Three UAE developers have agreed a deal to create a new real estate company in Sharjah.
The Sharjah Investment and Development Authority (Shurooq) on Saturday signed a joint venture agreement with Dubai’s Emaar Properties and Abu Dhabi’s Eagle Hills, to set up a new body called Omran Properties.
Under the agreement, Shurooq acquires 34 percent of the new company’s capital, while Emaar and Eagle Hills acquire 33 percent each, Shurooq and Emaar said in a joint statement published on state news agency WAM.
Omran Properties will develop and manage the real estate sector in Sharjah and beyond, as well as provide management and maintenance services to projects.
Its headquarters will be based in Sharjah, the statement added, with a possibility of additional offices being set up in the region. The company will carry out investments directly or through its subsidiaries and other related companies.
The agreement is part of a pledge by the three organisations to align property investment strategies in order to boost the real estate sector in Sharjah and the UAE.
The MoU was signed by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority (Shurooq), and Mohammed 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.
Mohammed Al Abbar, chairman of Emaar Properties and a board member of Eagle Hills, said: “The emirate of Sharjah has made significant achievements and progress in diversifying its economic resources, which is reflected in investments in seaports, free zones and industrial sectors.
“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 Properties will increase the performance of key development sectors in Sharjah, enhancing the emirate’s economic competitiveness.”
Shurooq chairperson Sheikha Bodour bint Sultan Al Qasimi added: “We will seek through the new company to…help develop and grow investments in the UAE, and Sharjah in particular, capitalising on Emaar’s exceptional experience in property development and management of shopping malls, retail trade and the hospitality and leisure industry.”