1st phase of Emirates Industrial City to be completed early 2006
The first phase of Emirates Industrial City, the largest industrial development project in the Emirate of Sharjah, will be completed and operational by early 2006, according to Sheikh Abdullah Al Shakra, Chairman of Al Hanoo Holding Company and Emirates Industrial City Company, the developer and owner the landmark project.
Located in the Saja’a district of Sharjah along the Dubai Ring Road, the 83 million square foot (7,713,325 square meter) industrial park will be composed of eight sectors accommodating over 3,000 medium and light industrial operations as well as commercial enterprises and residential areas, all linked by internal asphalt roadworks and supported by infrastructure and utilities.
"Sharjah is already home to 45% share of all the industrial facilities in the United Arab Emirates," said Sheikh Abdullah Al Shakra, "and will continue to attract industrial investment from across the region for the foreseeable future. Emirates Industrial City has been designed to accommodate the dramatic influx of industrial enterprises into Sharjah, providing world-class infrastructure and support in an easily accessible location in proximity to Sharjah International Airport, Khaled Port, and Hamriya Free Zone. Emirates Industrial City will be the most advanced industrial development in the United Arab Emirates."
Industrial real estate investment in Sharjah is so robust that, according to Al Shakra, investors in Emirates Industrial City earned an 87% return on their investment within six months of the inauguration of the project. "The investment climate in U.A.E. as a whole and in Sharjah specifically, is absolutely phenomenal," he said. "We expect that high demand for this development will return a healthy profit for our shareholders."
Al Hanoo Holding Company, one of the region's fastest growing and diverse real estate services companies, has signed on as a Gold Sponsor of Cityscape 2005, the Middle East's premier international property investment and development event, to showcase Emirates Industrial City and another major development project in the United Arab Emirates, which will be announced immediately prior to Cityscape 2005.
Al Hanoo Holding Company is one of the leading real estate developers in the Middle East. Founded in 1975 in the Kingdom of Saudi Arabia, Al Hanoo Holding Company currently has a fully paid up capital of two hundred million Saudi Riyals and diverse interests in real estate investment and development, construction and trade with a focus on large-scale infrastructure and property development projects in Saudi Arabia, United Arab Emirates and other GCC countries.
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