Abu Dhabi – Mubasher: The Sharjah Investment and Development Authority (Shurooq) and Nakheel have inked an agreement to launch an AED 75 million joint venture to build new community retail centre in Sharjah, the UAE's third-largest constituent.
Under the new agreement, both entities will collaborate to establish a shopping, dining, and leisure hub in Sharjah’s Al Rahmaniya district, according to a statement released on Monday.
“Shurooq is hard at work promoting Sharjah’s status as one of the Middle East's most progressive and dynamic destinations, not only for tourism and trade but also catering to the ever-growing demand for residences and leisure,” Shurooq’s CEO Marwan bin Jassim Al Sarkal said.
Planned to be developed by Nakheel’s unit, Nakheel Malls, the new project is an addition to a huge collection in Nakheel’s retail portfolio, which includes 11 large-scale concepts and seven neighbourhood retail hubs, the UAE-based firm revealed.
“We are proud to share our success by bringing our expertise, in partnership with Shurooq, to Sharjah. Retail centres are an integral element of residential communities and essential for community development,” Nakheel’s CEO Sanjay Manchanda commented.
