Shurooq pumps Dhs7.2b into investments, partnerships

Inayat-ur-Rahman, Business Editor

The Sharjah Investment and Development Authority (Shurooq) has announced Dhs7.2 billion in investments across 52 groundbreaking projects and experiences, transforming over 60 million square feet throughout the emirate. This announcement comes as Shurooq marks 15 years since its inception, highlighting a journey defined by sustainable growth, community impact, and cultural preservation.

Rather than simply expanding its footprint, Shurooq has focused on creating destinations that offer meaningful, lasting connections between people and place. From real estate developments to immersive experiences, its projects have been pivotal in shaping Sharjah as a thriving, future-ready destination. Among its achievements are 7.7 kilometres of developed beachfront, offering unique coastal escapes that celebrate the emirate’s natural beauty.

The impact of these initiatives goes beyond the numbers. Shurooq’s projects have directly and indirectly generated 5,000 jobs, with 1,095 of those created through joint ventures. In addition, the authority has driven major collaborations with 10 local and international partners, highlighting the breadth of Shurooq’s influence across multiple sectors.

From real estate, tourism, and entertainment developments to integrated experiences, these initiatives have played a vital role in reinforcing Sharjah’s status as a dynamic and attractive destination. They include three major real estate projects with investments and partnerships totalling Dhs 5 billion, and 10 distinctive projects in the hospitality sector with investments and partnerships amounting to Dhs850 million. The retail and entertainment sectors saw 18 projects, with total investments exceeding Dhs 870 million, while the arts and culture sector recorded five projects with investments reaching Dhs 447 million. In the F&B sector, Shurooq and its partners delivered 10 projects ranging from small to medium-sized ventures. Additionally, Shurooq took part in six joint ventures with strategic partners across various sectors, reflecting its vision to diversify its investment portfolio and promote sustainable growth across all fields.

Anchored by the vision of His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah; the leadership of Sheikha Bodour Bint Sultan Al Qasimi, Chairperson of Shurooq; Shurooq has consistently prioritised sustainable economic growth and diversification. Its innovative approach, global partnerships, and focus on strategic investments continue to position Sharjah as a competitive destination for high-value projects and long-term growth.

Sheikha Bodour Bint Sultan Al Qasimi said that Shurooq’s investments have transformed landscapes and lives, underpinning economic resilience and enriching cultural vibrancy, adding that Shurooq’s journey over the past 15 years has been one of ambition and execution, driven by the total commitment to creating sustainable value for Sharjah. The diversity and scale of our investments have transformed landscapes and lives, underpinning economic resilience and enriching cultural vibrancy. Guided by the visionary strategy of His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, each project we have implemented has strengthened Sharjah’s appeal as a global destination for business, tourism, and innovation. “Our success has always been rooted in strategic foresight, meaningful partnerships, and an unwavering dedication to shaping a prosperous and inclusive future.”

Ahmed Obaid Al Qaseer, CEO of the Sharjah Investment and Development Authority (Shurooq), stated: “Since its inception, Shurooq has strived to be more than just a development entity — it has aimed to be a true partner in shaping Sharjah’s economic, social, and cultural future. Every project we have undertaken is rooted in a clear vision inspired by the directives of Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah. With the continued support of Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Authority, we have worked to bring this vision to life through integrated development projects that place people and place at the heart of growth. Shurooq’s strategy has always centred on diversity, sustainability, and impactful partnerships. Today, we are witnessing the results of this approach through projects that have delivered tangible economic and social impact and strengthened Sharjah’s regional and global competitiveness and investment appeal.” Real estate as the bedrock of growth The UAE’s non-oil GDP has seen substantial contributions from the real estate sector, which accounted for 7.6% of the nation’s non-oil GDP. Shurooq has recorded 48.9% CAGR (compound annual growth rate) in real estate sales between 2018 and 2024, showcasing strong market growth. The authority’s real estate projects include a total of 4,516 units across three world-class developments: Maryam Island, Sharjah Sustainable City, and Ajwan Khorfakkan. Of these, over 4,187 units have been sold. These projects have attracted buyers from more than 98 nationalities, contributing to Shurooq’s total real estate investments and partnerships of Dhs 5 billion. This remarkable success has significantly shaped Sharjah’s skyline and solidified Shurooq’s role in the region’s real estate sector.

