Sahara City expansion to cost Dh5b

Sharjah: Sahara Centre yesterday announced the expansion of its Sahara City project, the largest real estate and commercial project in Sharjah and the Northern Emirates.

Once complete, the Dh5 billion Sahara City project, spread across a million square feet, will encompass a vast array of residential, commercial, retail and entertainment facilities.

Sahara Centre also announced the signing of a Dh600 million Ijara contract with a consortium of banks to finance the eastern phase of the expansion project.

Capital resources

Jean Pierre Nammour, managing director of Sahara Centre, said: "The launch of the eastern expansion phase of Sahara City and the signing of the Ijara financing agreements are major milestones for Sahara. The project is supported by some of the top banks in the UAE and will provide us with the necessary capital resources to continue our expansion plans."

The Ijara contract has been financed by Emirates Islamic Bank, Dubai Islamic Bank (mandated lead arrangers), Emirates Bank, HSBC Middle East, Commercial Bank of Dubai (lead arrangers), Sharjah Islamic Bank and Bank Muscat International (managers).

The expansion will create two underground parking areas, three levels of retail and five levels of parking topped by four residential towers; a multi-storey underground and above-ground parking, luxury residential tower and a covered pedestrian bridge across Al Nahda Road.

On the western side, there will be two underground multi-storey car parks, two floors of retail, four floors of parking and four towers (two residential, one office block and one serviced apartment).