Sorouh to form sales joint venture

Abu Dhabi developer acquires undisclosed stake in local estate agent to push sale of properties.
Sorouh to form sales joint venture
By Dylan Bowman
Sun 18 May 2008 05:04 PM

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.

“...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.

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