Plans for a trio of real estate projects worth Dh2.7 billion (US$734 million) to be built in Sharjah were unveiled by the emirate's ruler on Tuesday, as it looks to develop its retail and tourism industries in competition with Dubai and Abu Dhabi.
The three projects are the first to be developed by Eagle Hills Sharjah Development, a partnership between the Sharjah Investment and Development Authority (Shurooq) and Abu Dhabi-based real estate developer Eagle Hills.
Sheikh Dr Sultan bin Mohamed Al Qasimi, Supreme Council Member and Ruler of Sharjah, launched the three mixed-use projects - Maryam Island, Kalba Waterfront, and Palace Al Khan - at a ceremony at Expo Centre Sharjah on Tuesday.
The projects are intended to boost Sharjah’s property sector and set new benchmarks for housing, hospitality, retail and lifestyle offerings in the emirate, Shurooq 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,” said Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq and Eagle Hills Sharjah Development.
Sharjah residential sales and rental rates dropped slightly in 2017, according to property portal Bayut.com’s end-of-year Sharjah real estate report. The cost of renting a two-bed apartment in Al Nahda – the most searched-for neighbourhood in Sharjah in 2017 – was 18 per cent lower than in 2016, Bayut said.
However, Sharjah is becoming an increasingly attractive investment destination as new high profile projects come to market – most notably, developer Arada’s 2.2 million square metre Aljada mega-scheme announced last year.
Maryam Island is the largest of the three projects, valued at Dh2.4bn and covering 460,000 square metres. The low-rise mixed-use development is located on a waterfront site between Al Khan Lagoon and Al Mamzar in downtown Sharjah. It will comprise four- and five-star hotels featuring 600 rooms, as well as 1,890 luxury apartments and villas, and 100 restaurants, cafes and retail outlets.
Work will commence in the first quarter of this year and is scheduled to complete by the end of 2019.
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The second project, Kalba Waterfront, is a Dh160m retail scheme with a gross floor area of 17,000 sqm and 86 retail outlets, set to complete in the third quarter of 2019. The mall will be constructed within the Kalba Eco-Tourism Project, and also house a supermarket, family entertainment centre, and a covered dining area.
The third project is the Dh120m Palace Al Khan, a luxury waterfront resort in the historic Sharjah city centre, spanning 66,300 sqm and managed by Emaar Hospitality Group's The Address brand.
The scheme comprises 87 hotel rooms, two two-bedroom residential units, nine one-bedroom units and 76 studio apartments. Work will begin this quarter and complete in the second quarter of 2020, the partnership said.
“These three developments will offer the local community a whole new level of living and lifestyle experiences that will in turn attract a larger footfall to Sharjah, boost the economy and increase investments in the emirate,” said Mohamed Alabbar, chairman of Eagle Hills and vice-chairman of Eagle Hills Sharjah Development.
The Eagle Hills Sharjah Development partnership is separate to the Omran property joint venture formed by Shurooq, Eagle Hills and Mr Alabbar’s Emaar Properties in January 2016.
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
A list of the animal rescue organisations in the UAE
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
NO OTHER LAND
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Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
MATCH INFO
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Vinicius Junior (71') Mariano (90 2')
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UAE currency: the story behind the money in your pockets
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
The biog
Name: Ayisha Abdulrahman Gareb
Age: 57
From: Kalba
Occupation: Mukrema, though she washes bodies without charge
Favourite things to do: Visiting patients at the hospital and give them the support they need.
Role model: Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs: 2019 GMC Yukon Denali
Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm
Fuel economy, combined: 12.9L / 100km
