(MENAFN- Emirates News Agency (WAM))
SHARJAH, 18th February, 2018 (WAM) -- Sharjah Investment and Development Authority, Shurooq, has unveiled a new strategic partnership with leading Kuwaiti real estate developer ‘Mabanee' to develop a real estate project in Sharjah.
The new partnership was formed during an agreement signing which took place on Sunday between Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Authority and Mohammed Abdulaziz Alshaya, Board Chairman of Mabanee, with the presence of several executives and representatives from both parties.
Covering 65,000 square metres, the new development in the Mughaider area aims to transform the area into a premium tourist and leisure destination for Sharjah's residents and visitors. Strategically located on Sheikh Mohammed bin Zayed Road, one of UAE's major transport arteries connecting Sharjah with other emirates, the project will deliver enormous potential for retail and leisure opportunities.
The development, dedicated to merchandising and entertainment, will house world-class stores, restaurants and cafes and high-end recreational facilities. The new project will be developed and managed by ‘Mabanee', a leading GCC developer which lists the highly successful shopping brands ‘The Avenues Kuwait' and ‘The Avenues Bahrain' among its portfolio.
The project also aims to provide valuable investment opportunities in commercial, residential and tourist sectors as a vehicle for domestic and foreign capital. The details of the project will be unveiled at a press conference in the presence of representatives of Shurooq and Mabanee.
Sheikha Bodour said, "Sharjah maintains its status as a prime investment destination within the region and in keeping with its strategic plan, Shurooq constantly looks to explore ways to forge new partnerships with top investors."
She added: "This project aligns perfectly with our economic and community vision to create integrated developments. Through our partnership with Mabanee, we look forward to reinforcing and realising that commitment, drawing on the company's vast experience which will support Sharjah's diversified economy."
Alshaya said, "As the largest real estate company in Kuwait, Mabanee sees investment opportunities in the UAE, especially Sharjah, as a new horizon for its business growth. This approach draws on the immense success of our flagship project ‘The Avenues Kuwait' and extends our business operations even further beyond Kuwait to Saudi Arabia and Bahrain where ‘The Avenues Bahrain' was inaugurated in October 2017. Work is currently underway on ‘The Avenues Riyadh' and ‘The Avenues Al Khobar', with total investments of US$5.67 billion.
He added, "Sharjah was very much the first choice for us as a new project in light of its investmentfriendly environment, sophisticated infrastructure and legislative framework."
"As a strategic partner, Shurooq offers us substantial support and incentives and we look forward to a new phase of broader cooperation on other projects in the future."
WAM/MOHD AAMIR/Nour Salman
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