UAE's Sharjah launches 735 mln USD real estate projects

ABU DHABI, Jan. 16 (Xinhua) -- The United Arab Emirates' (UAE) sheikhdom of Sharjah unveiled on Tuesday three ground-breaking projects worth 2.7 billion dirhams (735 million U.S. dollars).

The residential, hospitality and commercial real estate projects are named Maryam Island, Kalba Waterfront and Palace Al Khan.

The large-scale projects will build high-end hospitality facilities in Sharjah, which is a modified term of the Arabic word Ashariqa meaning "the eastern place."

They will give a strong boost to property sector, setting new benchmarks for housing, hospitality and retail offerings, as well as lifestyle communities.

Sheikh Sultan Al-Qasimi, the Ruler of Sharjah, unveiled the projects, which will be developed by a consortium of UAE developers.

A joint venture between Sharjah Investment and Development Authority (Shurooq) and Eagle Hills, an Abu Dhabi-based private real estate investment and development company will work in a strategic partnership for the projects, the firms said in an e-mail joint statement.

"Sharjah is a symbol of traditional and national values, representing our roots and Arabic culture," said Mohamed Alabbar, Chairman of Eagle Hills. He is also the founder and Chairman of Emaar Properties, the developer of the 829-meter world's tallest tower, the Burj Khalifa.

Sheikha Bodour Al-Qasimi, Chairperson of the Shurooq and Eagle Hills Sharjah Development, said Sharjah is "witnessing a distinctive boom in its diversified economy, which has been attracting various investments from business leaders around the world, making the emirate a premium investment destination for tourism and trade." Enditem