Sharjah Investment and Development Authority has signed an agreement with the development mogul Emaar and Abu-Dhabi based property developer Eagle Hills to establish a new company in Sharjah under the name “Omran Properties”.
According to the agreement, the authority will acquire 34 percent of the company’s capital while Emaar and Eagle Hills will acquire 33 percent each.
The company is established mainly to develop and manage the real estate sector in Sharjah besides offering management and maintenance services to projects concerning the agreement sides.
Omran Properties will be headquartered in Sharjah and it will carry on its investments directly or through subsidiaries.
The partnership between the three sides is mainly aimed at boosting joint cooperation and increasing economic and real estate investments in Sharjah.
The memorandum of understanding of the company’s establishment was signed by Shaikha Bodour Bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority, Mohammed Al Abbar, Chairman of Emaar Properties and board member at Eagle Hills on behalf of both companies.