The Sharjah Investment and Development Authority (Shurooq) has announced significant developments in its 15-year journey of sustainable growth, completing 52 projects that span over 60 million square feet across Sharjah. The total investment value for these initiatives is AED7.2 billion, achieved through strategic partnerships.

Among these projects are three real estate developments totaling AED5 billion, ten hospitality projects worth AED850 million, 18 retail and entertainment projects exceeding AED870 million, and five arts and culture initiatives valued at AED447 million. These efforts aim to diversify Shurooq’s investment portfolio and foster sustainable growth in the region.

Shurooq has also focused on enhancing the emirate’s natural beauty, developing 7.7 kilometers of waterfronts, and committing to environmental projects that reflect its dedication to sustainability. These initiatives have generated over 5,000 job opportunities, including 1,095 positions created through collaborations with ten local and international entities.

The success of these projects is attributed to the vision of H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah, and the leadership of Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq. Sheikha Bodour emphasized that Shurooq has transformed Sharjah through diverse investments and partnerships, enriching its economy and cultural landscape.

Ahmed Obaid Al Qaseer, CEO of Shurooq, stated that the authority has been committed to contributing to Sharjah’s economic, social, and cultural development since its establishment. He highlighted that their projects are guided by a clear vision, focusing on diversity, sustainability, and strategic partnerships, resulting in enhanced regional and global competitiveness for Sharjah.

Shurooq has emerged as a key player in Sharjah’s real estate sector, which contributes 7.6 percent of the emirate’s non-oil GDP. The authority has reported a compound annual growth rate (CAGR) of 48.9 percent in real estate sales from 2018 to 2024, with major projects like Maryam Island, Sharjah Sustainable City, and Ajwan Khorfakkan comprising 4,516 residential units valued at AED5 billion. Notably, 4,187 units have been sold to buyers from 98 different nationalities.

Maryam Island, developed in partnership with Eagle Hills, features 3 083 residential units across 3.19 million square feet, providing a vibrant urban living experience. Sharjah Sustainable City, created with Diamond Developers, spans 3.29 million square feet and includes 1 248 residential units designed for sustainability. Meanwhile, Ajwan Khorfakkan is set to be a landmark luxury project in Sharjah’s high-end property market.

In the first half of 2024, Sharjah’s tourism and hospitality sector experienced a growth rate of 5.1 percent. Shurooq has invested AED850 million into ten hospitality projects, three of which are currently under construction. The Sharjah Collection features seven unique properties, including luxury and eco-friendly resorts that showcase the emirate’s heritage.

Shurooq’s investments in leisure and entertainment have reached AED870 million, leading to the development of destinations such as Khorfakkan Beach, Al Jabal Adventure, and Kalba Beach. Additionally, the authority has allocated AED447 million to cultural initiatives, including Al Noor Island, Heart of Sharjah, and House of Wisdom.

Since its inception in 2016, the Sharjah FDI Office has facilitated 617 projects with a capital investment of AED96.75 billion, creating 46 761 jobs and supporting 373 strategic initiatives. Shurooq is also dedicated to providing opportunities for local entrepreneurs and SMEs, promoting Sharjah as a leading non-oil economy committed to achieving net-zero carbon emissions by 2050. In 2024, Sharjah was ranked fourth in the GCC and seventh in the MENA region in the Global Startup Ecosystem Report 2024.