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 Sharjahs 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
You might also like...
Iraq oil project reaches 70% completion
26 April 2024
Samana announces $272m Dubai Lake Views project
26 April 2024
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.