Sharjah: The Sharjah Investment and Development Authority (Shurooq) has signed a partnership agreement with Emaar Properties and Eagle Hills, an Abu Dhabi-based property developer, to establish a new real estate company in Sharjah called Omran Properties.
Under the agreement, Shurooq acquires 34 per cent of the new company’s capital, while Emaar and Eagle Hills acquire 33 per cent each, Shurooq and Emaar said in a joint press release.
Through the agreement, Omran Properties will develop and manage the real estate sector in the emirate and beyond, as well as provide management and maintenance services to projects that concern all parties.
As per the agreement, the headquarters of Omran Properties will be based in Sharjah, with a possibility of further offices being set up in the region. The company will carry out investment business directly or through any of its subsidiaries or other related companies.
The new company’s activities will involve development and ownership of investments in the real estate sector, providing management and maintenance services, as well as the use and investment of corporate funds in a manner deemed appropriate.
The aim of the partnership is to boost joint cooperation between the three parties and expand economic investments in the emirate, they said.
The MoU was signed by Shaikha Bodour Bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority (Shurooq), and Mohammad Al Abbar, Chairman of Emaar Properties and Board member of Eagle Hills, on behalf of Emaar and Eagle Hills developers at Al Qasba in Sharjah.
