Omran to launch $672.5M projects in UAE

WCN Editorial Team 24 Mar 2017 MIDDLE EAST BUILDINGS

Omran Properties is set to launch three real estate projects worth a combined value of AED2.47bn ($672.5M) in Sharjah [pictured], UAE.

The AED2.26bn ($615M) mixed-use Maryam Island development will be located between Al Khan Lagoon and Al Mamzar peninsula and will cover an area of about 364,000 sq m. It will comprise residential apartments, offices, hotels, a cinema, and entertainment areas.

The 66,302 sq m Al Khan Village Resort project, a five-star hotel part of the redevelopment of the Al Khan fishing village, is valued at AED120.6M ($32.8M).

The AED106M ($28.8M) Kalba Waterfront Mall will comprise a leasable retail area of 11,204 sq m.

Sheikha Bodour bint Sultan Al Qasimi, Omran Properties chairperson of the board of directors and chairperson of Shurooq, said: "Sharjah is increasingly becoming an international focal point for business, hospitality, tourism and trade, and with the vital collaboration between government and the private sector, the emirate becomes an even more attractive proposition for domestic and foreign investors. These projects are a barometer of the confidence in Sharjah and an indication of its long term success."

The projects are expected to be officially launched later in 2017.

Omran Properties was established in 2016 through a partnership between Sharjah Investment and Development Authority (Shurooq), Emaar Properties and Eagle Hills.

* For more information on the UAE construction market, visit the Construction Intelligence Center Report Store.

* Image credit: Zhukov Oleg/Shutterstock.

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