Sharjah joins hands with Dubai and Abu Dhabi developers to set up real estate firm

January 31, 2016 6:01 pm


Sharjah’s investment authority has joined hands with Emaar Properties and Eagle Hills to set up a new real estate company, Omran Properties, in the emirate.

According to the agreement, the Sharjah Investment and Development Authority (Shurooq) will hold a 34 per cent stake in the new company, while Dubai’s Emaar and Abu Dhabi-based Eagle Hills will acquire 33 per cent each.

The new company will initially develop and manage commercial, industrial and residential projects in Sharjah, where the company is headquartered. However, it will expand operations later on to other emirates, the firm said in a statement.

“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,” says Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq.

Mohammed Al Abbar, Chairman of Emaar Properties and 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 the 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 will have a good impact on increasing the performance of key development sectors in Sharjah and enhancing the emirate’s economic competitiveness,” Al Abbar added.

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By Mujeeb Rahman
Mujeeb Rahman is a business journalist at AMEinfo. His areas of focus include economy, markets, politics and international relations in MENA and Asia-Pacific regions. An ex-BBC digital journalist, he delves deeper into the subjects that matter most.

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