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Greek construction company, Terna GEK Group, is tipped to win the contract to build a shopping mall in Sharjah.
The mall, to be called the Al Rayan Complex, is being developed by Sharjah-based JMS Development, which announced the project at a press event on 25 December.
The contract value is estimated to be worth US $208 million (AED 765 million).
Construction is expected to begin in January, and will take 30 months to complete.
The project forms part of Sharjah's overall plan to boost commerce and tourism in the emirate. Billions of dollars have been ploughed into new mall construction and upgrading, along with the renovation of souqs, over the last few years. Among these are the US $1.09 billion expansion of the Sahara Centre.
Plans included increasing the size of the emirate's largest mall by 60% to over 167,200m2.
The design also included the construction of seven new towers ranging in height from 27 to 33 floors, and around 46,500m2 of new office space.
Other investments in shopping malls in the past few years include the Mega Mall, Tawun Mall, Ansar Mall, Sharjah City Centre, Downtown Centre and Crystal Plaza.
According to the Sharjah Commerce and Tourism Development Authority, more hotels are also in the pipeline.
Sharjah currently has around 7,000 hotel rooms and a total of 89 hotels and hotel apartments.
