Dubai: Sharjah will have a new company called ‘Shurooq Holding’ that will be wholly owned by Sharjah Investment and Development Authority (Shurooq).
Shurooq Holding is established for the purposes of investing funds inside and outside the country the way it deems appropriate, implement, develop and manage projects of all types. It may invest in these projects individually or in partnership with other entities in the UAE and beyond.
His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, issued Emiri Decree No. 58 of 2017 establishing the company.
As per the decree, a joint company, called Shurooq Holding, will be established in Sharjah as a subsidiary of the parent company (Shurooq). The company and may open branches or set up representation offices in the UAE and abroad. Established for an unlimited period, Shurooq Holding can be dissolved in compliance with the articles of its association and its statute.
The company is mandated to conclude partnerships, agreements and contracts with legal persons and corporate bodies with a view to performing its businesses.
It may establish companies, enterprises and corporations of all kinds, and can subscribe to them, whether they are in the country or abroad.
Shurooq Holding can borrow money or obtain credit or financial facilities and invest these funds. It can offer its properties, assets and revenues as guarantee, and may open, close and manage accounts.
Shurooq Holding has the right to take any other measures consistent with its purposes, in addition to other assignments or jurisdictions determined by its board of directors.
The company’s announced and paid capital shall be determined in its articles of association and statute shareholding companies in accordance with the provisions concerning joint stock companies and laws in the country.
It can obtain any rights or privileges to realise the purposes of its establishment, with the consent of competent authorities, and in accordance with the regulations and laws in the country.
Shurooq Holding is exempt from the implementation of the Federal Companies Law, pursuant to Federal Law No. 2 for 2015 on commercial companies. It is also exempt from all local government taxes and fees.
The decree shall be published in the official gazette, and will take effect from the date of its issuance.
Dr Shaikh Sultan also issued Emiri Decree No. 57 of 2017, amending Emiri Decree No 2 of 2009 on the establishment of Shurooq.
The decree stipulates the amendment of Article 5 of Emiri Decree No 2 of 2009, adding new competencies to Shurooq that include the establishment of different types of companies, holding partnership thereof, shares in their capital or being party to their contracts, be it local or international.
It can also assume management, operating and development of enterprises, establishments, buildings and utilities, both inside and outside the emirate, as well as any other responsibilities to be entrusted to the authority by the Ruler of Sharjah.
