Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Sharjah Investment and Development Authority (Shurooq) plans to invest AED 5 billion (US$ 1.4b) in tourism development projects by the year 2018, in Sharjah city, Sharjah’s east coast and in island resorts. HE Marwan bin Jassim Al Sarkal, CEO of Shurooq, recently revealed the authority’s multi-billion investment plans in an interview with UAE newspaper Al Ittihad.
Shurooq was established by the Ruler of Sharjah in 2009 to identify, evaluate and drive tourism, industry and heritage-related infrastructure projects, whilst facilitating local and foreign direct investment in Sharjah. The authority takes the lead in promoting investment opportunities in the emirate globally via a calendar of international sales and marketing activities including conferences, trade shows, high-level business and government meetings and other strategic initiatives.
According to Al Sarkal, Shurooq has allocated about AED 500 million (US$ 136m) for the development of Sir Bu Nuair Island, AED 300 million (US$82m) for Kalba Eco-Tourism project, AED 450 million (US$ 123m) for Al Jabal Resort, The Chedi Khorfakkan resort, AED 120 million (US$ 33m) for Al Bait Hotel in the Heart of Sharjah district and some AED 80 million (US$ 22m) for Al Noor Island, a futuristic attraction in Sharjah city’s Khaled Lagoon.
Other projects include the development of Al Hisn Island, a leisure and tourist attraction located in the town of Dibba Al Hisn on Sharjah’s east coast. The plans for the island leisure resort are inspired by the Islamic architecture of Andalusia in Spain. Al Hisn Island will offer entertainment, restaurants, landscaped areas and children’s play areas.
Shurooq is also planning a two-phase development of Khorfakkan’s corniche in conjunction with the city’s Directorate of Public Works, to create a world-class tourism and leisure destination, whilst making the most of the area’s natural beauty. Plans include a new hotel on the east of Khorfakkan beach, a waterpark and a variety of tourism and leisure attractions. The beach front development will also feature sports facilities and purpose-built running and bicycle tracks
Sharjah Investment and Development Authority was recently named the Top Investment Promotion Agency in Middle East by Site Selection magazine’s Best to Invest Awards.
Source: Al Ittihad, Shurooq
