The Cornell Baker Program in Actual Property just lately welcomed a distinguished speaker from the United Arab Emirates (UAE), His Excellency Marwan Jassim Al Sarkal, to share with us his expertise main the transformation and financial diversification of the emirate of Sharjah. Mr. Al Sarkal is at present the Managing Director of Chapter 3 LLC and the previous Government Chairman of the Sharjah Funding and Improvement Authority (Shurooq). For twenty years in Shurooq, he was the driving pressure behind the investments, cultural progress, and growth of Sharjah through the use of actual property growth and strategic partnerships to spur Sharjah’s transformation. Because the Managing Director of Chapter 3, he’s captivated with advancing the expansion for each establishments and small and medium-sized enterprises (SME) firms, and nurturing connections for catalytic progress with a give attention to know-how, mobility, and the general way forward for the area.
Map of United Arab Emirates
Sharjah is likely one of the seven emirates within the UAE, situated simply east of the emirate of Dubai. Because the third largest emirate within the UAE, Sharjah is a major industrial and cultural hub for the nation, producing $35bn of GDP. The emirate flaunts an array of outstanding vacationer locations specializing in the theme of tradition, historical past, and training. Beneath the imaginative and prescient of H.H. Sheikh Dr. Sultan Bin Mohammed Al-Qasimi and Sheikha Bodour Bint Sultan Al Qasimi and the stewardship of Mr. Al Sarkal, Sharjah was topped because the ‘Capital of Islamic Tradition’ and a ‘Distinctive and Distinguished Vacationer Vacation spot’. Moreover, the emirate was additionally given prestigious recognition because the ‘Cultural Capital of the Arab World’ by UNESCO.
Within the early planning and ideation phases of Sharjah, the municipality needed to brainstorm methods to make the most of actual property as technique of financial diversification and transformation. The emirates’ geographical location presents each a possibility and a problem, as Shurooq needed to produce developments that provide distinctive vacationer experiences that complement Dubai’s and leverage different emirates’ merchandise. Not solely that, however Shurooq needed to additionally produce actual property funding alternatives which can be distinctive from that of the opposite emirates and plan for a metropolis that can turn out to be a supply of pleasure for the individuals of Sharjah.
Shurooq developed a three-pronged actual property growth technique to satisfy the aforementioned targets and constraints. The methods are (1) goal area of interest choices, (2) construct transformative icons and (3) enhance product breadth. Moreover, actual property developments beneath all these three methods are chosen with authenticity and sustainability in thoughts.
Beneath technique (1), Mr. Al Sarkal shared with us how Shurooq revitalizes and reimagines current belongings and ideates differentiated hospitality and tourism choices. Some key examples embody the Coronary heart of Sharjah and Moon Retreat. Each developments have been beforehand underleveraged websites that remodeled into distinctive cultural and eco-destinations. These developments leverage current belongings and therefore are famous to be much less capital-intensive and generate outsized direct and oblique returns. The Kalba Eco-Tourism Challenge is one other vacation spot that have been saved and preserved to supply new sustainable experiences for guests to indulge within the pure choices of Sharjah.
Al Bait Sharjah, a sustainable luxurious resort situated within the Coronary heart of Sharjah
The Home of Knowledge in Sharjah is an iconic monument that redefines the idea of a library and a cultural heart. The monument was constructed beneath technique (2), to construct transformative icons, and goals to advertise and ease entry to data. Constructed to create an area that evokes a sense of belonging, the event offers all kinds of facilities together with cafés, galleries, ebook collections, occasion areas, and extra.
Home of Knowledge
Lastly, beneath technique (3), Mr. Al Sarkal additionally mentioned with us numerous initiatives he undertook to extend the product breadth choices of Sharjah. One notable venture was the Maryam Island, an ongoing AED 4.5 billion (US$1.2 billion) mixed-use growth situated in Downtown Sharjah. The aim of Maryam Island was to create an upscale however reasonably priced regenerative actual property growth. The 460,000 sq. meter website will embody elements akin to waterfront residential items, shops, 4- & 5-star inns, and seaside entry for its occupants.
Maryam Island
Sharjah efficiently attracted greater than $220 billion of international investments in 2020. This movement of investments was made doable by the beforehand talked about methods and insurance policies, akin to the true estate-backed financial free zones. Dubai was famous to be a pioneer of the free zone mannequin, which gives international companies engaging concessions and several other funding incentives, together with one hundred pc possession of a subsidiary and nil taxation.
Earlier than concluding his presentation, Mr. Al Sarkal reminded us that our aim shouldn’t simply be to turn out to be a developer, however an entity that creates transformative change. Mr. Al Sarkal enjoys exploring, studying, and creating new concepts that encourage the individuals round him and plans to proceed doing in order the Managing Director of Chapter 3. On behalf of the Cornell Baker Program, we want to lengthen our gratitude to Mr. Al Sarkal for imparting invaluable studying alternatives and data on the progressive actual property methods of Sharjah to our college students.
