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Developer Unveils Plan to Build $670m Projects in Sharjah

March 22, 2017 | Arabian Business

Sharjah-based Omran Properties is to launch three real estate projects in the emirate worth AED2.47 billion ($670 million) as part of a major investment drive.

The developments, the first Omran have made in Sharjah, will bring new residential, retail, commercial and hospitality opportunities, the company said in a statement.

The company, established in 2016 through a strategic partnership between The Sharjah Investment and Development Authority (Shurooq), Dubai’s Emaar Properties and Eagle Hills, an Abu Dhabi-based developer, is slated to launch the projects later this year.

The largest of the developments is Maryam Island, a mixed-use development located between Al Khan Lagoon and Al Mamzar peninsula.

The projects also include Al Khan Village Resort, a five-star hotel worth AED120.6 million and Kalba Waterfront Mall in the Eastern region of the emirate has a development cost valued at AED106 million.

Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq and chairperson of Omran Properties, said: “These developments are a perfect reflection of Shurooq’s ambitions to position Sharjah as a premium lifestyle destination and a lucrative and intelligent commercial opportunity.

“Sharjah is increasingly becoming an international focal point for business, hospitality, tourism and trade, and with the vital collaboration between government and the private sector, the emirate becomes an even more attractive proposition for domestic and foreign investors. These projects are a barometer of the confidence in Sharjah and an indication of its long term success.

“The huge projects unveiled by Omran Properties are the first in a series of developments in different sectors that will play a crucial role in changing the investment and real estate sphere in Sharjah,” Sheikha Bodour added.

Mohamed Alabbar, chairman of Eagle Hills and chairman of Emaar Properties, said: “As Sharjah’s property sector grows, we see a progressive trend towards mid- and high-end real estate, creating a more niche market that meets the requirements of discerning investors.

“Led by Sharjah government’s tremendous support of these developments and its overarching strategy of economic diversification, the emirate today welcomes a growing number of regional and international investors.”

Marwan bin Jassim Al Sarkal, CEO of Shurooq, added: “Sharjah’s economy is full of unique opportunities and real estate has proven to be one of the biggest and most promising sectors in Sharjah’s economic growth. The unique projects announced by Omran Properties signify the emirate’s desire to commission premium projects, something that Shurooq has continuously promoted to local and international investors.”