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 on Monday by Marwan bin Jassim Al Sarkal, CEO of Shurooq, and Sanjay Manchanda, CEO of Nakheel, 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 will be unveiled this year.
"We work with a variety of partners to help realise Sharjah’s full potential, investing and developing its social, cultural, environmental and economic growth, which falls in line with the wise directives and vision of H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah. This new partnership with Nakheel is another step in the right direction. With its reputation as a world-leading real estate developer, we are excited to welcome Nakheel on board," Al Sarkal said.
He added that the aim of the agreement is to facilitate the construction of the new retail project, as well as open up new doors for both Nakheel and Shurooq to continue with future ventures and investments in Sharjah’s real estate and retail industry.
Manchanda, in turn, said, "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 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."