Eshraq Investments enters into an agreement with Danube Properties

Eshraq Investments enters into an agreement with Danube Properties

- Under the agreement, Eshraq will receive a purchase price of AED 33.1 million plus a profit and earnout payment linked to the performance of the development over the next 4 years.

- The agreement is part of Eshraq's 3-year land monetization program that was recently approved by the Board of Directors.

Abu Dhabi, UAE: Eshraq Investments PJSC ("Eshraq" or "Company") announced today that the Company has entered into a Sale and Purchase Agreement (“Agreement”) with Danube Properties for the sale of two land plots in Jumeirah Village Circle (JVC) in Dubai for a purchase price of AED 33.1mn. The transaction is agreed at Eshraq’s book value and reflects the potential for unlocking the land bank to unlock shareholder value.

Danube Properties, the property development arm of Danube Group, is rated amongst top 5 developers in the UAE. Danube has developed 17 projects in Dubai (including 13 delivered so far) and are renowned for on time delivery of exceptional quality assets with record sales success.

The Agreement with Danube Properties highlights the progress of Eshraq's land monetization program, approved by the Board of Directors on September 2, 2022, which sets forth a plan to fully monetize the Company's land bank over the next three