During 2004 and 2005, the worth of construction works in the Emirate of Sharjah amounted to Dh29 billion ($7.89 billion), representing various investments of the private sector, reported the Emirate newspaper Al-Bayan on Tuesday.
Sharjah faces record growth rates in infrastructure projects. Some 100 contracting companies in the Emirate compete on the accomplishment of 40 towers in different areas of the city, with total costs of Dh7.5 billion ($2.04 billion).
A total of 30,000 housing units are expected to be added to Sharjah's real estate market, which will enable to absorb 80,000 new inhabitants in the city. During 2006, another major real estate project in Al-Suyuh area with investments of DH3 billion ($816.6 million) is expected to be accomplished.
Meanwhile, one of the engineering consulting companies in Abu Dhabi is on the brink of completing the program for a new tower, which will be the highest in the city. This tower will include 71 floors (250 meters height) and will cost Dh650 million ($176.9 million).
The list of the most important real estate projects in the city includes also Al Hanoo Holding's "Nujoom Islands," which will be constructed on a 60 million square meter area, with Dh18 billion ($4.89 billion) investments.