The Sharjah Investment and Development Authority (Shurooq) has unveiled a new partnership with Kuwaiti developer Mabanee to develop a real estate project in Sharjah.
The new partnership was formed during an agreement signing which took place on Sunday between Sheikha Bodour bint Sultan Al Qasimi, chairperson of the Authority, and Mohammed Abdulaziz Alshaya, board chairman of Mabanee.
Covering 65,000 square metres, the new development in the Mughaider area aims to transform the area into a premium tourist and leisure destination for Sharjah's residents and visitors.
The development will house stores, restaurants and cafes and high-end recreational facilities. The new project will be developed and managed by Mabanee.
The project aims to provide investment opportunities in commercial, residential and tourist sectors.
Sheikha Bodour said: "Sharjah maintains its status as a prime investment destination within the region and in keeping with its strategic plan, Shurooq constantly looks to explore ways to forge new partnerships with top investors."
Alshaya said: "As the largest real estate company in Kuwait, Mabanee sees investment opportunities in the UAE, especially Sharjah, as a new horizon for its business growth. This approach draws on the immense success of our flagship project 'The Avenues Kuwait' and extends our business operations even further beyond Kuwait to Saudi Arabia and Bahrain where 'The Avenues Bahrain' was inaugurated in October 2017. Work is currently underway on 'The Avenues Riyadh' and 'The Avenues Al Khobar' with total investments of $5.67 billion.
He added: "Sharjah was the first choice for us as a new project in light of its investment-friendly environment, sophisticated infrastructure and legislative framework."