Dubai developer Nakheel and Sharjah Investment and Development Authority (Shurooq) have announced a joint venture to develop a new Dhs75m ($20.4m) community retail centre in Sharjah.
The project will be managed and developed by Nakheel as part of its retail portfolio of 11 malls and seven retail centres.
It is the company’s first development outside of Dubai.
Design work is underway and details of the project will be unveiled later this year, according to the announcement.
“The key objective behind this agreement is to facilitate the construction of the new retail project, as well as open up new doors for both Nakheel and Shurooq to continue with our future ventures and investments in Sharjah’s real estate and retail industry,” said Shurooq CEO Marwan bin Jassim Al Sarkal.
Nakheel said last month that construction of the $326.7m Nakheel Mall on Dubai’s Palm Jumeirah was 85 per cent complete.
It will have 350 shops, restaurants and leisure attractions across five floors, and three underground parking levels with 4,000 spaces
Nakheel’s malls unit currently has 4.5 million sq ft of retail space in operation, with another 12.5 million sq ft in development.