Sharjah Investment and Development Authority (Shurooq) has unveiled a new strategic partnership with leading Kuwaiti real estate developer ‘Mabanee’ to develop a groundbreaking real estate project which will change the face of retail in Sharjah.
The new partnership was formed during an agreement signing which took place yesterday (Sunday) between Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq) and Mohammed Abdulaziz Alshaya, Board Chairman of Mabanee, with the presence of several executives and representatives from both parties.
Covering 65,000 square metres, the new development in the Mughaider area aims to transform the area into a premium tourist and leisure destination for Sharjah’s residents and visitors. Strategically located on Sheikh Mohammed bin Zayed Road, one of UAE’s major transport arteries connecting Sharjah with other emirates, the project will deliver enormous potential for retail and leisure opportunities.
The development, dedicated to merchandising and entertainment, will house world-class stores, restaurants and cafes and high-end recreational facilities. The new project will be developed and managed by ‘Mabanee’, a leading GCC developer which lists the highly successful shopping brands ‘The Avenues Kuwait’ and ‘The Avenues Bahrain’ among its portfolio.
The project also aims to provide valuable investment opportunities in commercial, residential and tourist sectors as a vehicle for domestic and foreign capital. The details of the project will be unveiled at a press conference in the presence of representatives of Shurooq and Mabanee.
Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq, said: “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.”
She added: “This project aligns perfectly with our economic and community vision to create integrated developments. 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.”
Mohammed Abdulaziz Alshaya, Board Chairman of Mabanee, said: “As the largest real estate company in Kuwait, Mabanee sees investment opportunities in the UAE, especially Sharjah, as a new horizon for its business growth. This approach draws on the immense success of our flagship project ‘The Avenues Kuwait’ and extends our business operations even further beyond Kuwait to Saudi Arabia and Bahrain where ‘The Avenues Bahrain’ was inaugurated in October 2017. Work is currently underway on ‘The Avenues Riyadh’ and ‘The Avenues Al Khobar’, with total investments of more than $ 5.5 billion.
He added: “Sharjah was very much among the choice for us as a new project in light of its investment–friendly environment, sophisticated infrastructure and legislative framework.”
“As a strategic partner, Shurooq offers us substantial support and incentives and we look forward to a new phase of broader cooperation on other projects in the future.”
Mabanee, a Kuwaiti shareholding company with a paid-up capital of 93.7 million Kuwaiti dinars, has been listed under the real estate sector on the Kuwait Stock Exchange since 1999. It operates under three main business sectors: real estate; investment; and construction.
Founded in 2009, Shurooq aims to achieve social, cultural, environmental and economic development on the basis of Sharjah's distinct Arab and Islamic culture and to seamlessly add to the fabric of the emirate. It strives to develop the emirate and encourage investment by adopting the best international standards in providing high-end services that help draw local, regional and international investment.
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Shurooq is an independent government entity under the Emiri decree no. 2, that facilitates partnerships and connects investors with relevant opportunities. Shurooq aims to create authentic destinations that are committed to enhancing the quality of life for citizens and residents, as well as foster an environment where businesses thrive and ideas flourish. Established in 2009, Shurooq strives to encourage investment in Sharjah by adopting the best international standards in providing quality services that help attract investors from both the region and the world.
© Press Release 2018