Sharjah is looking to undertake more real estate development projects with integrated services and amenities as part of a strategy to attract more investors to the emirate. The lack of real estate projects with built-in amenities has been one of the key challenges of the emirate, according to Marwan Bin Jassim Al Sarkal, executive chairman of the Sharjah Investment and Development Authority (Shurooq), which is now addressing the infrastructure gap through strategic partnerships with some of the UAE’s biggest developers.
Some of the emirate’s high-profile alliances include a joint venture with Abu Dhabi-based Eagle Hills establishing a new company called Eagle Hills Sharjah. The joint venture has already announced three large-scale projects collectively worth Dh2.7 billion, including the Dh2.4-billion Maryam Island, which will feature a combination of commercial and residential compounds, hotels, restaurants and cafes, shops, leisure facilities and green parks.
- Marwan Bin Jassim Al Sarkal, executive chairman, Shurooq
Shurooq has also announced a partnership with Diamond Developers to build a mixed-use community that will introduce new investment opportunities in the green sector in the emirate. In April, Shurooq also signed an agreement with Nakheel to develop a community retail and leisure centre in the Al Rahmaniya district.
“According to figures released by the Sharjah Department of Economic Development, in 2016 the real estate and business service sector achieved growth of 4 per cent. With the launch of new, innovative projects I am confident that we are on the threshold of a big jump for this sector in the near future,” said Al Sarkal.
Since it was established in 2009, Shurooq has reported a portfolio of completed and ongoing projects covering 11.74 million sq m and collectively worth Dh7.6 billion.
Al Sarkal said the emirate’s recent move to allow non-resident foreigners to purchase leasehold property is another important step in the transformation of the emirate’s real estate sector.
“Sharjah’s sophisticated infrastructure and legislative frameworks encourage the sector to flourish, especially with the introduction of the usufruct right that allows non-UAE citizens to own properties on a 100-year leasehold basis,” he said.
The establishment of the Sharjah FDI Office has also been instrumental in stimulating interest among foreign investors.
“Sharjah’s phenomenal growth cemented the emirate’s image as a preferred investment destination for investors from across the world and prompted Shurooq to adopt an integrated plan and a new vision to cope with economic changes, resulting in the formation of the Sharjah FDI Office [Invest in Sharjah],” he said, adding that the agency is tasked to lead efforts for investment promotion, “with a focus on developing leading real estate and tourism projects and bringing about a positive transformation in the developmental landscape.”
