Shurooq’s diversified portfolio hits Dh7.6B
dubai — The Sharjah Investment and Development Authority’s portfolio of completed and ongoing projects totalled Dh7.6 billion developed over the past 9 years, extending across a total area of 11.74 million sqm.
The portfolio of Shurooq, as the authority is known, includes several large-scale projects including Al Qasba, Al Majaz Waterfront and the Al Montazah Amusement and Waterpark, as well as the iconic Al Noor Island, which sits on the shores of Khalid Lagoon, combining nature, entertainment, culture and art. Other destinations include Flag Island and other Flag Squares across the emirate, which are among the most prominent national monuments in the UAE.
Projects currently under construction include the Heart of Sharjah, the largest historical preservation and restoration project in the region. Planned over five phases, to be completed by 2025, the Heart of Sharjah is home to a variety of tourist facilities such as Souq Al Shanasiyah and Al Bait Hotel.
Marwan bin Jassim Al Sarkal, executive chairman of Shurooq, said Sharjah’s economic strategy is based on diversification, understanding the basic needs of investors and the desire to improve the style and quality of life for all residents. The authority has been actively involved in developing a range of projects, some of which are near completion and will be
opened over the next few months. During 2018, other large-scale projects will be delivered, including Al Bait Hotel, a boutique fivestar hospitality facility and the first of its kind heritage hotel in the UAE, and Al Badayer Lodge.
Al Sarkal also indicated that the previous lack of real estate projects with integrated services and facilities have prompted Shurooq to announce a series of strategic partnerships and joint ventures with world-class local companies such as Eagle Hills, Nakheel, Diamond Developers and Emaar Hospitality.
According to a statistical study by Shurooq, the tourism and leisure sector in Sharjah has a wealth of opportunities, especially in luxurious accommodation, with four-and five-star hotels accounting for 70 per cent of the emirate’s total hotel revenues. This is apart from potential opportunities in leisure destinations in Sharjah, particularly in the food and beverage sector, which is expected to reach Dh5.15 billion in 2019. The size of the environment sector is expected to reach Dh1.03 billion in Sharjah by the end of this year. With the emirate placing a high premium on preservation and environmentally sustainable practices, the sector is likely to grow to Dh1.15 billion by the end of 2020.
Healthcare also offers many investment opportunities. With imports accounting for 90 per cent of medicines, there is investment potential to establish pharmaceutical plants to meet a large portion of domestic demand. The number of beds in local hospitals account for 0.6 beds per 1,000 people at a time the healthcare sector is expected to grow by 9.3 per cent annually. These figures show the investment appeal and revenue potential in the local health sector through establishing more medical facilities.
The transport and logistics sector in the emirate is expected to achieve a total value of Dh6.25 billion by the end of 2018 and projected to rise steadily to Dh7 billion by the end of 2019.
Sharjah’s GDP hit Dh152 billion in 2016, said the Department of Economic Development.
— waheedabbas@khaleejtimes.com