Alabbar-Shurooq joint venture unveils $670m of projects in Sharjah

Omran Properties, the Sharjah-based real estate joint venture backed by Mohamed Alabbar’s Emaar and Eagle Hills, has announced three new projects in the emirate worth a total of Dhs2.47bn ($672.4m).

The company, which was established in 2016 with Sharjah Investment and Development Authority (Shurooq), said it would officially launch the development later this year.

They include the Dhs2.26bn Maryam Island, a mixed-use development located between Al Khan Lagoon and Al Mamzar peninsula, the Dhs120.6m Al Khan Village Resort hospitality project and the Dhs106m Kalba Waterfront Mall in the emirate’s eastern region.

“These developments are a perfect reflection of Shurooq’s ambitions to position Sharjah as a premium lifestyle destination and a lucrative and intelligent commercial opportunity,” said Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq.

“The huge projects unveiled by Omran Properties are the first in a series of developments in different sectors that will play a crucial role in changing the investment and real estate sphere in Sharjah.”

Maryam Island (main picture) will stretch across 364,000 square metres with residential housing, apartments, offices, hotels, a cinema and entertainment areas.

The Al Khan Village resort is part of the re-construction of the Al Khan fishing village. The 66,302-square-metre hospitality project includes a range of food and beverage options and a spa and is scheduled to open in the third quarter of 2019.

Finally, the Kalba Waterfront Mall will be positioned at the centre of the Kalba eco-tourism project overlooking a lagoon. It will have 11,204 square metres of leasable area and is also scheduled to open in the third quarter of 2019.

Dubai real estate billionaire, Mohamed Alabbar, who chairs both Emaar and Eagle Hills said there was a trend toward mid- and high-end real estate in the emirate that would make the developments appealing to investors.

Emaar will act as development manager of the projects.