The Sharjah Investment and Development Authority (Shurooq) has signed a partnership agreement with Dubai-based Diamond Developers to deliver a large mixed-used project in the emirate.
Under the agreement, the new development will meet the highest standards of environmental sustainability, allowing new and innovative options for investments in the green sector, state news agency WAM reported.
The two sides announced that the project will be launched later this year, and full details will be revealed soon.
Sheikha Bodour Al Qasimi, chairman of Shurooq, said: "Through this new partnership, we will use these achievements in expanding our development initiatives for fully integrated and environmentally friendly communities in Sharjah, as well as empower our citizens to follow a similar responsible lifestyle and strengthen the emirate’s position as a sustainable eco-friendly city for many generations to come."
Faris Saeed, CEO of Diamond Developers, added: "Sharjah’s flourishing real estate sector has achieved highly promising growth rates over recent years. With our vast experience in developing sustainable projects, we are confident that our partnership with Shurooq will benefit all parties, foremost of which is Sharjah’s community."
Diamond Developers is the company behind the Dubai Sustainable City project. Construction on the $354 million project began in 2013. The city is surrounded by a 30-metre-wide green buffer zone of 2,500 trees, which Saeed says reduces air and noise pollution.
The first phase is complete and includes 500 residential villas, 11 biodome greenhouses running the length of the central green spine, 3,000-square-metres of urban farming and a 15,000-square-metres mixed-use area including offices and retail.