The 110m-tall Marina Rise tower in Abu Dhabi is progressing as scheduled, with construction work reaching its sixth floor and currently 19% complete, according to developer Eshraq.
Marina Rise is a 2B+2P+24+R tower located within Reem Island’s sector RT, Zone 2-Plot C3. Comprising 233 homes across studio (84), one-bedroom (116), two-bedroom (27), and three-bedroom (6) layouts, the tower is due to complete in Q2 2020.
Progress on the tower was announced as its developer – formerly named Eshraq Properties – announced a new corporate identity. The real estate giant now features new branding, and has been renamed as Eshraq Investments, which according to chairman Jassim Alseddiqi, “was necessary in order to align with what Eshraq, as a business, is aiming to do”.
Marina Rise’s progress rate of 19% was revealed in a statement released on 14 February, which explained that Eshraq had reported a net profit of $816,750 (AED3m) for 2018 versus a net profit of $8.8m (AED32.5m) for the same period last year.
Khatib & Alami is involved as Marina Rise’s design and supervision consultant, as well as its architect of record. Al Sweidi & Shams Contracting Co was awarded a $39m (AED144m) deal to work as Marina Rise’s main contractor in August 2017.
Various mechanical, engineering, and plumbing (MEP) contractors are also involved with the project. Marina Rise’s MEP contractors include Sasco Air Condition Industry to deliver air-conditioning; Al Bairaq Electromechanical Works for plumbing; Over Space General Maintenance for electrical; and Gulf Industrial Services Co for firefighting work. Salesbury Landscaping is delivering irrigation services, and Belhusa Projects is contracted to work on Marina Rise’s swimming pool.
In comments shared with Construction Week, Eshraq said that the project remains on track and within budget, and is to be delivered by the end of Q2 2020.
Remarking on Eshraq’s rebranding in a press statement dated 12 February, Alseddiqi said: “Eshraq has significantly evolved over the last few years, and it was about time its corporate identity evolved too.
“The decision to change the name […] was unanimous among the company’s board of directors and shareholders, and this is because Eshraq has several investment opportunities in other fields besides property developments [that] it wishes to consider due to their attractive rate of returns.”