Eshraq set to become PJSC

Abu Dhabi-based Eshraq Properties has said it will not go back on a plan to turn into a public joint stock company.

General Manager of Branches, Dr Sulaiman Mohammed Al Dhalaan, told Emirates Business: "We have a final deal and a strong desire to turn into a public joint stock company. We were about to do it last year and almost finalised the shift procedures, but circumstances of the global financial crisis affected us. Now circumstances are improving, and we might shift into a public joint stock company next year."

While speaking on the sidelines of Cityscape 2009, Al Dhalaan said his firm has started digging and basic foundation work on its Marina Rise in Abu Dhabi which will be built at a cost of Dh7 billion.

Eshraq displayed three real estate projects worth Dh10bn at Cityscape. On new projects, Al Dhalaan said the first such projects is Jumeirah Rise in Dubai which is made of three towers, as well as Jet Way in Abu Dhabi.

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