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Umm Al Quwain
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Northern Emirates Property Guide
Source: Oxford Business Group
The emirates are making the most of their location and natural charm
The Northern Emirates together account for 34% of the UAE's population, distributed as follows: Sharjah, with 19%; Ras Al Khaimah (RAK), 5%; Ajman, 5%; Fujairah, 3%; and Umm Al Quwain (UAQ), 1%.
Sharjah accounts for around 7.5% of the UAE's GDP, and the remaining four emirates for approximately 4.5%. Though the Northern Emirates have a lot of catching up to do with their two larger, wealthier and more high-profile counterparts, the emirates have each been making a mark in their unique way.
The cultural hub of the UAE, and yet not endowed with its neighbour's resources, Sharjah's strategy has been to focus on industrial development and it already accounts for 48% of the UAE's entire industrial output. Central to this strategy was the decision in the 1990s to establish 11 industrial zones spread over 26 sq. km and located between the UAE's main transport arteries: the north-south Emirates Road, and the east-west highway to Khorfakkan and Fujairah. The success of these zones has led to a substantial 13% growth in GDP in 2006.
Sharjah is also developing its hydrocarbons sector, courting more industrial companies and developing industrial and commercial clusters such as the Hamriyah Free Zone and the Sharjah Airport International Free Zone.
In addition to industry, Sharjah also serves as a major regional transport centre, with Sharjah International Airport being the region's largest air freight cargo handler. In fact, the facility is home to German airline Lufthansa's second-largest global hub.
Further infrastructure improvements are planned, with $132m due to be spent on expanding the King Abdulaziz Road, due to be completed in 2007-2008. A new bridge is also planned across Sharjah Creek, as Sharjah increasingly becomes a suburban alternative for those working in Dubai.
RAK is leveraging its diverse natural features - an abundance of greenery, picturesque mountains, desert and beaches - to attract tourists. It is also opening up the industrial sector for local, as well as international, investors through RAK Free Trade Zone (RAKFTZ), which has already attracted investments of more than $27.4bn. It also boasts of being the world's largest tile producer, being a US Food and Drug Administration-approved pharmaceuticals producer, and housing Hollywood's biggest post-production studio. Plans are in hand to upgrade the RAK International Airport, following the launch of the nation's fourth flagship carrier, RAK Airways, in early 2007.
Sharjah has a strategic advantage over several of its neighbors, in that the port of Khorfakkan can shave several days off a passage through the Straits of Hormuz, saving valuable fuel, as well as time. This fact has resulted in an economic boom for Khorfakkan, now ranked among the world's top-100 container ports. It currently handles about 200 ships per month, and has benefited from several infrastructure upgrades in recent years, including a new $156m berth and stacking a room with a total of 43,000 20-foot-equivalent-unit-capacity.
Dubai Ports Authority has taken over the management of the container terminal at Fujairah Port, which will consolidate Fujairah's role as a transport hub. Fujairah already has the world's third-largest bunkering port and with the additional investment being pumped into the sector, the emirate hopes to become a centre for regional trade.
UAQ and Ajman have both witnessed growth in the real estate and industrial sectors. In the past couple of years, the property boom in the UAE has spilled over to the Northern Emirates as a result of economic fundamentals and the revamping of real estate regulations to allow foreign ownership.
In Sharjah the $5bn Nujoom Islands, as well as a number of tall, mixed-use towers are currently under construction. Projects worth more than $8bn are expected to be built in RAK, including Mangrove Islands; Port Arabia; Marjan Islands; Al Hamra Village; Cove Beach Resort; Julfar Towers; Saraya Islands; Mina Al Arab; and Yasmin Rural Village.
UAQ has the $8bn Al Salam City, which is planned as a residential and commercial development, and will eventually house more than 500,000 people. Meanwhile, Ajman is planning the more modest $326m Al Ameera Village, which will have over 500 villas and townhouses, in addition to its upcoming 200 freehold residential towers.
