Nujoom real estate deal set for Sharjah

Sharjah announced the establishment of the Dh18 billion Nujoom Islands project yesterday, under the management of Al Hanoo Holding Company.

According to Saudi Arabia's Al Hanoo Holding, the luxury development will be built in three stages over five years.

Residential units will be offered for sale soon after completion of the infrastructure and service facilities.

Nujoom Islands intends to cover approximately 60 million square feet near Hamriya village, and accommodate 40,000 residents.

Forty per cent of the land will be devoted to construction, and 60 per cent will comprise landscaping, beaches and the natural environment.

Abdullah Al Shakra, chairman of Al Hanoo Holding, said, "Nujoom Islands is a residential and commercial real estate project that Al Hanoo is launching for investors of all nationalities."

Considering its high quality components and strategic location, Al Hanoo believes the investment in the project is comparatively low and will bring high profits.

Located on the north eastern coast of Sharjah, the project will be the largest commercial, residential and tourist landmark in the emirate.

Nujoom Islands is the second project by Al Hanoo Holding, following their Dh3 billion Emirates Industrial City.

Al Hanoo Holding is a leading real estate developer with investments of more than Dh195 million (200 million Saudi riyals) in real estate development, construction and trade.