The Sharjah Investment and Development Authority (Shurooq) and Dubai-based master developer Nakheel have formed a joint venture to bring a new community retail centre to Sharjah. The project – which is Nakheel’s first outside of Dubai – has an estimated development value of AED75 million.
Under the agreement, signed today by Marwan bin Jassim Al Sarkal, CEO of Shurooq, and Nakheel CEO Sanjay Manchanda, the two organisations will create a shopping, dining and leisure hub in Sharjah’s rapidly-expanding Al Rahmaniya district.
The project is to be developed by Nakheel and managed by its retail subsidiary, Nakheel Malls. Design work is underway and details about the new project will be unveiled this year.
“Shurooq is hard at work promoting Sharjah’s status as one of the Middle East’s most progressive and dynamic destinations, not only for tourism and trade, but also catering to the ever-growing demand for residences and leisure. Sharjah’s real estate and retail market continues to experience sustainable boost and investment diversification, thanks to its dedicated care and development across community facilities such as schools, universities, family destinations, entertainment and much more,” says Al Sarkal.
“We work with a variety of partners to help realise Sharjah’s full potential, investing and developing its social, cultural, environmental and economic growth, which falls in-line with the wise directives and vision of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, member of the supreme council ruler of Sharjah. This new partnership with Nakheel is another step in the right direction. With its reputation as a world leading real estate developer, we are excited to welcome Nakheel on board,” he adds. “The key objective behind this agreement is to facilitate the construction of the new retail project, as well as open up new doors for both Nakheel and Shurooq to continue with our future ventures and investments in Sharjah’s real estate and retail industry. This reflects our vision to grow our partnerships and investment support with the UAE’s private sector, in producing strategic long-term partnerships in reflection to Sharjah’s market and economic potentials.”
“We are proud to share our success by bringing our expertise – in partnership with Shurooq – to Sharjah. Retail centres are an integral element of residential communities and essential for community development. They bring a wealth of benefits to residents and their neighbourhood by including by enhancing well-being among residents and providing a sense of belonging, connectivity and interaction. In the long run these amenities also help increase property values,” states Manchanda. “We are delighted to be playing such a key role in the future of up and coming Sharjah communities, and look forward to a long, successful relationship with Shurooq.”