansion of our vision to offer investment and residential opportunities which will be benchmarking Dubai Marina's success," said Chairman Saleh Al Amri.

Construction of Marina Rise will begin by October 2007 and will be completed by 2010 through many stages to assure a quicker return on the investment for buyers. Upon completion, the project will house luxury residential and leisure facilities consisting of three high-rise towers featuring waterfront apartments. The project will offer studio, one and two bedroom flats with a river and sea views including boutique retail shops as well as four office towers.

"Designed to suit many different discerning tastes, each apartment, retail space and offices at The Marina Rise will be built according to the highest specification and design using the best materials. We have worked very closely with New York-based design firm Khatib and Alami Design Group, to ensure that each product offers every modern amenity in a chic and functional setting. The Marina Rise, without doubt, symbolises the aspiration of modern living, smart corporate office developments and boutique retail offerings," said Vice-President Jamal Al Sagher.

Parallel to the launch of its mega project Marina Rise, Eshraq properties signed a Dh1 billion private stock placement which will be managed by Abu Dhabi Islamic Bank. Stocks will be offered to GCC investors through ADIB.