A new mixed use development has been launched in Sharjah by a group of six investors led by property development and investment firm Snasco, who are together expected to invest Dh2 billion in infrastructure and basic facilities.
The new development, named the Sharjah Investment Centre (SIC), will offer industrial space and residential units on a leasehold basis, according to Gulf News.
Work on SIC, the first private sector-led mixed-use industrial development in Sharjah, is expected to begin within the coming year.
"We will start work this year and hopefully complete the project in two to three years," Snasco chairman Saleh Nasser Al Sorayai, who added that the company will also sell plots to other investors for constructing buildings.
SIC will be located near Sharjah International Airport and Hamriyah Port.
Vice-president of project consultant company Consult, Jamila Al Assa, explained that the height of buildings will not exceed 16 storeys and that no heavy industries will be licensed within SIC.
Also due to the venture's large size, the Sharjah Investment Centre will be established to oversee the project's development. Snasco has three large projects in Sharjah and two in Dubai under development, including the "West Bay" tower project in Business Bay in Dubai and "Al Basateen" project in Sharjah, which is a commercial and residential development.
