The Sharjah Investment and Development Authority or Shurooq on Saturday signed a deal to establish a new real estate company in Sharjah called Omran Properties.

Shurooq signed a partnership agreement with Emaar Properties and Eagle Hills an Abu Dhabi-based property developer to boost joint cooperation between the three parties and expand economic investments in the emirate.

Under the agreement Shurooq acquires 34 per cent of the company's capital while Emaar and Eagle Hills acquire 33 per cent each. The agreement aims to strengthen cooperation in the area of investment support commercial industrial and real estate projects in Sharjah.

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 company's 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.

BREAKING DOWN THE DEAL . Shurooq signed the deal with Emaar Properties and Eagle Hills for Omran Properties which aims to boost joint cooperation between the three parties and expand economic investments in Sharjah

. Under the agreement Shurooq acquires 34% of the company's capital while Emaar and Eagle Hills acquire 33% each

. The headquarters of Omran Properties will be based in Sharjah with a possibility of further offices being set up in the region

Shaikha Bodour bint Sultan Al Qasimi Chairperson of Shurooq and Mohammed Al Abbar chairman of Emaar Properties and board member of Eagle Hills signed a memorandum of understanding in Sharjah.

Shaikha Bodour expressed her happiness at the signing of the agreement to establish Omran Properties. She said 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.

"We will seek through the new company to solidify relations based on trust and help develop and grow investments in the UAE and Sharjah in particular capitalising on Emaar's exceptional experience in property development and management of shopping malls retail trade and the hospitality and leisure industry" she said.

Shaikha Bodour said that Sharjah's economic sector is witnessing remarkable growth and further development thanks to the vision and directives of His Highness Dr Shaikh Sultan bin Muhammad Al Qasimi Member of the Supreme Council and Ruler of Sharjah.

She said Dr Shaikh Sultan has instructed authorities to keep updating the comprehensive development strategy and support investors and provide them with the needed facilities as well as to diversify the emirate's sources of income to boost its economic resilience.

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. He said Shurooq 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. 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 said.

Marwan bin Jassim Al Sarkal chief executive of Shurooq said that the agreement will help boost the real estate sector in Sharjah.

"Omran properties will benefit directly from the international experiences of Shurooq Emaar Properties and Eagle Hills" Al Sarkal told Khaleej Times.

Al Sarkal added that Omran properties will be a qualitative addition to Shurooq's main areas of operation including investment tourism and commercial projects and will create a selection of high end opportunities for investors in its future projects.

Under the deal Omran Properties 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 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. It also aims to set up companies that might help achieve the goals of Omran Properties as well as share investment information that encourages development of the emirate's economy. The two parties will offer all the support needed to promote investment in the emirate or abroad.

Ahmed Al Matroushi managing director of Emaar said: "Omran Properties aims to promote the diversification of investment channels and the development of real estate projects that make the most of Emaar's global expertise and capabilities in this area."

"There is no doubt that the innovative projects that will be launched by the new company will attract significant investment within vital sectors including real estate development shopping malls and hospitality which would result in providing new job opportunities while supporting the small and medium-sized companies in Sharjah and the UAE in general" he added.

-