"sunrise" and"Afahad Holding" Two new commercial destination developments in the Kashisha area of Sharjah
SHARJAH, June 2, 2017 (WAM) – Today, the Sharjah Investment and Development Authority (Shurooq) signed an agreement with Afahad Holding Company to develop a new commercial destination on land owned by Shurooq in the Kashisha 1 area, extending over an area of 15,095 square metres, to support the expansion of commercial services in residential neighborhoods in the Emirate of Sharjah.
Under the agreement, “Afhad Holding” will develop and operate the project to be a commercial and service destination that serves the residents of Kashisha and the surrounding areas and provides options closer to daily needs, thus contributing to enhancing the quality of life and stimulating commercial activity within residential communities.
The agreement was signed by His Excellency Ahmed Obaid Al Qaseer, Executive Director of Shurooq, and Omar Bin Hamouda, Partner in Affhad Holding Company, at the Middle House Hotel, as part of an event organized by the Sharjah Foreign Direct Investment Office, “Invest in Sharjah” and “PricewaterhouseCoopers,” which brought together a number of leaders from the government and private sectors to discuss investment opportunities and multi-sector partnerships in the emirate.
His Excellency Ahmed Obaid Al Qaseer said that residential areas are not complete with housing alone, but rather with services and destinations that make daily life easier and more connected. From this standpoint, this agreement comes to develop a new commercial destination in Kshisha that serves residents, supports the growth of the region, and transforms strategic land into a project with a direct impact on the quality of life.
He added that the partnership with Afahad Holding reflects Sharjah’s ability to attract long-term investors who believe in its development model, where economic feasibility is integrated with societal impact, pointing to Shurooq’s keenness to ensure that projects are capable of growth and sustainability and that they add real value to the place, the people and the local economy.
For his part, Omar Bin Hamouda said, “Afhad Holding’s approach is based on disciplined investment and development of long-term assets, and through this project we look forward to providing a destination that enhances easy access to services, supports the local community, and contributes to the commercial development of residential areas in Sharjah.”
The project supports Shurooq’s approach to activating strategic real estate assets through long-term partnerships with the private sector to achieve economic and societal value at the same time.
During the next phase, Shurooq and Afahad Holding will work to complete the concepts for the project’s identity, design, facilities, and development map, provided that additional details regarding the official name, nature of services, commercial components, and implementation stages will be announced at a later time.
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