Sharjah's Shurooq searches for investors

03 June 2015

Investment authority aims to kickstart new projects

The Sharjah Investment & Development Authority (Shurooq) emphasised that it is actively seeking equity partners for a number of real estate and hospitality projects in the emirate, at its CEO Clubs Business Roundtable on 1 June.

“Shurooq has many projects in the pipeline, which it has completed feasibility studies on,” said Mohamed Juma al-Musharrkh, head of investment promotion at Shurooq. “We are open to joint ventures and we have various plots of land.”

Its investment priorities fit in with Sharjah’s new strategy of focusing on the tourism, education, health and environmental services sectors.

“We are in talks with co-investors for the Al Jebel tourism project,” clarified Marwan bin Jasim al-Sarkal, CEO of Shurooq. “Our most important project is Noor Island, a new tourist destination for people who want to get back to nature. We are doing that by ourselves, but we are looking for investors for land or co-investment on other projects.”

Shurooq has $420m of projects in the design stages, or on hold, according to MEED Projects.

Selected Shurooq projects:

Al-Jebel Resort Chedi Khorkaffan

  • Construction cost: AED450m ($123m)
  • Size: 261,808 m2
  • Keys: 170
  • Hotel Operated by: General Hotel Management (Singapore)
  • Main Architect: Godwin Austen Johnson (Dubai)
  • Announced: 2011
  • Stage: Civil works underway, in negotiations with investors

Kalba Ecotourism Project

  • Value: $700m
  • Announced: 2012
  • Stage: On hold, looking for investors

Sir Bu Nuair Island five-star hotel and resort

  • Size: 37,721 square metres
  • Keys: 96
  • Value: AED500m ($136m)
  • Announced: 2013
  • Stage: Design, looking for investors

Al-Noor Island

  • Size: 45,000 square metres
  • Value: AED80m
  • Announced: 2015
  • Designer: 3deluxe (Germany)
  • Stage: Design work complete

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