Sharjah Investment and Development Authority (Shurooq) has signed a strategic partnership deal with Kuwaiti real estate group, Mabanee, to develop a premium tourist and leisure project on the lines of its shopping brand, The Avenues.
The new development, which will be spread over a 65,000sqm area, in the Mughaider region of Sharjah, aims to provide valuable investment opportunities in commercial, residential, and tourist sectors as a vehicle for domestic and foreign capital. It aims to transform the area into a premium tourist and leisure destination for Sharjahs residents and visitors, said a statement from Shurooq.
Strategically located on Sheikh Mohammed bin Zayed Road, one of the UAEs major transport arteries connecting Sharjah with other emirates, the project will deliver enormous potential for retail and leisure opportunities, it added.
The development, dedicated to merchandising and entertainment, will house world-class stores, restaurants and cafes and high-end recreational facilities, remarked Sheikha Bodour bint Sultan Al Qasimi, the chairperson of Shurooq, after signing the deal with Mohammed Abdulaziz Alshaya, the board chairman of Mabanee, in the presence of several executives and representatives from both parties.
Sheikha Bodour said: “Sharjah maintains its status as a prime investment destination within the region and in keeping with its strategic plan, Shurooq constantly looks to explore ways to forge new partnerships with top investors. This project aligns perfectly with our economic and community vision to create integrated developments. Through our partnership with Mabanee, we look forward to reinforcing and realising that commitment, drawing on the companys vast experience which will support Sharjahs diversified economy.”
On the new project, Alshaya said: “As the largest real estate company in Kuwait, Mabanee sees investment opportunities in the UAE, especially Sharjah, as a new horizon for its business growth. This approach draws on the immense success of our flagship project, The Avenues Kuwait, and extends our business operations even further beyond Kuwait to Saudi Arabia and Bahrain where The Avenues Bahrain was inaugurated in October 2017.”
Work is currently underway on The Avenues Riyadh and The Avenues Al Khobar, with total investments of $5.67bn, said Al Shaya.
“Sharjah is very much the first choice for us as a new project in light of its investment-friendly environment, sophisticated infrastructure and legislative framework,” he stated. “As a strategic partner, Shurooq offers us substantial support and incentives and we look forward to a new phase of broader cooperation on other projects in the future.