Abu Dhabi: The Sharjah Investment and Development Authority (Shurooq) has proclaimed a significant milestone in its 15-year journey towards sustainable development. The authority has successfully completed 52 projects spanning tourism, culture, and real estate, covering more than 60 million square feet across Sharjah. These endeavors were realized with a total investment of AED7.2 billion, facilitated through strategic partnerships.
According to Emirates News Agency, the initiatives encompass three real estate projects with a staggering investment of AED5 billion, alongside 10 distinct hospitality projects valued at AED850 million. Additionally, 18 projects in the retail and entertainment sectors have attracted investments exceeding AED870 million, while five projects in the arts and culture sectors are valued at AED447 million.
Shurooq has also developed 10 projects in the food and beverage sector and six collaborative projects with strategic partners across multiple sectors. This is part of an overarching vision to diversify its investment portfolio and promote sustainable growth. The authority's commitment to sustainability is further demonstrated through the development of 7.7 km of waterfronts, highlighting the emirate's natural beauty and environmental projects. These initiatives have generated over 5,000 job opportunities, including 1,095 positions through partnerships with local and international entities.
The authority credits these achievements to the vision of H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the leadership of Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq. Their focus on sustainable economic growth and diversification through innovative strategies and high-value project attraction has significantly enhanced Sharjah's regional and global competitiveness.
Sheikha Bodour bint Sultan Al Qasimi remarked on Shurooq's transformation of Sharjah through diverse investments and partnerships over 15 years, strengthening the emirate's economy and cultural landscape. Ahmed Obaid Al Qaseer, CEO of Shurooq, emphasized the authority's dedication to Sharjah's economic, social, and cultural future, guided by a vision inspired by H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi and supported by Sheikha Bodour bint Sultan Al Qasimi. This vision is implemented through integrated development projects prioritizing people and place, resulting in enhanced competitiveness for Sharjah.
Shurooq's pivotal role in the real estate sector is evident, with the sector contributing 7.6 percent to Sharjah's non-oil GDP. The authority has recorded a compound annual growth rate of 48.9 percent in real estate sales between 2018 and 2024, with major projects like Maryam Island, Sharjah Sustainable City, and Ajwan Khorfakkan.
In the tourism and hospitality sector, Sharjah witnessed a 5.1 percent growth in the first half of 2024. Shurooq's investments of AED850 million in hospitality projects underscore its commitment to enriching Sharjah's visitor experiences. The authority's efforts extend to retail and entertainment, with investments of AED870 million enhancing attractions such as Khorfakkan Beach and Al Jabal Adventure.
Cultural initiatives have also seen significant investments, with AED447 million dedicated to projects like Al Noor Island and the Heart of Sharjah. The Sharjah FDI Office (Invest in Sharjah) continues to bolster the emirate's status as a premier investment destination, supporting 617 projects and generating AED96.75 billion in capital investments.
Shurooq's initiatives remain central to Sharjah's position as a leading non-oil economy, contributing to the UAE's net-zero carbon emissions target by 2050. In 2024, Sharjah's thriving startup ecosystem was recognized, ranking fourth in the GCC and seventh in the MENA region in the Global Startup Ecosystem Report.