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Enshaa expands investor group, to increase its capital
- June 14, 2007, 9:37 pm
Enshaa PSC (Enshaa), a real estate development company based in the United Arab Emirates, has expanded its investor group following a successful private placement.
Major shareholders include Emirates Investments Group, Majid Al Futtaim Group, and Abraaj Capital.
Enshaa, chaired by Sheikh Tariq Bin Faisal Al Qassimi, has consolidated a number of companies and projects under its umbrella. Enshaa is constructing sister projects Emirates Financial Towers currently under development in the Dubai International Financial Center, and Karachi Financial Towers in Pakistan. Enshaa is developing the Palazzo Versace resort and neighboring D1 residential tower in Dubai Culture Village through its Joint Venture business Emirates Sunland Group and has previously acquired a 50% interest in the Palazzo Versace resort on the Gold Coast, Australia.
‘We are pleased to receive the Ministry’s approval, which reflects its trust and confidence in Enshaa, and the value that we can add to the economy,’ said Sheikh Tariq after receiving news of the Ministry’s approval of the capital increase.
‘We are now able to expand our operations to new geographic areas and to gain solid footing at higher levels, which will grant our shareholders access to more dynamic and ambitious projects, adding to the great achievements we’ve witnessed over the past few years.’
The Board of Enshaa appointed Mr. Raza Jafar as the Managing Director. ‘I am delighted to be leading Enshaa to new levels, backed by the Ministry’s approval, which will provide the company with resources that will enable us to meet our strategic goals and investment opportunities,’ said Mr. Jafar.
The Enshaa Board met on Tuesday to discuss its plans for the future and the steps to be taken by the company after its AED 914 million capital increase approval from the Ministry.
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