Sharjah Investment and Development Authority, better known as Shurooq, is considering investments in several Arab and Gulf Cooperation Council (GCC) countries, including Egypt, Saudi Arabia, Oman and Qatar, according to a senior official.
Marwan bin Jassim Al Sarkal, executive chairman of Shurooq, also announced that it has received a proposal to establish similar projects to Sharjah Sustainable City in Australia and the US.
In an interview with state news agency WAM, Al Sarkal said that Shurooq also plans to invest soon in fish farming and vertical agriculture.
He told WAM that Shurooq plans to expand the Sharjah Sustainable City and establish additional facilities in Maryam Island while it has also partnered with Emirates Transport to increase its vehicle fleet to 400.
He added that the company has forged a strategic partnership in water recycling, with its investment portfolio currently valued at AED12 billion.
In the tourism sector, the portfolio includes the Chedi Al Bait Hotel in Sharjah City, Kalba KingFisher Lodge, the Moon Retreat in Mleiha, the Mysk Al Faya Retreat in Faya, the Mysk Al Badayer in Faya, and four other hotels.
Al Sarkal also revealed that Shurooq has the blessing of ruler Dr Sheikh Sultan bin Muhammed Al Qasimi to become a public joint-stock company affiliated with the Shurooq Holding Company, with negotiations ongoing with the Securities and Commodities Authority.
Last month, Aldar Properties announced an agreement with Diamond Developers, the mastermind behind The Sustainable City brand, to form a joint venture to replicate the project on Abu Dhabi’s Yas Island.
The Sustainable City – Yas Island will span an area of 397,000 sq m in Yas North and will be developed to align with the UAE’s net-zero goals and the highest sustainability standards, comprising 864 townhouses and apartments and 3,000 sq m of retail.
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