Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq) has led the annual meeting of Eagle Hills Sharjah Development LLC board. This joint venture, between Shurooq and Abu Dhabi-based real estate developer Eagle Hills, remains committed to propelling Sharjah’s development forward with dynamic and diversified growth initiatives.
The hour-long meeting held at the Sharjah Research, Technology and Innovation Park (SRTIP) brought together key stakeholders including Mohamed Al Abbar, Chairman of Eagle Hills; Ahmed Obaid Al Qaseer, CEO of Shurooq; and Hisham Ibrahim, Group GM of Eagle Hills.
The agenda for the meeting included comprehensive updates on ongoing projects, a review of 2023 business results and financial highlights, discussion on the 2024 budget, and an assessment of Q1 2024 financial performance.
At the meeting, it was revealed that joint venture projects such as Maryam Island and Kalba Waterfront, have seen development progress continue steadily. For Maryam Island, multiple plots have been launched to the public, with handovers scheduled in phases from 2024 to 2028. As of Q1 2024, 2,500 units have been sold, with an additional 500 units yet to be launched. The project’s overall budget stands at AED4 billion. Similarly, Kalba Waterfront remains a cornerstone of tourism development, with its overall value standing at AED1.5 billion, and occupancy rates targeted to reach 80 percent by the end of 2024.
Key financial highlights for 2023 were also discussed during the meeting. Performance growth over the past five years has been positive, driven by high investor demand and strategic development. The Q1 2024 financial performance was further assessed to fine-tune specific action points and target areas covered by the joint venture’s 2024 budget.
As two leading local developers, Eagle Hills and Shurooq have put UAE on the world map with world-class, sustainable, and futuristic projects like Maryam Island and the Kalba Waterfront, which are redefining the global outlook towards urbanisation and renewal. During the discussions, which brought into focus the timeline of projects underway, their progress, achievements, volume of sales, among other key aspects, Sheikha Bodour lauded the immense fiscal and social value that has been created by the joint venture since 2018 for Sharjah and the region.
Sharjah’s real estate market is experiencing a significant boom this year, marked by a surge in the quantity and value of transactions. In January 2024 alone, the emirate recorded AED3.9 billion ($1.06 billion) in transactions – a substantial increase compared to the AED2 billion recorded in January 2023. This growth reflects rising investor confidence and robust activity across various sectors, including residential, commercial, industrial, and agricultural real estate. The joint venture’s projects are pivotal in driving this growth, contributing to Sharjah’s dynamic property market and offering innovative concepts in urban living and development.
