Home UAE Shurooq to invest in US, Australia, GCC, Arab countries: Marwan Al Sarkal

Shurooq to invest in US, Australia, GCC, Arab countries: Marwan Al Sarkal

by Dubai Forum
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SHARJAH, 28th February, 2022 (WAM) — Marwan bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority (Shurooq), announced that it is currently considering investing in several Arab and Gulf Cooperation Council (GCC) countries, including Egypt, Saudi Arabia, Oman and Qatar.

Shurooq has received a proposal to establish similar entities to Sharjah Sustainable City in Australia and the US, he noted, adding that it also plans to invest soon in fish farming and vertical agriculture.

In an exclusive interview with the Emirates News Agency (WAM), Al Sarkal stressed that the vision of Shurooq is to expand its trademark globally like other national companies, such as Emirates and Etisalat. It is now engaged in tourism, environment, transport and project management sectors and will soon invest in health, education and robotics.

Shurooq plans to expand the Sharjah Sustainable City and establish additional facilities in Maryam Island, which began with four facilities but now comprises 38. It has partnered with Emirates Transport to increase its vehicle fleet to 400.

The company also forged a strategic partnership in water recycling, which they plan to benefit from in terms of irrigation, he further said.

He stressed that Shurooq’s investment portfolio is valued at AED12 billion distributed in the real estate sector, including Eagle Hills Sharjah and Sharjah Sustainable City. 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 said that Shurooq has the blessing of H.H. Dr. Sheikh Sultan bin Muhammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to become a public joint-stock company affiliated with the Shurooq Holding Company. Its negotiations with the Securities and Commodities Authority have advanced, informing everyone interested in investing that Shurooq offers distinguished investment services.

“Invest in Sharjah” will remain an independent office to attract investments to the emirate, he further said and noted that the Maraya Art Centre supports local and international artworks while the Sheraa Hub is an independent centre that supports entrepreneurship.

Al Sarkal stated that in 2017, the company announced the implementation and development of three joint ventures with Eagle Hills Sharjah, Al Khan Palace and Maryam Island, with Kalba Waterfront, to be inaugurated soon. The first phase of the construction of Maryam Island has been completed, and the company aims to offer a different tourist experience at Al Khan Palace, he added.

Regarding Shurooq’s projects in the eastern cities of the emirate, he said that the coming period will witness several vital tourism projects, including two tourism resorts in Khor Fakkan, the first being located on the Khor Fakkan mountains and managed by the Singaporean company Lux Asia Pacific while the second is on Khor Fakkan Beach and includes a water park, a commercial centre and real estate projects, which will be managed by Marriott as part of its “Autograph Collection.”

He added that Shurooq projects will be inaugurated by the end of the year in Kalba, including a commercial centre and an affiliated hotel, designed by a world-famous Mexican architect that will also be part of Marriott’s Autograph Collection.

Shurooq supports and encourages small and medium-sized enterprises, attracts foreign investments and has signed an agreement with a Kuwaiti company to establish the Avenues Mall and deals with Turkish, Korean and Portuguese companies, Al Sarkal said in conclusion.

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