The founders of "Saruh" Real Estate Company, a public share holding company under establishment, decided to appoint a committee composed of five people to follow its establishment, to take the legal procedures and to prepare the necessary documents for completing the establishment of the company, reported the Emirate newspaper, Al-Bayan on April 10, 2005.
The chairman of this committee will be Suheil Iid al-Ghafli. The company's main office will be located in the city of Abu Dhabi, and it might open branches, offices, or agencies inside and outside the United Arab Emirates. The period set for the company's activity is 100 years.
The company will deal with holding, renting, managing, and investment in real estate and buildings, in addition to accomplishment of construction, management, development, operation, exploitation, maintenance and renting of building, real estate assets, commercial, medical, educational, dwelling, governmental and tourist centers, and other buildings inside and outside the country.
The company's capital was set at 2.5 billion Emirate Dirhams ($680.6 million) divided into 2.5 billion shares, by a nominal value of 1 Dirham ($0.272) per share. The nominal value of each share is equivalent to actual portion in the company's right to exploit a land plot in the Pearl Island in the United Arab Emirates.
