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 Dubai – has an estimated development value of AED75 million.
Under the agreement, signed by 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 Al Rahmaniya district.
The project will be developed by Nakheel and managed by its retail subsidiary, Nakheel Malls. Design work is underway, and details about the new project will be unveiled this year.
Al Sarkal said: “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 His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council 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.”
Manchanda added: “We are delighted to be playing such a key role in the future of up and coming Sharjah communities, and look forward to a long, successful relationship with Shurooq.”
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