Dubai-Mubasher: The Sharjah Investment and Development Authority (Shurooq) has signed a partnership agreement with Emaar Properties and Eagle Hills to establish a new real estate company in Sharjah named 'Omran Properties'.
Under the agreement, Shurooq acquires 34% of the new company’s capital, while Emaar and Eagle Hills acquire 33% each, Shurooq and Emaar said in a joint press release.
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.
The aim of the partnership is to boost joint cooperation between the three parties and expand economic investments in the emirate.
"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," said Shurooq's Chairperson Bodour Al Qasimi.
"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," said Mohammed Al Abbar, Emaar's Chairman.
