A new upmarket shopping mall is coming up in Sharjah’s prime residential area and will house the largest Imax screen in the UAE.
Targeting a high-disposable income group, primarily UAE nationals, young professionals, and university students, the Dh210-million Zero 6, name inspired by Sharjah code 06 - will be opening in just over a year’s time from now.
“Omis Contracting has commenced work on the project and we are expecting to open in April 2017,” Issa Ataya, Managing Director, Alef Group, told Emirates 24|7.
“We are trying to get benefit from being small and focussed. This is how we approach the market. Our project is something in between Matajer* and City Centre*, but brings some interesting things from super mega malls next to your house.”
He revealed their Imax screen would be 26.5 metres wide - largest in the UAE with - two metres more than the existing screen in the country.
Located within a five-kilometre radius from Sharjah University City, Sharjah International Airport, Dubai International Airport and high-end residential areas, Zero 6 in Juraina 2 will have a built up area of 37,000 square metres, with leasable area of 16,000 square metres.
Nearly 10,000 square metres is dedicated for retail, 3000 sqm for F&B and 3000 sqm for eight screen cinema complex. There mall will have a parking space for 490 vehicles.
Issa Ataya, Managing Director, Alef Group and Omar Al Owais, CEO, OMIS Contracting, signing the contract in presence of Sheikh Khalid bin Sultan Al Qasimi, Chairman, Alef Group.
In a statement, Sheikh Khalid bin Sultan Al Qasimi, Chairman of Alef Group, said: “Over the past years, Sharjah has witnessed significant urban and developmental progress, which is an embodiment of the visions and directives of His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah.
“This progress has reinforced the position of Sharjah and has made it an attractive investment environment that possesses outstanding infrastructure and wins high confidence from investors across the region and the world at large.”
The company has signed up with Spinney’s as its anchor store and will be getting new brands to Sharjah retail market.
On the funding issue, Ataya disclosed the company will be self-funding and using bank facilities to build the development.
Euromonitor International, an international consultancy, said in December 2015 that the UAE retail market is expected to be valued at $53.7 billion in 2016, up 7 per cent over 2015.
[* Matajer is a neighbourhood retail centre concept created by Sharjah Holding, a partnership between the government of Sharjah and Majid Al Futtaim Properties, while City Centre Sharjah is developed and managed by Majid Al Futtaim Properties]