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FINANCIAL NEWS
UAE’s Shurooq to redevelop Al Majaz Waterfront
08 Aug 2011
(MENAFN) Sharjah Investment and Development Authority’s (Shurooq) chief executive, Marwan Bin Jasem Al Sarkal, said that the authority would redevelop Al Majaz Waterfront, a step by which rents might rise by 15 percent, reported Gulf News.
Al Sarkal added that Shorooq would finish redevelopment operations by November, when people would be able to use the projects’ renewed facilities that would include 8 restaurants, a musical fountain, parks and art spaces.
He also said that bearing in mind the social, economic and other neighborhoods in Sharjah, within five to seven years, the USD27 million government-funded project would see a return on investments.
It is worth noting that the 4,700-square-metre development area was designed to attract middle to high income people, who have few leisure options in Sharjah.
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