Shurooq supports Sharjah's future vision with over 52 projects, $1.9bln in investments
SHARJAH: The Sharjah Investment and Development Authority (Shurooq) has announced that its 15-year journey of sustainable development has resulted in the completion of 52 projects and tourism and cultural experiences covering over 60 million square feet across Sharjah, with a total investment value of AED7.2 billion through strategic partnerships.
These initiatives include three real estate projects with a total investment of AED5 billion, 10 unique hospitality projects worth AED850 million, 18 projects in retail and entertainment sectors with investments exceeding AED870 million, and five projects in the arts and culture sectors worth AED447 million.
Additionally, Shurooq has developed 10 projects in the food and beverage sector and six joint projects with strategic partners across various sectors as part of its vision to diversify its investment portfolio and promote sustainable growth.
Shurooq's initiatives also include the development of 7.7 km of waterfronts, showcasing the natural beauty of the emirate, alongside environmental projects that reflect the authority's commitment to sustainability. These projects have directly and indirectly created over 5,000 job opportunities, including 1,095 positions through partnerships with 10 local and international entities.
The authority emphasised that these achievements are the result of the vision of H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the leadership of Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq, who has continued to prioritise sustainable economic growth and diversification through an innovative approach and strategic partnerships that focus on attracting high-value projects to enhance Sharjah's competitiveness regionally and globally.
Sheikha Bodour bint Sultan Al Qasimi said, 'Over 15 years, Shurooq has been a model of ambition, transforming Sharjah through our diverse investments and partnerships that have strengthened the emirate's economy and enriched its cultural landscape. Our projects reflect our commitment to the vision of H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi to position Sharjah as a global destination for business, tourism, and innovation. We believe that our success lies in our ability to adopt a long-term vision, invest in effective partnerships, and commit to building a prosperous future for all.'
Ahmed Obaid Al Qaseer, CEO of Shurooq, stated, 'Since its establishment, Shurooq has been dedicated to contributing to the economic, social, and cultural future of Sharjah. Our projects are guided by a clear vision inspired by the directives of H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi and supported by Sheikha Bodour bint Sultan Al Qasimi. We have implemented this vision through integrated development projects that prioritise people and place at the heart of growth. Our strategy is based on diversity, sustainability, and strategic partnerships. Today, we are reaping the benefits of this approach, with projects that have delivered real economic and social impact and enhanced Sharjah's competitiveness regionally and globally.'
Shurooq has established itself as a key driver of the real estate sector in Sharjah, which accounted for 7.6 percent of the emirate's non-oil GDP. The authority recorded a compound annual growth rate (CAGR) of 48.9 percent in real estate sales between 2018 and 2024, with three major projects: Maryam Island, Sharjah Sustainable City, and Ajwan Khorfakkan, comprising a total of 4,516 residential units valued at AED5 billion. A total of 4,187 units have been sold to buyers from 98 nationalities.
Maryam Island: Developed in partnership with Eagle Hills, this waterfront project in Al Khan features 3,083 units across 3.19 million square feet, offering a vibrant urban living experience.
Sharjah Sustainable City: In partnership with Diamond Developers, this eco-friendly development spans 3.29 million square feet, featuring 1,248 residential units designed to promote sustainability.
Ajwan Khorfakkan: Currently under development, this luxury real estate project is set to become a landmark in Sharjah's high-end property market.
In the first half of 2024, Sharjah's tourism and hospitality sector grew by 5.1 percent. Shurooq has invested AED850 million in 10 hospitality projects, including three currently under construction. The authority's Sharjah Collection includes seven unique properties, featuring heritage, eco, and desert resorts, managed and operated by Shurooq.
Najd Al Meqsar: A luxury heritage hotel in Khorfakkan, featuring seven hospitality units within a restored 100-year-old village.
Nomad: An eco-retreat in Kalba with 20 cabins promoting sustainability.
Al Badayer Retreat: A desert resort with 21 luxury units and 25 tents, offering desert adventure experiences.
Kingfisher Retreat: An eco-luxury island resort in Kalba's mangrove reserve, featuring private pools and bird-watching experiences.
Moon Retreat: A luxury glamping destination in Mleiha with a focus on stargazing and desert exploration.
Al Faya Retreat: A five-room luxury desert resort offering a blend of modern comfort and traditional design.
Al Rayaheen Retreat: A luxury heritage resort in Khorfakkan, developed in partnership with the Sharjah Institute for Heritage, featuring 20 restored traditional homes.
Shurooq also developed The Chedi Al Bait, Sharjah, a cultural gem blending Emirati heritage with luxury, managed by GHM.
Retail, Entertainment, and F&B: Enriching Visitor Experiences
Shurooq has invested AED870 million in 18 leisure and entertainment destinations, including:
Khorfakkan Beach: A family-friendly destination for water sports enthusiasts.
Al Jabal Adventure: A new adventure destination featuring ziplines, hiking trails, and mountain biking.
Al Heera Beach: A 3.5 km beachfront destination with dining and entertainment options.
Kalba Beach: A 700-meter eco-friendly beach on Sharjah's eastern coast.
Kalba Waterfront: A waterfront mall developed in partnership with Eagle Hills, featuring retail, dining, and entertainment options.
Shurooq has invested AED447 million in cultural initiatives, including:
Al Noor Island: An artistic and natural destination featuring installations and experiences.
Heart of Sharjah: A cultural preservation project in Sharjah's heritage district.
Maraya Art Centre and 1971 Design Space: Key cultural hubs promoting regional and international art.
House of Wisdom: A futuristic cultural centre established in celebration of Sharjah's designation as UNESCO World Book Capital 2019.
Mleiha National Park: An eco-tourism destination with a blend of archaeological treasures and adventure experiences.
Since its establishment in 2016, the Sharjah FDI Office (Invest in Sharjah) has supported Sharjah's position as a premier investment destination, attracting 617 projects and generating AED96.75 billion in capital investments. The office has created 46,761 jobs and facilitated 373 strategic initiatives.
Shurooq remains committed to providing opportunities for local entrepreneurs and SMEs, offering retail spaces across key destinations in Sharjah. As a leading non-oil economy, Sharjah is central to the UAE's commitment to achieving net-zero carbon emissions by 2050.
In 2024, Sharjah was ranked fourth in the GCC and seventh in the MENA region in the Global Startup Ecosystem Report 2024 by Startup Genome and the Global Entrepreneurship Network.
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