ArabianBusiness.com - Middle East Business News
Wednesday, 08 October 2008 | 00:40 UAE time

YOUR DIRECTORY /

Print this page Print this page | Email this to a friend Email this to a friend | Discuss this article (0 Comments) |

Sorouh to form sales joint venture

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 18 May 2008
SALES PUSH: Sorouh has acquired a stake in LLJ Property. (ITP Images)

Sorouh Real Estate has acquired an undisclosed stake in an Abu Dhabi real estate agency that will see the two companies form a joint venture through which to sell properties in Sorouh's projects, the company said on Sunday.

Sorouh, Abu Dhabi largest publicly listed developer, said the "strategic shareholding" in LLJ Property, which has around 50 employees, would provide it with an important sales channel.

“Our joint venture will give LLJ Property access to our full portfolio of developments, which will help the company consolidate its strong position in this market," Mounir Haidar, Chief Executive of Sorouh, said in a statement.

Story continues below
advertisement

“...it is critical we have a world-class sales strategy in place if we are to deliver optimum results. LLJ Property will complement our existing team, adding another important channel to market.”

Sorouh has projects worth more than 45 billion dirhams ($12.25 billion) under development, including Shams Abu Dhabi, Alghadeer and Saraya.

The company last week unveiled the master plan for Lulu Island, which will be developed into a tourism and residential landmark for Abu Dhabi.

Print Print | Email Email | Discuss this article |



USER COMMENTS (0 COMMENTS)

CLICK HERE TO POST A COMMENT

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code * Code


Please click post only once - your comment will not be published immediately.

more » MIDDLE EAST MARKETS DATA

SOROUH.ADX

Last Price:

5.05

-0.47-8.39%

7 Oct 2008 09:59 GMT
(Market Closed)

CURRENCY CONVERTOR

RELATED LINKS

  1. LLJ Property»
  2. Sorouh Real Estate»

 EMAIL ALERTS

  1. LLJ Property

  2. Sorouh Real Estate

  3. Real Estate



BUSINESS FEATURES

Developer's discretion

As the building industry booms, selecting the right developer or consultant is less about cash.

Celebrity builders

Celebrity-endorsed buildings are all the rage with showbiz and sporting icons lending their names to developments.

ArabianBusiness.com/Jobs - Middle East Jobs Search
  1. Senior Development Manager – Shopping Malls
    Industry: Property
    Location: Middle East
  2. Senior Director, Development and Projects
    Industry: Property
    Location: Pakistan
Browse all jobs »

BUSINESS INTERVIEWS

Holding back the tide

Nakheel's CEO faces his toughest challenge yet in protecting the firm from cooling global real estate demand.

Solid ground

Al Shafar General Contracting CEO Bishoy Azmy reveals his aggressive expansion plans.

Deyaar rebuilds

Deyaar chairman Nasser Al-Sheikh on how he is rebuilding the company's reputation after the arrest of its former CEO on corruption charges.

MORE FROM ARABIANBUSINESS.COM