Maryam Island: This flagship waterfront development, a joint venture with Eagle Hills Development, offers 3,083 units across 3.19 million square feet in Al Khan - Sharjah. The luxurious residential and commercial spaces have attracted both local and international buyers, underscoring the global appeal of Sharjah’s real estate market.

Sharjah Sustainable City: This eco-friendly project, developed in partnership with Diamond Developers, spans over 3.29 million square feet. The project features 1,248 units that are expected to reduce water consumption by 30% and cut carbon emissions by approximately 20%. The city is a model for future sustainable urban planning, integrating renewable energy systems and offering solar-powered homes.

Ajwan Khorfakkan: Although still under development, the Ajwan Khorfakkan is poised to become a landmark in Sharjah’s luxury real estate market. Upon completion, it will add 682,119 square feet of premium living space to the picturesque Khorfakkan community, featuring 185 residential units.

World-class hospitality to bring the world to Sharjah As the UAE’s tourism and hospitality industry continues to grow, the restaurants and hotels sector secured the fifth spot in the UAE’s non-oil GDP, achieving a growth rate of 5.1% in the first half of 2024, driven by exceptional tourism activity across the country. Shurooq has played an instrumental role, developed 10 hospitality projects (7 operational, and 3 in the pipeline), with investments totalling Dhs 850 million. These projects, alongside world-class F&B experiences at top destinations across Sharjah, have enhanced the emirate’s appeal. The authority’s focus on high-quality infrastructure and luxury accommodations has played a key role in making Sharjah a preferred tourism destination.

The seven “Sharjah Collection” properties, which are bespoke stays at heritage sites, eco-retreats, and desert escapes across the emirate, are leading sustainability practices and have been designed to focus on caring for their natural and cultural environment. To meet the growing demand of guests at these properties, Shurooq recently added 35 new rooms and simultaneously made a strategic foray into full in-house management and operation of these seven assets.

Najd Al Meqsar: This luxury heritage retreat in Khorfakkan spanning 17,654 sqm revitalises a 100-year-old village into seven exclusive units. Guests are invited to explore cultural landmarks such as the Al Meqsar Fortress and ancient petroglyphs nearby. In the restoration and development of this historic village — part of a broader restoration effort in the area in collaboration with the Sharjah Infrastructure Development Authority (Mubadara) — the utmost care has been taken to utilise the highest quality materials that not only honour the architectural legacy but also compliment the natural surroundings, and simultaneously provide attractive destinations and unique experiences for modern travellers.

Nomad: Spanning over 192,092 sqm, this eco-conscious retreat in Kalba features 20 trailers that promote sustainability. Guests can enjoy yoga, stargazing, and hiking amidst the stunning mountainous landscapes.

Al Badayer Retreat: A unique bedouin-inspired experience spanning 226,530sqm, offers 21 opulent units and 25 tents. Set against Sharjah’s expansive dunes, it provides authentic activities like dune bashing and camel rides.

Kingfisher Retreat: A serene eco-luxury island getaway in Kalba, nestled within a natural reserve overseen by the Environment and Protected Areas Authority (EPAA). Spanning 678,265 sqm, the retreat offers private pools, bird watching, and nature walks — all designed to leave a minimal environmental footprint.

Moon Retreat: This glamping destination in Mleiha spans over 79,900 sqm, featuring geodesic domes and tents for an exclusive experience. Visitors can enjoy desert trekking and pristine stargazing opportunities.

Al Faya Retreat: Spanning over 15,211.4 sqm, this Dhs 20.7 million project redefines desert luxury with just five exclusive rooms — each thoughtfully restored to welcome modern travellers. Guests can unwind in the serene saltwater pool or enjoy personalised spa treatments and curated dining experiences.

Al Rayaheen Retreat: The enchanting ensemble of restored heritage houses, developed in collaboration with the Sharjah Institute for Heritage in Khorfakkan, spans 24,929 sqm and features 20 restored heritage homes the largest of these, formerly owned by the Al Mushtagal family, has been transformed into a restaurant, reception lounge, and mini museum. The remaining 19 residences seamlessly merge heritage architecture with modern comfort, thoughtfully designed and brought to life with a unique interior concept by an Emirati designer, offering exceptional nature-inspired activities and authentic local experiences.