Press Release

Emirates Transport and Shurooq sign investment MoU

September 17, 2013

MoU aims to strengthen their strategic partnership and improve overall performance
According to the MoU, both parties will support joint efforts to achieve their mutual aspirations and improve overall performance. The agreement lays the foundations for cooperation in line with the country's general policy, which aims to develop the community and create a healthy environment amongst its entities and departments to enable the nation achieve its various goals and objectives. The new agreement will see both parties working more closely, exchanging experiences, and sharing capabilities to enable continued successes and achievements in the future. Shurooq is responsible for developing new investment infrastructure projects and renovating existing ones as well as for conducting research and feasibility studies for investment projects, while Emirates Transport is the leading federal corporation in the areas of transport and rentals, technical and logistic services, and facility management in accordance with highest standards. Emirates Transport is one of the leaders in strengthening cooperation among government sectors to serve public interests. The signing ceremony was held at Emirates Transport's headquarters, and attended by HE Mohammed Abdullah Al Jarman, General Manager of Emirates Transport and HE Marwan bin Jassim Al Sarkal, CEO of Sharjah Investment and Development Authority (Shurooq), who signed the MoU on behalf of their respective organisations. Also present at the signing ceremony were Corporate Services Director, Saud Meqdad Al Suwaidi and Government Relations Coordinator Ahmed Al Houti from Shurooq, and Development Department Director of Business Eng. Abdullah Al Kindi, and Technical Services Department Director Eng. Amir Al Harmoudi from Emirates Transport. HE Marwan bin Jassim Al Sarkal said: "Shurooq is actively working to create win-win partnerships with successful government corporations in the country, particularly with those who have leading investment initiatives and high quality services in their respective sectors. Such partnerships will facilitate joint work for the ultimate welfare of the entire community, citizens, residents and visitors, alike, as well as for investors, businessmen and developers." Al Sarkal expressed his confidence that Sharjah has abundant untapped investment opportunities across a broad spectrum of sectors in which cooperation can be promoted and ways of joint work can be explored with the aim to study, follow up and implement the appropriate strategies in the coming years to support Shurooq's existing and future projects. He stressed his trust in the ability of Emirates Transport's services to create positive competitiveness with those of the private sector in the local and regional market. HE Mohammed Abdullah Al Jarman lauded Shurooq for their interest and willingness to cooperate with Emirates Transport in a way that confirms the close partnership between both parties and their constant pursuit to support corporate integration between them and to boost growth and development in the emirate of Sharjah. He said that ET has made tremendous strides in the realm of investment over the last five years, along its successes in other areas. He added: "The senior management represented by the Board of Directors is exerting every effort to develop and diversify Emirates Transport's corporate investment plans, particularly in the upcoming period from 2014 to 2018. The recognition and success of our corporate investment identity have become crystal clear, and its significant contribution to supporting national economy and diversifying government investment revenues has been evident." Al Jarman considers this area as an important element of similarity between both entities that acts as further encouragement to establish strategic investment approaches between Shurooq and ET and to increase the potential of launching joint ventures, particularly as Sharjah has a rich pool of untapped investment opportunities which come as a result of its constant development and economic growth. Both sides agreed to form a task force comprised of representatives from both parties to follow up with the activation of the MoU. They agreed to hold a preliminary workshop next month to discuss avenues of cooperation as well as ways to realize maximum benefit from this partnership.
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