The Sharjah Investment and Development Authority (Shurooq) and Nakheel have collaborated in a joint venture, that will bring a new community retail centre to Sharjah.
The project – Nakheels first outside Dubai – has an estimated development value of AED75mn.
Under the agreement, signed today by HE 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 Sharjahs rapidly-expanding Al Rahmaniya district.
The project, to be developed by Nakheel and managed by its retail subsidiary, Nakheel Malls, joins an ever-growing collection in Nakheels retail portfolio, which currently includes 11 large-scale concepts and seven neighbourhood retail hubs, known as Nakheel Pavilions, like the one to be built in Sharjah. Design work is underway, with details about the new project to be unveiled this year.
HE Marwan bin Jassim Al Sarkal, Shurooq CEO, said: Shurooq is hard at work promoting Sharjahs 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. Sharjahs 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.
He continued: We work with a variety of partners to help realise Sharjahs full potential, investing and developing its social, cultural, environmental and economic growth, which falls in line with the wise directives and vision of HH 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.
Sanjay Manchanda, Nakheel CEO, added: 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.
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.
Shurooqs key mission is to provide facilities and incentives, evaluate tourism-related infrastructure projects and lay down the necessary plans to complete such projects.