• Sharjah's growth trajectory reinforced amidst surging tourism numbers and timely tracking of the shared goals defined by the JV of the two leading entities

Sharjah: Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq) has led the annual meeting of Eagle Hills Sharjah Development LLC board. This joint venture, between Shurooq and Abu Dhabi-based real estate developer Eagle Hills, remains committed to propelling Sharjah's development forward with dynamic and diversified growth initiatives.

The hour-long meeting held at the Sharjah Research, Technology and Innovation Park (SRTIP) brought together key stakeholders including H.E. Mohamed Al Abbar, Chairman of Eagle Hills; H.E. Ahmed Obaid Al Qaseer, CEO of Shurooq; and Mr. Hisham Ibrahim, Group GM of Eagle Hills.

The agenda for the meeting included comprehensive updates on ongoing projects, a review of 2023 business results and financial highlights, discussion on the 2024 budget, and an assessment of Q1 2024 financial performance.

Project updates, 2023 business overview and financial highlights

At the meeting, it was revealed that joint venture projects such as Maryam Island and Kalba Waterfront, have seen development progress continue steadily. For Maryam Island, multiple plots have been launched to the public, with handovers scheduled in phases from 2024 to 2028. As of Q1 2024, 2,500 units have been sold, with an additional 500 units yet to be launched. The project's overall budget stands at AED 4 billion. Similarly, Kalba Waterfront remains a cornerstone of tourism development, with its overall value standing at AED 1.5 billion, and occupancy rates targeted to reach 80% by the end of 2024.

Key financial highlights for 2023 were also discussed during the meeting. Performance growth over the past five years has been positive, driven by high investor demand and strategic development. The Q1 2024 financial performance was further assessed to fine-tune specific action points and target areas covered by the joint venture’s 2024 budget.

As two leading local developers, Eagle Hills and Shurooq have put UAE on the world map with world-class, sustainable, and futuristic projects like Maryam Island and the Kalba Waterfront, which are redefining the global outlook towards urbanisation and renewal. During the discussions, which brought into focus the timeline of projects underway, their progress, achievements, volume of sales, among other key aspects, Sheikha Bodour lauded the immense fiscal and social value that has been created by the joint venture since 2018 for Sharjah and the region.

Strategic context

As a dedicated real estate joint venture, Eagle Hills Sharjah Development LLC has been steadily generating high investor demand. The two parties continue to realise their shared vision of boosting Sharjah’s burgeoning tourism sector by developing high-value large scale residential, retail and leisure developments in the heart of the city as well as across the emirate’s naturally diverse regions.

Sharjah's real estate market is experiencing a significant boom this year, marked by a surge in the quantity and value of transactions. In January 2024 alone, the emirate recorded AED 3.9 billion ($1.06 billion) in transactions – a substantial increase compared to the AED 2 billion recorded in January 2023. This growth reflects rising investor confidence and robust activity across various sectors, including residential, commercial, industrial, and agricultural real estate. The joint venture's projects are pivotal in driving this growth, contributing to Sharjah’s dynamic property market and offering innovative concepts in urban living and development.

As Sharjah navigates its trajectory of growth and innovation, the leadership provided by Sheikha Bodour Al Qasimi and the collaborative efforts of Eagle Hills Sharjah Development LLC remain integral.


Video Link: https://we.tl/t-UfzuucEqfk