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Sheikh Sultan bin Mohammed al-Qassimi, the ruler of Sharjah, has approved the construction of a new residential complex in the Al-Hari district of Khorfakkan, the emirate's media bureau tweeted.
The 430 million dirhams ($117 million) development will have 434 residences, according to the tweet.
The beach town of Khorfakkan is surrounded by the emirate of Fujairah and is one of the most visited tourist places in Sharjah for leisure and adventure.
In December 2021, The Sharjah Investment and Development Authority (Shurooq) had announced the launch of the Khorfakkan Beach expansion project, the first-of-its-kind inclusive beach destination in Sharjah’s Eastern region.
The project, which is set for completion by the end of 2022, will expand the present 1.5-km stretch of beach to 2.5 km.
Sharjah has a relatively diverse economy compared to most GCC states, with its mining and quarrying sector - which includes crude oil and natural gas - contributing just 4.3 percent of nominal GDP in 2021.
(Reporting by Seban Scaria; editing by Daniel Luiz)
