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Sheikha Bodour (right) and Alabbar at the signing ceremony.

Shurooq partners with Emaar, Eagle Hills to set up Sharjah realty JV

SHARJAH, February 7, 2016

The Sharjah Investment and Development Authority (Shurooq) has signed a partnership agreement with Dubai's Emaar Properties and Abu Dhabi-based property developer Eagle Hills to set up a new real estate company in Sharjah.

The new venture, Omran Properties, will develop investment, commercial, industrial and real estate projects in the emirate.

The partnership is aimed at boosting joint co-operation between the three parties and expand economic investments in the emirate, stated Sheikha Bodour bint Sultan Al Qasimi, the chairperson of Shurooq, after signing the agreement with Mohammed Al Abbar, the chairman of Emaar Properties and board member of Eagle Hills.

Through this agreement, Omran 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, she said.

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 will have a 34 per cent stake in the new company, while Emaar and Eagle Hills will each have 33 per cent holding.

"The agreement falls within Shurooq's commitment to strengthen co-operation 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," remarked Sheikha Bodour.

As per the agreement, the new company will carry out investment business directly or through any of its subsidiaries or other related companies.

Its 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, she added.

On the new venture, 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, he stated, has a powerful portfolio of investments that play a crucial role in advancing economic growth.

"The joint venture between Shurooq, Emaar and Eagle Hills is an example of the constructive public-private partnerships that can achieve economic growth," said the Emaar chief.
 
"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," he added.-TradeArabia News Service




Tags: Emaar | Sharjah | real estate | Eagle Hills |

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