I don't think this is the same Ishraq that was established to develop Holiday Inn hotels in the Middle East (Dubai International Capital is an investor in the Holiday Inn Ishraq - see Dubai International Capital restructuring July 2007)?
I don't see a time frame for the Ishraq IPO, nor information on whether or not it would be open to foreign investors...
Emirates Business 15 March 2008:
Ishraq IPO
Ishraq, which was established by UAE national and Saudi investors as a private joint stock real estate developer with a capital of Dh1bn, is also looking to launch an IPO.
The company launched its first real estate project, Marina Rise, in April 2007 at Al Reem Island with an investment of Dh7.5bn. On the same date it signed an agreement with Abu Dhabi Islamic Bank (ADIB) for the bank to register and issue the certificates of Ishraq’s shareholders.
Ishraq declared that it would develop part of the Marina Rise project, while the remaining parts would be offered to investors.
Marina Rise overlooks the island’s marine front and is located on an area of 1.1 million sq m. It includes 21 luxury residential, commercial and hotel towers, including two four- and five-star hotels, a giant shopping mall and villas.
In a statement to Emirates Business, Sulaiman Al Dal’an, General Manager of Ishraq, said: “The company aims to strengthen its pioneering role in real estate boom seen in Abu Dhabi through the launch of other distinguished real estate developments soon to meet increasing demand for accommodation in Abu Dhabi.”
The company provided finance solutions for investors who wish to buy land or own residential and commercial units at Marina Rise in conjunction with Union National Bank (UNB) and Al Wifaq Finance Company.
Some 70 per cent of finance is provided for investors for 20 years. Ishraq has divided the project into two basic parts. The first is for sale for investors. The second part is dedicated for a residential and commercial project on a total area of 220,000 sq m, where Ishraq will construct a hotel and office towers.
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