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Abu Dhabi /Â WAM
Mubadala Development Company and Eshraq Properties are exploring opportunities for establishing a joint real estate development company in Abu Dhabi following the signing of a Heads of Terms Agreement.
The two parties agreed on a range of principles relating to the potential joint venture to jointly develop plots in Abu Dhabi owned by Mubadala on Al Maryah Island and by Eshraq Properties on Al Reem Island.
Ali Eid Al Mheiri, Executive Director of Mubadala Real Estate and Infrastructure, said, “We are delighted to explore partnership opportunities with Eshraq Properties through this agreement. 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. We are also pleased to be creating opportunities for a UAE business like Eshraq Properties to participate in the development of prime locations in Abu Dhabi.”
Jassim Alseddiqi, Chairman of Eshraq Properties added, “We are excited to build a partnership with Mubadala and continue the expansion of our ambitious growth strategy. This joint venture will benefit greatly from the combined depth of resources and experience from both parties. As we drive our strategic agenda forwards, we are committed to further diversifying our portfolio, escalating our rate of growth and establishing a stronger footing on the balance sheet.”