Sharjah’s economic policy aims to enhance investment climate

The Sharjah Investment and Development Authority (Shurooq) has shared the new developments being witnessed across its portfolio of latest large-scale real estate, tourism, commercial and hospitality projects, in line with the gradual reopening of businesses across the UAE.

Preventative measures to curb the spread of the coronavirus will be implemented effectively across all its sites to ensure the safety of Shurooq’s staff and workers.

The move reinforces the criticality of business continuity and sustainability in the construction and infrastructure sectors to ensure the strength and resilience of Sharjah’s economy.

Shurooq is developing an array of projects in strategic partnership with leading international companies that offer a range of investment opportunities.

In doing so, Shurooq is furthering Sharjah’s economic diversification policy aimed at enhancing the investment environment across the emirate and making the most of its unique infrastructure to develop new projects in sectors like renewal energy, healthcare, logistics and hospitality.

Amongst the list of projects scheduled for completion this year and some of the signature projects that will be completed within the next two years includes the House of Wisdom, Sharjah Sustainable City and Avenues Mall Sharjah

Speaking on the implications of the reopening of business activities following temporary closures in the wake of the pandemic, Marwan Bin Jassim Al Sarkal, Executive Chairman of Shurooq, said: “As businesses are gradually returning to normal, Shurooq is responding to the crisis and helping drive recovery to preserve the resilience and stability of the economy as well as ensure that the growth in all sectors is balanced. This aligns with the vision and directives of His Highness Sheikh Dr Sultan Bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, to bolster the status of the emirate as an outstanding business and investment destination at both regional and global levels.”

Al Sarkal remarked that Shurooq, together with other government entities across the emirate, contributes to the strong economic fundamentals of Sharjah’s economy with sustained infrastructural investment to create a favourable investment environment in Sharjah. He added that Shurooq’s numerous projects facilitate Sharjah’s policy of economic diversification, in line with UAE’s growth strategy.

Resuming construction activities to get on the fast-paced track to growth will ensure the sustainability of the development process and the consolidation of a knowledge-based economy that is capable of attracting assets and investments from around the world, he added.

Al Sarkal noted that the wide range of fiscal and monetary incentives launched by the Sharjah government and the UAE to support businesses through the economic setbacks caused by the pandemic outbreak has helped stimulate strategic investment sectors and protected the UAE’s economic stability. The impetus to ensure businesses continuity is reflected in the completion of projects on time, thereby safeguarding the interests of investors and clients alike, he added.

Al Sarkal pointed out that Sharjah’s economy continues to offer safe options for investors and that the launch of its new projects will further stimulate economic growth and boost inclusive social development.

Shurooq’s commitment to meet Sharjah’s vision to promote ‘green’ investments in the emirate has led to the launch of Sharjah Sustainable City, in partnership with Diamond Developers.

Sharjah Sustainable City is the first fully integrated, Net Zero energy community in the emirate and adheres to the highest standards of environmental, social, and economical sustainability.

The Dhs2 billion project encompassing 7.2 million square feet comprises world-class environmentally friendly residential units, green houses with modern technology and vertical farms, driverless cars, a multi-service commercial centre and a school. The unique diversity in the mixed-use urban project represents a quantum leap in the form and function of Sharjah’s real estate sector.

Shurooq has revealed that phase one of the project, including 280 villas, is expected to be delivered in September 2021.

The Kalba Waterfront, the largest retail and first inclusive waterfront destination in Kalba developed by ‘Eagle Hills Sharjah Development’, a joint venture between Shurooq and Eagle Hills, is part of the Kalba Eco-Tourism Project.

The Dhs160 million Kalba Waterfront boasts a magnificent view of a serene lagoon lined by mangroves and has a total built-up area of 17,000 sqm. The shopping mall features 86 retail outlets, a supermarket, a family entertainment centre, and a large food court.

Located in downtown Sharjah overlooking the Arabian Sea, Maryam Island, is one of Sharjah’s largest real estate projects and is developed by the ‘Eagle Hills Sharjah Development’, a joint venture between Shurooq and Eagle Hills.

Nestled in the centre of Sharjah, Maryam Island offers an array of luxury residential apartments, four- and five-star hotels, waterfront food and beverage outlets, cafés, retail shops, leisure facilities, a dock, and green spaces.

The Dhs4.5 billion venture extends over an area of 460,000 sqm.

Agencies