Dubai’s Emaar and private investment group Eagle hills have formed a property venture with Sharjah’s Investment and Development Authority.
Shurooq will own 34 per cent of the newly formed Omran Properties’ capital, with Emaar and Eagle Hills taking 33 per cent each.
The Sharjah-headquartered company will develop and manage the real estate sector in the emirate and provide management and maintenance services to projects “that concern all parties”.
Its activities will involve the development and ownership of investments in commercial, industrial and real estate projects.
“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,” said Shurqooq’s chairwoman Sheikha Bodour Al Qasimi.
Emaar chairman and board member of Eagle Hills Mohammed Alabbar said the deal was an example of 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,” he said.
Rents in Sharjah have followed a downward trend in Dubai, having previously benefitted from a real estate boom in the neighbouring emirate. Property consultant Cluttons said Sharjah rents fell for the first time in more than two years in Q3 2015 due to more affordable Dubai rents.