The Sharjah Investment and Development Authority (Shurooq) and master developer Nakheel have collaborated in a joint venture that will bring a new community retail centre to Sharjah. The project - Nakheel’s first outside its home emirate of Dubai - has an estimated development value of AED75 million. Under the agreement, signed 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 Sharjah’s 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 Nakheel’s 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, and 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 Sharjah’s 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. Sharjah’s 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.”
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."