Sharjah Investment and Development Authority
Open-knowledge reference entry
The Sharjah Investment and Development Authority, also known as Shurooq, is responsible for the development of the Emirate of Sharjah, one of the seven emirates of the United Arab Emirates (UAE) as an investment, tourism, and business destination.
History
Shurooq was established by Amiri decree in 2009. In its first decade of operations, Shurooq built a portfolio of completed and ongoing projects comprising $2 billion, with a total area of 11.74 million square metres. Its key projects include Al Noor Island, Flag Island, Al Qasba, Al Majaz Waterfront, Al Montazah Amusement and Water Park, Mleiha Archeological Center, Heart of Sharjah (including the $27 million Al Bait Hotel), and the establishment of the City Sightseeing Bus Tour. Other hotel developments include the Al Badayer Lodge and Al Faya Lodge (formerly known as Fossil Rock Lodge) projects. All three of Shurooq's luxury lodge projects (the third is Kalba's Kingfisher Lodge) are managed by Mantis Hotels, a joint venture between Shurooq and Mantis Hospitality.
In 2014, Shurooq announced a $137 million hotel and leisure development on the island of Sir bu Nair, 65 km offshore in the Persian Gulf. To include a 60-room hotel, a museum, a residential village, an amphitheatre, education centre, mosque, harbour, retail outlets and an airport, the development was to open in 2017, but remains a work in progress.
In May 2018, Shurooq's CEO, Marwan bin Jassim Al Serkal, was promoted to executive chairman of the group. In September 2018, Shurooq combined with Injazat to launch the Sharjah Investors Services Centre, a 'one stop shop' for investors.
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