Eagle Hills Sharjah And Shurooq Spearhead Urban Renewal And Growth

Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq), led the annual meeting of the Eagle Hills Sharjah Development LLC board. This joint venture between Shurooq and Abu Dhabi-based real estate developer Eagle Hills is dedicated to advancing Sharjah's development through diverse growth initiatives.

The hour-long meeting took place at the Sharjah Research, Technology and Innovation Park (SRTIP) and included key stakeholders such as Mohamed Al Abbar, Chairman of Eagle Hills; Ahmed Obaid Al Qaseer, CEO of Shurooq; and Hisham Ibrahim, Group GM of Eagle Hills. The agenda covered updates on ongoing projects, a review of 2023 business results, financial highlights, the 2024 budget, and an assessment of Q1 2024 financial performance.

During the meeting, it was revealed that projects like Maryam Island and Kalba Waterfront are progressing steadily. For Maryam Island, multiple plots have been launched to the public, with handovers scheduled in phases from 2024 to 2028. As of Q1 2024, 2,500 units have been sold, with an additional 500 units yet to be launched. The project's overall budget stands at AED4 billion.

Kalba Waterfront remains a cornerstone of tourism development with an overall value of AED1.5 billion. Occupancy rates are targeted to reach 80 percent by the end of 2024.

Key financial highlights for 2023 were also discussed. Performance growth over the past five years has been positive, driven by high investor demand and strategic development. The Q1 2024 financial performance was further assessed to fine-tune specific action points and target areas covered by the joint venture’s 2024 budget.

Market Impact

As leading local developers, Eagle Hills and Shurooq have put UAE on the world map with sustainable projects like Maryam Island and Kalba Waterfront. These projects are reshaping global perspectives on urbanisation and renewal. Sheikha Bodour praised the fiscal and social value created by the joint venture since 2018 for Sharjah and the region.

Sharjah's real estate market is experiencing significant growth this year, marked by a surge in transaction quantity and value. In January 2024 alone, the emirate recorded AED3.9 billion ($1.06 billion) in transactions – a substantial increase compared to AED2 billion in January 2023. This growth reflects rising investor confidence and robust activity across various sectors including residential, commercial, industrial, and agricultural real estate.

The joint venture's projects are pivotal in driving this growth, contributing to Sharjah’s dynamic property market and offering innovative concepts in urban living and development.

With inputs from WAM