There's not much information around about Escan Properties, but an IPO was mentioned as happening 2 years after it was founded in late 2005, which means it could be coming up soon. From main article about Escan Properties projects (or Escan Real Estate perhaps?) in the Khaleej Times November 2005...
Khaleej Times 12 Nov 2005 wrote:
Hamad Salem Al Nuaimi said that after completing two years period, the company plans to float its IPO. "We have allowed expatiates to own the shares of the company to the tune of 49 per cent, so that they can also partner in the economic development taking place in the country," he said.
Here's the list of projects related to Escan that I can find so far...
Abraj Al Fanar - AED 600m tower/hotel in Fujairah, contract to Arenco April 2007
Al Fanar Towers (same as Abraj Al Fanar?)
Al Wariya Resort (Al Wurayah Valley / Al Wareea)
Fujairah Paradise - related to, or the same as, Al Wariya?
Golden Beach Resort - part of Fujairah Paradise?
Escan land deal with Kuwait's SHOP - DFM disclosure 20 Sep 07 _________________ UAE IPO list | posting guidelines
Found a couple of relevant websites.
www.fujairahparadise.com (in Arabic but has some pictures)
www.escan.ae - project descriptions, and lots of "coming soon" pages.
According to the Escan website, there are three real estate projects on the go.
Al Fanar Towers is a complex of 3 towers in the center of Fujairah on an area of 22,500 m2, with a residential tower, office tower, shopping mall, and a 20 storey four-star hotel.
Golden Sand Beach is a resort with several 5 star hotels, villas for sale and rent, a shopping mall, and a water park.
Al Wurayah Valley Project is a eco-lodge mountain resort, 15 mins from the coast.
Golden Sand Beach Project seems to be the closest to the Fujairah Paradise project but it still looks quite different to me.
Escan focus is on the following areas:
Real Estate Development
Business Enterprises
Hospitality Development
Community Service
Industrial Projects
Logistics
Other Investment Portfolios
Escan are also involved in the following industrial projects (details not given on website):
Sugar refinery
Cement factory
Steel fabrication unit
Escan partner firms are from the USA, France, Italy, UK, Australia, Malaysia.
Escan website says they have capital of AED 1 billion, which is different again from what was reported in the Khaleej Times (AED 2.5 billion), and GoWealthy (AED 25 million) back in Nov 2005.
Management & Board of Directors
Chairman - Saeed Matar Saeed Bin Belalla
Deputy Chairman - Hamad Salem Lekhraibani Al Neaimi
Member - Mohammed Saeed A A Al Dhanhani
Member - Ahmed Al Haj Abdulla Mohammed Al Habroosh
Member - Saeed Mohamed Saif A Al Mehairi
Member - Mohamed Naser Mathker Shafi Al Hajeri
Managing Director - Khalifa Eisa Mohammed Al Khailli
Chief Operating Officer (COO) - Norman Hall
Dr Sayed Suliman Sayed - not sure of position, looks like CTA but I don't know what that means . Anyone?
Contact Details for Escan
Abu Dhabi tel +971-2-4474202, fax +971-2-447-3808
Fujairah tel +971-9-2233126, fax +971-9-2233127
Toll-free in the UAE 800-ESCAN (800-37226)
Email info @ escan.ae _________________ UAE IPO list | posting guidelines
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