Sharjah joins marina club with Dh15b plan

Sharjah: Burooj Properties, a real estate subsidiary of Abu Dhabi Islamic Bank (ADIB), saidon Tuesday it will develop Sharjah's first marina project, located near Dubai's Mamzar Park area, at a cost of Dh15 billion.

The developer said it wants to take advantage of the emirate's rapidly-growing real estate sector by the Sharjah Marina.

The 10-million square foot mixed-use development will come up at Al Khan Peninsula, offering views of Dubai's Palm Deira Island and Mamzar Park.

The project is inspired by Islamic architecture and will combine features of Turkish, Andalusian, Syrian and the Arabian Gulf heritage.

"It is specifically designed for people who demand modern facilities without compromising traditional Islamic values," said Eisa Al Tenaijy, chief executive officer of Sharjah Marina.

The company said it is the first "marina" development in the emirate, which is witnessing rapid growth of its property sector, thanks to a spillover of the ongoing construction boom in Dubai.

Adel Al Zarouni, managing director of Burooj, said the company chose Sharjah for the project because the emirate is growing in importance as a business and tourist destination.

Burooj Properties unveiled the plan at the start of the three-day Sharjah International Investment and Real Estate Exhibition- Acres Middle East on Tuesday.

The project will be completed in three years, said Ahmad Al Sakban, head of the company's sales and marketing operations.

He did not say how the giant project will be funded. "We are owned by a bank, so you can understand," he said, suggesting ADIB will finance the development.

Among the key features of the project is a two-kilometre canal. The waterway will be surrounded by low-rise buildings, specifically modelled according to Arab architecture.

The properties will be offered to Gulf and UAE nationals, the developer said.

Amphitheatre

Sharjah Marina will set up a waterfront amphitheatre to host cultural events, apart from having an architecturally-unique mosque that will reflect its commitment to Islamic principles.

The Marina will also have 2.5 kilometres of beach, a beach club, food courts, spas and fitness and tourist centres.

"Sharjah is witnessing a remarkable construction boom attracting huge investments to the emirate on individual and corporate levels. We will render our full support to this project. We will allow freehold ownership to all Arab nationalities," said Salah Bin Butti, planning and survey general manager at Sharjah Municipality.