Shurooq, Emaar and Eagle Hills to form new company

The company’s activities will involve development and ownership of investments in the real estate sector, providing management and maintenance services

The aim of the partnership is to boost joint cooperation between the three parties and expand economic investments in the emirate.
The aim of the partnership is to boost joint cooperation between the three parties and expand economic investments in the emirate.

The Sharjah Investment and Development Authority (Shurooq) has signed a partnership agreement with Emaar Properties and Abu Dhabi-based developer Eagle Hills to establish a new real estate company in Sharjah called Omran Properties.

The aim of the partnership is to boost joint cooperation between the three parties and expand economic investments in the emirate.

The MoU was signed by Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq, and HE Mohammed Alabbar, chairman of Emaar Properties and board member of Eagle Hills, on behalf of Emaar and Eagle Hills.

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.

The agreement follows the three parties’ intention to strengthen inter-cooperation and exchange expertise in the field of property investment and to further develop it in the emirate of Sharjah and the UAE as a whole.

Under the agreement, Shurooq acquires 34% of the company’s capital, while Emaar and Eagle Hills acquire 33% each. The agreement aims to strengthen cooperation in the area of investment, support commercial, industrial and real estate projects in Sharjah. It also aims to set up companies that might help achieve the goals of Omran Properties, as well as share investment information that encourages development of the emirate's economy.

The two parties will offer all the support needed to promote investment in the emirate or abroad.

Sheikha Bodour Al Qasimi said: “The agreement falls within Shurooq's commitment to strengthen cooperation between corporates and organisations in the UAE, widen channels of investment in the emirate's vital sectors, and apply the best practices pertaining to economic development and advancing vital facilities in Sharjah."

She added: "We will seek through the new company to solidify relations based on trust and help develop and grow investments in the UAE, and Sharjah in particular, capitalizing on Emaar's experience in property development and management of shopping malls, retail trade, and the hospitality and leisure industry."

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 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.

HE Mohammad Alabbar, said: “The emirate of Sharjah has made significant achievements and progress in diversifying its economic resources, which is reflected in the investments in seaports, free zones and industrial sectors. Shurooq has a powerful portfolio of investments that play a crucial role in advancing economic growth."

He added: "The joint venture between Shurooq, Emaar and Eagle Hills is an example of the constructive public private partnerships that can achieve economic growth. We are confident that investments and projects undertaken by ' Omran ' will have a good impact on increasing the performance of key development sectors in Sharjah, and enhancing the emirate's economic competitiveness."

 

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