Sharjah Investment and Development Authority (Shurooq) has signed a strategic partnership deal with leading Kuwaiti real estate group Mabanee to develop a premium tourist and leisure project on the lines of its successful shopping brand ‘The Avenues’.

The new development, which will be spread over a 65,000-sq-m area, in the Mughaider region of Sharjah, aims to provide valuable investment opportunities in commercial, residential and tourist sectors as a vehicle for domestic and foreign capital.

It aims to transform the area into a premium tourist and leisure destination for Sharjah’s residents and visitors, said a statement from Shurooq.

Strategically located on Sheikh Mohammed bin Zayed Road, one of the UAE’s major transport arteries connecting Sharjah with other emirates, the project will deliver enormous potential for retail and leisure opportunities, it added.

The development, dedicated to merchandising and entertainment, will house world-class stores, restaurants and cafes and high-end recreational facilities, remarked Sheikha Bodour bint Sultan Al Qasimi, the chairperson of Shurooq, after signing the deal with Mohammed Abdulaziz Alshaya, the board chairman of Mabanee, in the presence of several executives and representatives from both parties.

The new project will be developed and managed by Mabanee, a leading GCC developer which lists the highly successful shopping brands ‘The Avenues Kuwait’ and ‘The Avenues Bahrain’, among its portfolio.

"Sharjah maintains its status as a prime investment destination within the region and in keeping with its strategic plan, Shurooq constantly looks to explore ways to forge new partnerships with top investors," said Sheikha Bodour.

"This project aligns perfectly with our economic and community vision to create integrated developments. Through our partnership with Mabanee, we look forward to reinforcing and realising that commitment, drawing on the company’s vast experience which will support Sharjah’s diversified economy," she added.

On the new project, Alshaya said: "As the largest real estate company in Kuwait, Mabanee sees investment opportunities in the UAE, especially Sharjah, as a new horizon for its business growth."

"This approach draws on the immense success of our flagship project ‘The Avenues Kuwait’ and extends our business operations even further beyond Kuwait to Saudi Arabia and Bahrain where ‘The Avenues Bahrain’ was inaugurated in October 2017," noted the top official.

Work is currently under way on ‘The Avenues Riyadh’ and ‘The Avenues Al Khobar’, with total investments of $5.67 billion, said Al Shaya.

"Sharjah is very much the first choice for us as a new project in light of its investment–friendly environment, sophisticated infrastructure and legislative framework," he stated.

"As a strategic partner, Shurooq offers us substantial support and incentives and we look forward to a new phase of broader cooperation on other projects in the future," he added.-TradeArabia News Service