Dubai’s Emaar Properties and Abu Dhabi-based developer Eagle Hills are venturing into the real estate market in Sharjah, the third-largest emirate in the UAE, amid a slowdown in their home markets.

The developers have signed a partnership agreement with Sharjah Investment & Development Authority (Shurooq) to jointly establish Omran Properties, a new real estate development company in Sharjah, Emaar said in a statement to the Dubai Financial Market.

The new realtor aims to invest and develop commercial, industrial and real estate projects in the emirate and beyond, and it can set up subsidiary companies to achieve the goal. The firm will also provide management and maintenance services for existing projects of the partners.

Shurooq owns 34 per cent of the Sharjah-headquartered developer, while Emaar and Eagle Hills each hold 33 per cent.

Real estate companies in the UAE are struggling amid an economic slowdown on the back of falling oil prices. Property values have fallen and the number of sales transactions has slumped in 2015. Analysts expect the market to further correct this year, which is forcing developers such as Emaar to look for new partnership agreements to boost revenues.