Shurooq-Mabanee to build major retail hub in Sharjah
A ‘world-class’ hub of retail and leisure facilities will be built in Mughaider, Sharjah, after a partnership between the emirate’s investment authority and a Kuwaiti property developer was struck
The Sharjah Investment and Development Authority (Shurooq) and Kuwait construction firm Mabanee plan to develop a 65,000m² real estate project the duo claimed would “transform” Mughaider into a “premium tourist and leisure destination”.
The agreement was signed on 18 February by Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq and Mohammed Abdulaziz Alshaya, board chairman of Mabanee.
The project is expected to bring huge economic potential to Mughaider.
Sheikha Bodour bint Sultan Al Qasimi added: “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.
“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.”
Mabanee, which Shurooq described as a major GCC investor, will develop and manage the Mughaider project.
The Kuwait-based business has experience of this, too: Mabanee has developed multi-million dollar shopping districts in Bahrain and Kuwait. And it has pumped $5.5bn in ongoing efforts to build two more malls - The Avenues Riyadh and The Avenues Al Khobar.
On the Mughaider project, Mabanee’s Mohammed Abdulaziz 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.”
“Sharjah was very much the first choice for us as a new project in light of its investment–friendly environment, sophisticated infrastructure and legislative framework.”
“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.”