(MENAFN) The Chairman of Eshraq Properties, a UAE-Saudi Arabia joint venture, announced that the company will set up a $2.04 billion project, the Marina Rise, on Reem Island in Abu Dhabi, Gulf news reported.

He pointed out that the project, which will occupy more than 10 million square feet of land, is expected to end within two years. He added that carrying out such a huge project reflect the company's confidence in the real estate opportunities in the UAE.

He also explained that the Marina rise will consist of an urban development comprising a range of luxury residential apartments with top class recreational facilities, office towers, canal side corniche as well as one of the biggest malls in the island.