The completion of infrastructure and services of the first phase of the largest industrial development in Sharjah, Emirates Industrial City, ahead of time led to increasing demand on the project by leading industrialists and businessmen in the region. According to Sheikh Abdullah Al Shakra, Chairman of Al Hanoo Holding Company, owner and developer of the project, Emirates Industrial City will be completed and operational by early 2006.
"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."
At Cityscape, the Company's pavilion attracted many industrial companies and businesses. The Company also announced the sale of sector 7 of the Emirates Industrial City project for AED 375 million which raised the overall value of land of the project and increased the price of land of sector 8 by AED 30.
Emirates Industrial City is 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.
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 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 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, the United Arab Emirates and other GCC countries.
