The project, Nakheel’s first outside Dubai, has an estimated development value of AED75 million (USD20.42 million).
Under the agreement, the two organisations will create a shopping, dining and leisure hub in Sharjah’s expanding Al Rahmaniya district. The project, to be developed by Nakheel and managed by its retail subsidiary, Nakheel Malls, expands Nakheel’s retail portfolio, which currently includes 11 large-scale concepts and seven neighbourhood retail hubs, known as Nakheel Pavilions and like the one to be built in Sharjah.
Commenting on the project, H.E. Marwan bin Jassim Al Sarkal, CEO, Shurooq, said, “Sharjah’s real estate and retail market continues to experience sustainable boost and investment diversification, thanks to its dedicated care and development across community facilities such as schools, universities, family destinations, entertainment and much more.”
Sanjay Manchanda, CEO, Nakheel, added, “Retail centres are an integral element of residential communities and essential for community development.”