Tamweel unit inks deal for Al Nujoom Islands

Dubai: Tamweel Properties and Investments, a subsidiary of Tamweel, has signed a master agreement with real estate developer Al Hanoo Holdings to provide exclusive brokerage services for Al Nujoom Islands, an Dh18 billion project in Sharjah.

This agreement also underlines the efforts of Tamweel's newly launched property and investment subsidiary in supporting the development of the property sector in Sharjah.

The agreement follows Tamweel's purchase of 135 plots in Dubai's Al Jadaf area for Dh1.93 billion, last year.

Located on the Sharjah waterfront, adjacent to the Hamriyah Free Zone, Nujoom Islands will cover 60 million square feet of prime coastal land.

An integrated tourism and residential community, including a wide range of individual districts, Nujoom Islands will accommodate some 40,000 residents upon completion.

The environmentally-sensitive project, which is wholly owned and master developed by Al Hanoo Holdings through an independent subsidiary, Nujoom Islands, will extend the existing coastal area of Hamriyah more than tenfold.

Roughly 60 per cent of Al Nujoom Islands will be uninhabited and feature beaches, gardens and parks.