The 100 per cent foreign ownership rule would further strengthen Sharjah’s resilient economy.

Inayat-ur-Rahman, Gulf Today

Over the past few years, Sharjah has solidified its regional and global reputation as a lucrative FDI destination that offers businesses and investors an entire gamut of competitive advantages, regional expansion opportunities as well as sustainable growth.

The 100 per cent foreign ownership rule would further strengthen Sharjah’s resilient economy.

This was stated by Issa Ataya, CEO of Sharjah-based Alef Group, during an exclusive interview with Gulf Today, adding the stimulus packages and incentives launched by the UAE leaders have played an enormous part in the real estate sector prospering and growing.

He noted that the COVID-19 pandemic has affected many industries and sectors but Alef Group continued to grow despite the circumstances.

In the first half of 2020, we reported a 34 per cent increase in sales for our Al Mamsha project. That shows the strength and durability of the real estate sector in the Emirate of Sharjah and of the endless dedication our team showed during unprecedented times.

Headquartered in Sharjah, Alef Group is a pioneer in developing premier lifestyle communities, destinations, and experiences through investment and strategic joint ventures.

“Our mission and vision are closely intertwined, with our aim to develop premier integrated lifestyle communities in Sharjah and beyond and to be an inspirational lifestyle experience provider that enriches people’s way of life” he added

Alef Group launched the Al Mamsha Seerah phase of its flagship project “Al Mamsha”, one of the most vital mixed-use projects in the emirate, during a press conference held at Sharjah Research and Technology Innovation Park, on Wednesday.

During the launch press conference, Ataya stressed the importance of the project in preserving the elements of Sharjah’s rich history, and its leadership in the fields of culture, education, and urbanism to achieve the vision of the group’s founder, the late Sheikh Khalid Bin Sultan Al Qasimi, to provide a modern lifestyle for local communities and retailers alike.

Ataya said: “We are pleased to launch “Al Mamsha Seerah”, a unique project in Sharjah that provides residents with a modern lifestyle and exceptional quality of living. At Alef Group, we are aware of the change that COVID has brought to the world, and the consequential shift in behavior and lifestyle. We as a brand are adapting to these changes and are constantly reassessing the market to do so. With that, we are excited to bring “Al Mamsha Seerah” to the residents and citizens of Sharjah.”

Ataya added, “The “Al Mamsha Seerah” project is the jewel of real estate projects in Sharjah, adding to the existing exceptional capabilities that Sharjah enjoys as a modern and developed city, in addition to meeting the requirements of the new real estate market. This project is a qualitative addition to the landscape and meets the needs of residents, consisting of three residential complexes comprising 1,699 units spread over 11 buildings, forming a variety of units of studios and 1-, 2-, and 3-bedroom apartments. All units are equipped with the finest facilities and best amenities according to the highest international quality standards. The project is expected to be delivered during the last quarter of 2024.

“Al Mamsha Seerah” provides a range of services and facilities for residents and visitors. The project also includes swimming pools, football pitches, basketball courts, volleyball courts, tennis courts, and cricket nets, as well as open green spaces, besides retail stores, children’s areas, and many more recreational options.

Al Mamsha includes spaces dedicated to hosting events, shows, and live exhibitions within the entertainment area, as well as spaces for holding special events that suit the needs of the public. Its residential units are also distinguished by their competitive prices, with payment facilities, mortgage, and easy financing in cooperation with several leading banks in the country.

Meanwhile, according to the report issued by the Real Estate Registration Department in Sharjah last month, the emirate real estate sector achieved a volume of transactions amounting to Dhs 6.7 billion during the first quarter of 2021, with a growth rate of 84.9% compared to the first quarter of 2020. Furthermore, the total number of transactions executed in the past three months reached 20,448 transactions, with an increase of 10.3% compared to the same period last year. In addition, the total traded area in the emirate reached 60.3 million square feet.