Sharjah ruler establishes Shurooq Holding Company

H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued Emiri Decree no. 58 for 2017 on the establishment of the Shurooq Holding Company.

In its first article, the Emiri decree stipulates the establishment of a public holding company in Sharjah called Shurooq Holding Company, also known as Shurooq Holding, which would be owned by the Sharjah Investment and Development Authority, Shurooq.

The company will operate under the commercial name Shurooq Holding Company, with its headquarters in Sharjah, and include branches and representative offices within and outside the UAE. The tenure of the company will be unlimited, and it can be dissolved as per the provisions of the company’s statute, according to the decree.

The decree has identified the key objectives of the company, which are investing the company's funds within and outside the UAE in a suitable manner; implementing, developing and managing its projects; investing in them individually or in participation with others; forging partnerships and agreements to achieve the company’s targets; establishing companies and projects; borrowing money or obtaining financial or credit facilitations as a guarantee for this purpose; opening, closing and managing accounts, as well as implementing procedures in compliance with the company’s objectives, besides the other tasks set by the company’s board of directors.

The decree’s articles stated that the statute of the company would identify the amount of capital permitted, and all the provisions related to general holding companies, according to current legislation. The company has the right to obtain rights and privileges to achieve its establishment purposes, as per the approval of the relevant authorities and according to the applied legislation.

The decree exempted the company from applying the federal companies law, as per federal law No. 2 for 2015 concerning commercial companies, while also exempting it from all local taxes and local government fees.

This decree will be in force from the day of its issuance and will be published in the official gazette.

Source: Wam