Sharjah Investment and Development Authority, Shurooq, has joined forces with Kuwait property developer Mabanee for a real estate project in Sharjah.
The new development in Mughaider stretches across 65,000 sq m and aims to transform the area into a luxury tourist and leisure destination.
Located on Sheikh Mohammed bin Zayed Road, it will boast retail stores, restaurants and high-end recreational facilities.
Mabanee is the developer behind shopping destinations The Avenues Kuwait and The Avenues Bahrain.
Chairperson at Shurooq, Sheikha Bodour Al Qasimi, said the project is in line with the organisations’ goal to diversify Sharjah’s economy.
“Sharjah maintains its status as a prime investment destination within the region and in keeping with its strategic plan, Shurooq constantly looks to explore ways to forge new partnerships with top investors. Through our partnership with Mabanee, we look forward to reinforcing and realising that commitment, drawing on the company’s vast experience which will support Sharjah’s diversified economy,” she said.
Mabanee is the largest real estate company in Kuwait, with current investments worth $5.7 billion underway on The Avenues Riyadh and The Avenues Al Khobar.
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