25 June 2007, Abu Dhabi, U.A.E.: Four of Abu Dhabi's leading business names have joined forces to launch Inshaa Properties.

Inshaa, which means 'construction' in English, has been launched as a joint stock company with an authorized capital of AED 500 million (US$ 136 million) by First Gulf Bank (FGB), one of the UAE's leading financial institutions, which holds a 40% stake, and three of Abu Dhabi's mainline real estate developers - Al Dar Properties PJSC, Surouh Real Estate PJSC, and Reem Investments, with a 20% shareholding each.

The new firm will participate in a range of activities including freehold and leasehold, property management, property development and advisory services.

"Inshaa's overall mission is to become the UAE's leading property company and the first choice for real estate requirements," said André Sayegh, Board Member of Inshaa. "The company will focus on owning as well as marketing residential, commercial and retail projects across local and regional market. Inshaa will develop its business through innovation and strong focus on customer care and product reliability,".

"The four partners have excellent track records in their line of businesses and are committed to delivering products and services to the highest standards. We are very pleased to announce the partnership and know that together we will effectively add to the quality of life of the people in the UAE and beyond," added Sayegh.

"There could not have been a better time to launch a competitive element to the real estate market with the launch of Inshaa," said Ibrahim Eskiocak, General Manager of Inshaa.  "In addition to freehold and leasehold, the main line of business includes property management covering leasing, buying, maintenance, subleasing, and brokerage activities. This is in addition to managing furnished apartments, property development and providing advisory services,"

"We will have offices in Abu Dhabi and Dubai to accommodate the initial demand and we plan to expand the network regionally as the demand increases. We are already active in the market and will very shortly announce many projects" concluded Ibrahim.

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© Press Release 2007