Nakheel Properties, the Dubai-based leading real estate developer, has partnered with Sharjah Investment and Development Authority (Shurooq) to form a joint venture with the aim of developing Nakheel’s first project outside the borders of the emirate of Dubai.
The joint venture agreement was signed by Marwan bin Jassim Al Sarkal, chief executive officer of Shurooq, and Sanjay Manchanda, chief executive officer of Nakheel.
In his comment on the joint venture, Marwan bin Jassim Al Sarkal, the CEO of Shurooq said that Shurooq works with multiple leading companies to develop Sharjah economically, socially and culturally to help it achieve its full potential. Al Sarkal also expressed Shurooq’s delight to collaborate with a renowned developer like Nakheel Properties.
On the other hand, Sanjay Manchanda commented expressed Nakheel’s pride to partner with Shurooq for the real estate giant’s first project in Sharjah an outside of Dubai.
The joint venture’s main focus will be a $20m retail centre in Sharjah where it will develop an entertainment, shopping and dining hub in Al Rahmaniya district. Nakheel Malls, the retail development subsidiary of Nakheel Properties, will manage the project.
Earlier this month, the Dubai-based Al Dar Properties and the Abu Dhabi-based Emaar Properties have formed another joint venture to develop two major projects – one in each of the two emirates – along with many other national and international projects.