iPhone | iPad
Android
Huawei
Consumer spending has remained strong throughout the pandemic period despite volatile global macro-economic environment and similar trend is expected to continue this year
KT APPDOWNLOAD
Eshraq declares resounding success of Danube Properties transaction
Danube recently announced that its Dh550 million project Elitz on the said plots has been sold out and is expected to be handed over by December 2025
The Elitz project taps into growing demand for affordable housing in the UAE.
Eshraq Investments on Tuesday announced an update to its shareholders regarding its previously announced sale agreement with Danube Properties for the sale of two plots in JVC.
On October 6, 2022, Eshraq had announced the sale of two land plots in Jumeirah Village Circle (JVC) in Dubai to Danube Properties. In addition to the initial purchase price of Dh33.1 million, the sale and purchase agreement provided for an annual profit and an earnout mechanism payable to Eshraq tied to the projects’ profits.
Danube recently announced that its Dh550 million project Elitz on the said plots has been sold out and is expected to be handed over by December 2025. The project, which taps into growing demand for affordable housing in the UAE, was snapped up by investors, buyers and brokers on launch day.
Jassim Alseddiqi, chairman of Eshraq Investments, congratulated Danube Properties on yet another successful project launch.
The successful launch of the project de-risks Eshraq’s collections from this sale. The transaction is testament to Eshraq’s commitment to delivering optimal value to its shareholders through reputed partnerships with trusted UAE developers. It also highlights the continued progress of the Company's land monetisation programme as approved by the Board of Directors on September 2, 2022.
Jassim Alseddiqi, chairman of Eshraq Investments, congratulated Danube Properties on yet another successful project launch.
"We remain committed to delivering exceptional value to Eshraq’s shareholders through reputed partnerships that support the efficient execution of our land monetisation programme. We remain confident that our actions will enhance Eshraq’s profitability and shareholder returns,” he said.
Eshraq's land monetisation programme is being implemented with the goal of fully monetising the Company's land bank over the next three years through the sale or engagement of partners to develop the land bank and its subsequent sale.
— muzaffarrizvi@khaleejtimes.com
More news from Business
The rising population is contributing to the launch of new projects and increased supply of residential units in Dubai
Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, according to the WGC report
The free zone is the ideal hub for healthcare manufacturing and distribution
Visitors and fans can experience and interact with the newly-unveiled devices, latest innovations, and gain first-hand experience
The forensic financial research firm released a report that accused the conglomerate of improper use of tax havens and flagged concerns about its debt levels
The Hindenburg effect caused the business tycoon to lose $8.21 billion in the last trading day
Daymond John and Robert Harjavec will share their expertise at SIF's ‘Investor Lounge’, which will bring together a group of government officials, directors and CEOs, providing the attendees with a unique opportunity to network and share knowledge about sustainable business practices and achieving long-term goals