Main | Residential | Commercial | Hospitality | Retail
Northern Emirates Property Guide
Source: Oxford Business Group
The emirates are making the most of their location and natural charm
The Northern Emirates together account for 34% of the UAE's population, distributed as follows: Sharjah, with 19%; Ras Al Khaimah (RAK), 5%; Ajman, 5%; Fujairah, 3%; and Umm Al Quwain (UAQ), 1%.
Sharjah accounts for around 7.5% of the UAE's GDP, and the remaining four emirates for approximately 4.5%. Though the Northern Emirates have a lot of catching up to do with their two larger, wealthier and more high-profile counterparts, the emirates have each been making a mark in their unique way.
The cultural hub of the UAE, and yet not endowed with its neighbour's resources, Sharjah's strategy has been to focus on industrial development and it already accounts for 48% of the UAE's entire industrial output. Central to this strategy was the decision in the 1990s to establish 11 industrial zones spread over 26 sq. km and located between the UAE's main transport arteries: the north-south Emirates Road, and the east-west highway to Khorfakkan and Fujairah. The success of these zones has led to a substantial 13% growth in GDP in 2006.
Sharjah is also developing its hydrocarbons sector, courting more industrial companies and developing industrial and commercial clusters such as the Hamriyah Free Zone and the Sharjah Airport International Free Zone.
In addition to industry, Sharjah also serves as a major regional transport centre, with Sharjah International Airport being the region's largest air freight cargo handler. In fact, the facility is home to German airline Lufthansa's second-largest global hub.
Further infrastructure improvements are planned, with $132m due to be spent on expanding the King Abdulaziz Road, due to be completed in 2007-2008. A new bridge is also planned across Sharjah Creek, as Sharjah increasingly becomes a suburban alternative for those working in Dubai.
RAK is leveraging its diverse natural features - an abundance of greenery, picturesque mountains, desert and beaches - to attract tourists. It is also opening up the industrial sector for local, as well as international, investors through RAK Free Trade Zone (RAKFTZ), which has already attracted investments of more than $27.4bn. It also boasts of being the world's largest tile producer, being a US Food and Drug Administration-approved pharmaceuticals producer, and housing Hollywood's biggest post-production studio. Plans are in hand to upgrade the RAK International Airport, following the launch of the nation's fourth flagship carrier, RAK Airways, in early 2007.
Sharjah has a strategic advantage over several of its neighbors, in that the port of Khorfakkan can shave several days off a passage through the Straits of Hormuz, saving valuable fuel, as well as time. This fact has resulted in an economic boom for Khorfakkan, now ranked among the world's top-100 container ports. It currently handles about 200 ships per month, and has benefited from several infrastructure upgrades in recent years, including a new $156m berth and stacking a room with a total of 43,000 20-foot-equivalent-unit-capacity.
Dubai Ports Authority has taken over the management of the container terminal at Fujairah Port, which will consolidate Fujairah's role as a transport hub. Fujairah already has the world's third-largest bunkering port and with the additional investment being pumped into the sector, the emirate hopes to become a centre for regional trade.
UAQ and Ajman have both witnessed growth in the real estate and industrial sectors. In the past couple of years, the property boom in the UAE has spilled over to the Northern Emirates as a result of economic fundamentals and the revamping of real estate regulations to allow foreign ownership.
In Sharjah the $5bn Nujoom Islands, as well as a number of tall, mixed-use towers are currently under construction. Projects worth more than $8bn are expected to be built in RAK, including Mangrove Islands; Port Arabia; Marjan Islands; Al Hamra Village; Cove Beach Resort; Julfar Towers; Saraya Islands; Mina Al Arab; and Yasmin Rural Village.
UAQ has the $8bn Al Salam City, which is planned as a residential and commercial development, and will eventually house more than 500,000 people. Meanwhile, Ajman is planning the more modest $326m Al Ameera Village, which will have over 500 villas and townhouses, in addition to its upcoming 200 freehold residential towers.
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