Shurooq, Emaar and Eagle Hills establish Sharjah real estate firm
Omran Properties to cover commercial, industrial and real estate
The Sharjah Investment and Development Authority (Shurooq) has signed with Dubai’s Emaar Properties and Abu Dhabi-based Eagle Hills to establish a new real estate company in Sharjah called Omran Properties.
The aim of the partnership is to expand investments in the emirate, through commercial, industrial and real estate projects, Shurooq announced.
The MoU was signed by Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq, and Mohamed Alabbar, chairman of Emaar Properties and board member of Eagle Hills.
Under the agreement, Omran Properties will develop and manage projects in Sharjah and beyond, in addition to providing management and maintenance services to projects concerning all parties. The deal will see Shurooq acquire 34% of the company’s capital, while Emaar and Eagle Hills acquire a third (33%) each.
“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 Sheikha Bodour Al Qasimi.
Shurooq will capitalise on Emaar’s experience in property development, retail, and hospitality to boost investment in Sharjah, she noted.
As per the agreement, the headquarters of Omran Properties will be based in Sharjah, with a possibility of further offices being set up in the region. The company will carry out investment business directly or through any of its subsidiaries or other related companies.
“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,” said Alabbar.
“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.”
Ahmed Al Matroushi, managing director of Emaar, noted that the real estate, shopping malls and hospitality projects launched by the new company would provide new job opportunities and support small and medium-sized companies in Sharjah and the UAE.
