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H.H. Sheikh Sultan bin Mohammad Al Qasimi, ruler, Sharjah has issued a decree establishing Shurooq Holding Company, expected to play a leading role in developing large scale projects in the emirate’s key economic sectors.

While its capital structure and members of the board of directors are yet to be announced, the public joint stock company will enhance the development agendas of Sharjah Investment and Development Authority (Shurooq), the organisation responsible for major transformation of the emirate in terms of tourism and infrastructure.

Headquartered in Sharjah City, the new entity will also be well-positioned to generate revenues, source local or foreign investment, make local or foreign investments and secure financial or credit facilities.