Eshraq Properties, a real estate company based in Abu Dhabi, has changed its name to Eshraq Investments following approval from shareholders at the recent general meeting.

The Emirati firm also unveiled its new corporate logo and a refreshed website that elevates the company’s corporate identity and supports its unique position in the UAE property market.

Eshraq has a robust pipeline of projects with all its developments making significant progress to meet their completion time, said the company in its statement.

Its leasing and hospitality businesses have also witnessed a steady increase in occupancy outperforming the market due to their premium offering and quality, it added.

On the name change, chairman Jassim Alseddiqi said: "Eshraq has significantly evolved over the last few years and it was about time its corporate identity evolved too. The new identity, which is an organic progression from its earlier identity, reflects Eshraq’s growth as a company and aptly represents its current market position as well as its future aspirations."

"We wanted Eshraq’s new identity to symbolise its corporate values and essence which are all about trust, growth and stability. The decision to change the name to ‘Eshraq Investments’ was unanimous among the company’s board of directors and shareholders and this is because the company has several investment opportunities in other fields besides property developments which it wishes to consider due to their attractive rate of returns," noted Alseddiqi.

"This is especially relevant at a time when the company has succeeded in generating a considerable amount of cash which can be deployed in revenue generating assets. So, the name change was necessary in order to align with what Eshraq as a business is aiming to do," he added.

Alseddiqi pointed out that the new look and feel of Eshraq branding included a major re-design of the company’s website, logo, graphics, communications and correspondence.

"Eshraq’s new brand assets include a simplified logo in English and Arabic, along with a new website and other visual communications that utilize fresh, simple, bold graphics, which gives the new corporate identity a discernible, distinctive and contemporary look," he stated.

Last year, Eshraq had announced a 10 per cent buyback of its issued shares following approval from shareholders. The buyback program is expected to be completed by the fourth quarter of this year.

“As we roll out the new corporate identity, we remain optimistic about Eshraq’s future growth plans that are centred on developing its land bank and acquiring income generating real estate assets,” added Alseddiqi.-TradeArabia News Service