The Sharjah Investment and Development Authority (Shurooq) and master developer Nakheel have collaborated in a joint venture, that will bring a new community retail centre to Sharjah.

The project - Nakheel’s first outside its home emirate of Dubai - has an estimated development value of Dh75 million.

The project, to be developed by Nakheel and managed by its retail subsidiary, Nakheel Malls, joins an ever-growing collection in Nakheel’s retail portfolio, which currently includes 11 large-scale concepts and seven neighbourhood retail hubs, known as Nakheel Pavilions, like the one to be built in Sharjah. Design work is underway, and details about the new project to be unveiled this year.

The two organisations will create a shopping, dining and leisure hub in Sharjah’s rapidly-expanding Al Rahmaniya district, said Shurooq CEO Marwan bin Jassim Al Sarkal after signing the agreement with Nakheel CEO Sanjay Manchanda.

Shurooq, he stated, is hard at work promoting Sharjah’s status as one of the Middle East's most progressive and dynamic destinations, not only for tourism and trade, but also catering to the ever-growing demand for residences and leisure.

"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," observed Al Sarkal.

"This new partnership with Nakheel is another step in the right direction. With its reputation as a world leading real estate developer, we are excited to welcome Nakheel on board," he added.

According to him, the key objective behind the agreement is to facilitate the construction of the new retail project, as well as open up new doors for both Nakheel and Shurooq to continue with its future ventures and investments in Sharjah’s real estate and retail industry.

"This reflects our vision to grow our partnerships and investment support with the UAE’s private sector, in producing strategic long-term partnerships in reflection to Sharjah’s market and economic potentials," he added.

Manchanda said Nakheel was proud to share the success by bringing its expertise, in partnership with Shurooq, to Sharjah.

"Retail centres are an integral element of residential communities and essential for community development. They bring a wealth of benefits to residents and their neighbourhood by including by enhancing well-being among residents and providing a sense of belonging, connectivity and interaction. In the long run these amenities also help increase property values," noted the top official.

"We are delighted to be playing such a key role in the future of up and coming Sharjah communities, and look forward to a long, successful relationship with Shurooq," he added.-TradeArabia News Service