|30 June, 2019

Sharjah Board of Directors approve the proposed budget for current year

Expansion of Al Zahia community and Matajer discussed

Sharjah Board of Directors approve the proposed budget for current year

The Board of Directors of Sharjah Holding, a strategic partnership between Majid Al Futtaim Properties and Sharjah Asset Management, approved the proposed budget for the current year and the audited financial statements for 2018 during a regular meeting held on Wednesday. The meeting was headed by Board Chairman Waleed AL-Sayegh.

In attendance during the meeting were members of the Board including, Mr. Ali Al Abdullah, Vice President, HE Eng Khaled Bin Butti, HE Dr Eng Rashid Al Lim, Hawazen Esber and Ahmed Al Shami. The meeting was also attended by Waleed Al Hashimi, CEO of Sharjah Holding Company, and Malek AL-Khashashneh, Secretary of the Board of Directors.

The Board Members discussed the recommendations of the Finance and Administration Committee, which included a suggestion to increase the cost of the services contract due to expansion in the company works. The audited financial statements for 2018 and proposed budget for 2019 were also approved during the meeting. The Board also approved assigning an office for internal audit at Sharjah Asset Management to conduct internal audit operations every six months.

HE Waleed AL-Sayegh said, "Sharjah Holding continues to enhance the competitiveness of the Emirate of Sharjah by actively contributing to quality projects that include the real estate and commercial sectors and serve the residents and visitors alike. These projects stimulate economic growth and improve the standards of living of the residents and make Sharjah a favourite destination to live, work and visit."

AL-Sayegh added, "The attractive investment environment, infrastructure and the economic strength of the emirate, resulted in an excellent rating by various international rating agencies, which have contributed in enabling Sharjah Holding projects achieve good growth rates, regardless of the global economic conditions known to everyone."

The Board Members discussed the developments of the Matajer Malls, which aim to promote economic growth in the emirate and improve the standard of living and well-being of its residents, by developing communities that provide them with the highest standards of living and value for their money. They reviewed the progress of works in the three branches currently under construction, including the Matajer Al Musalla, Matajer Al Seyouh and Matajer Al Rahmaniyah.

Following the discussion regarding the financial statements, the financial position of the company and the mechanism of approving and implementing the projects, the Board members reviewed the developments of Al Zahia community. When completed in the year 2023, Al Zahia community will attract more than 12,000 people to the development which will include about 2,400 villas, townhouses, and apartments. With a total area of ​​more than 1,000,000 square meters, the ideal lifestyle community in Sharjah will meet the needs of all family members across different age groups and interests. It will include areas for recreation, worship, child care, public areas and commercial facilities.

Sharjah Holding focuses on community-based projects that contribute to enhancing the economic growth of the Emirate and improving the standard of living and well-being of Sharjah's residents by developing communities that provide them with the highest standards of living and value for their investments.

Sharjah Holding is currently focusing on the development and management of retail and multipurpose in the Emirate of Sharjah, which includes the Matajer Malls and Al Zahia the ideal community for a distinctive lifestyle in Sharjah.

© Press Release 2019

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