Sharjah’s Investment and Development Authority (Shurooq) have formed a new property venture with Emaar and Eagle Hills.
Shurooq said “the project would support the emirate’s economic expansion plans”. The newly formed company, Omran Properties, will seek to “develop investment, commercial, industrial and real estate projects and beyond”, with an initial focus on real estate development, shopping malls and hospitality.
Omran’s joint venture’s came on a time when Sharjah looking for economic growth.
“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, capitalizing on Emaar’s exceptional experience in property development and management of shopping malls, retail trade, and the hospitality and leisure industry,” said Shurooq’s chairwoman Sheikha Bodour Al Qasimi.
Omran’s headquartered in Sharjah, Shurooq will own 34 per cent of Omran’s capital, while Emaar and Eagle Hills will each hold a 33 per cent stake.
The Sharjah Investment and Development Authority, also known as Shurooq, is the driving force behind the transformation of Sharjah. Guided by our traditions and inspired by innovation, we are committed to enhancing Sharjah’s appeal as an investment, tourism, and business destination. An independent government entity, we facilitate partnerships and connect investors, corporations, and entrepreneurs with the right opportunities
Omran Properties marks the first UAE-based partnership between Emaar and Eagle Hills, following a series of collaborations between the two in locations including Bahrain, Nigeria and Serbia.
“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,” said Mr Alabbar.
The property consultant reported last month that average rents in Sharjah fell for the first time in more than two years during last year’s third quarter, as employees of Dubai-based companies were coaxed back by more affordable rents.
The ratings agency S&P forecasts that Sharjah’s economy grew by 3.5 per cent in 2015, down from 5.5 per cent in 2014, in line with similar figures at a nationwide level.