Sharjah Investment and Development Authority

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The Sharjah Investment and Development Authority, also known as Shurooq, is responsible for the development of the Emirate of Sharjah, one of the seven emirates of the United Arab Emirates (UAE) as an investment, tourism, and business destination.

Contents

History

Shurooq was established by Amiri decree in 2009. In its first decade of operations, Shurooq built a portfolio of completed and ongoing projects comprising $2 billion, with a total area of 11.74 million square metres. [1] Its key projects include Al Noor Island, Flag Island, Al Qasba, Al Majaz Waterfront, Al Montazah Amusement and Water Park, Mleiha Archeological Center, Heart of Sharjah (including the $27 million Al Bait Hotel), and the establishment of the City Sightseeing Bus Tour. Other hotel developments include the Al Badayer Lodge and Al Faya Lodge (formerly known as Fossil Rock Lodge) projects. [2] All three of Shurooq's luxury lodge projects (the third is Kalba's Kingfisher Lodge) are managed by Mantis Hotels, a joint venture between Shurooq and Mantis Hospitality. [3]

In 2014, Shurooq announced a $137 million hotel and leisure development on the island of Sir bu Nair, 65 km offshore in the Persian Gulf. To include a 60-room hotel, a museum, a residential village, an amphitheatre, education centre, mosque, harbour, retail outlets and an airport, the development was to open in 2017, but remains a work in progress. [4]

In May 2018, Shurooq's CEO, Marwan bin Jassim Al Serkal, was promoted to executive chairman of the group. [5] In September 2018, Shurooq combined with Injazat to launch the Sharjah Investors Services Centre, a 'one stop shop' for investors. [6]

In January 2018, Shurooq signed a deal with Eagle Hills Properties to develop a 2.7-billion dirhams luxury hospitality project in the region. [7] In July 2018, Shurooq signed a deal with BESIX to operate and expand the capacity of a wastewater treatment plant in the Al Saja’a area of Sharjah. [8]

The company signed up to the United Nations's Women's Empowerment Principles in September 2021, an initiative to support women in the workplace established by UN Global Compact and UN Women. [9]

Company

Shurooq drives and regulates investment in the development of Sharjah's infrastructure in order to attract foreign direct investment (FDI), tourism and business opportunities for both local and foreign interests. [10] It is both an investor in master-planned projects and a developer of infrastructure designed to attract investment. Its remit includes the regulation of investment in Sharjah, granting permits for investment projects as well as coordination with government departments to foster investment and development. It is also mandated to propose and draft new legislation concerning the development of investment and business opportunities in Sharjah, as well as developing, managing and operating projects both inside and outside the emirate. [10]

A key element of Shurooq's portfolio is based around the development of tourism and heritage projects, including hotel, retail, commercial, and residential developments. [11] The sector is set to build revenues of some $300 million by 2020. [12] Shurooq's projects span the city of Sharjah as well as the inland areas of Al Badayer and Mileiha and the east coast cities of Kalba and Khor Fakkan.

Projects

The Heart of Sharjah restoration project Heart of Sharjah.jpg
The Heart of Sharjah restoration project

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Kalba City in Sharjah, United Arab Emirates

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