Sahara Centre, the leading family shopping as well as entertainment destination in the UAE and one of Sharjah’s most prominent landmarks, today announced the launch of new expansion phase of its AED 5 billion Sahara City project – the largest real estate and commercial project in Sharjah and Northern Emirates.
Once complete, the Dh5 billion Sahara City project, spread across One Million Square Feet (area) of land, will encompass a vast array of residential, commercial, retail and entertainment facilities.
As part of the expansion plans, the iconic project will encompass a series of components including on the Eastern side two underground parking areas, three levels of retail and five levels of parking topped by four residential towers; a multi-storey underground and above-ground parking, luxury residential tower and a covered pedestrian bridge across Al Nahda Road on the Northern side; and two underground multi-storey parking, two floors of retail, four floors of parking and four towers (two residential, one office block and one serviced apartment) on the Western side.
Sahara Centre also announced the signing of Dh600 million Ijara contract with a consortium of banks for financing the Eastern phase of the expansion project. The Ijara contract has been financed by Emirates Islamic Bank PJSC, Dubai Islamic Bank PJSC Mandated Lead Arrangers, Emirates Bank PJSC, HSBC Middle East Limited, Commercial Bank of Dubai PJSC Lead Arrangers, Sharjah Islamic Bank PJSC and Bank Muscat International BSC Managers.
In his comments on the expansion plans, Jean Pierre Nammour, Managing Director of Sahara Centre, said: “The launch of the Eastern expansion phase of Sahara City and the signing of the Ijara financing agreements are major milestones for Sahara. The project, part of our strategic growth plan, has been supported by some of the top banks in the UAE banking community and will provide us with the necessary capital resources to continue our expansion plans.”
He added: “The launch of the Sahara City development coincides with the increase in demand for high-end retail, commercial and residential units and we are confident that it will provide unrivalled amenities and a contemporary lifestyle for our customers. The expansion phase, which will boost the gross leasable area by over 60 per cent, is already under way and is expected to be complete in 24 months.”
Mr. Nammour added: “The Sahara City project offers impressive blend of residential and commercial offerings with the best of retail and entertainment and we are confident that it will be the most sought-after retail and luxury destination in the region. The response of potential tenants and retailers has been overwhelming. Most of the locations in the expansion phase have been already let out with a sizeable wait-list on hand.”