
Ahmed Obaid Al Qaseer, CEO of Shurooq, explains how projects like Ajwan are contributing to Sharjah’s economic growth and enhancing its global appeal.
In the dynamic landscape of Sharjah’s development, few voices resonate with as much vision and strategic insight as Ahmed Obaid Al Qaseer, the Chief Executive Officer of the Sharjah Investment and Development Authority (Shurooq). During our recent conversation, Al Qaseer offered a compelling glimpse into the authority’s multifaceted approach to driving sustainable growth, innovation, and economic prosperity in the emirate. With a portfolio that spans real estate, tourism, eco-development, and cultural preservation, Shurooq stands at the forefront of Sharjah’s transformative journey, carefully balancing tradition with forward-thinking strategies that not only enhance the emirate’s global appeal but also prioritise the wellbeing of its residents and the preservation of its unique environmental and cultural heritage.
Given Shurooq’s diverse portfolio, what is the overarching vision that guides the Authority’s development strategy?
The Sharjah Investment and Development Authority (Shurooq) is guided by the visionary leadership in Sharjah and the UAE. The authority is dedicated to ensuring the continuous growth of Sharjah’s image while promoting forward-thinking strategies in areas such as profitability, sustainability, people’s growth and development, and quality.
Our diverse portfolio, which includes vital sectors like real estate, serves as a key driver in shaping this vision. Our carefully planned and strategically located projects, such as Ajwan in Khorfakkan and Sharjah Sustainable City in Al Rahmaniya, focus on supporting Shurooq’s broader objectives, contributing to the growth of the tourism sector and the economy, as well as promoting sustainable development.
The Ajwan project is a prominent example of Shurooq’s commitment to enhancing Sharjah’s tourism appeal. What are the long-term goals for tourism development in the emirate? How does Ajwan contribute to these objectives?
Sharjah is where heritage, innovation, and prosperity meet, and its long-term goal is to increase the contribution of the tourism sector to the emirate’s economy. The tourism sector is one of the fundamental pillars of the national economy and plays a significant role in boosting the economy of Sharjah and the UAE. The UAE Tourism Strategy aims to increase the sector’s contribution to the country’s GDP to $121.5 billion (AED450 billion) by 2031, attract $27 billion (AED100 billion) in new investments, and welcome 40 million guests to the country’s hotels. At Shurooq, we are committed to supporting this goal, with our projects such as Ajwan, which significantly contributes to these objectives.
We carefully selects projects that promote Sharjah’s growth while honouring the traditions of the emirate, seamlessly enriching its cultural and architectural fabric. Ajwan perfectly aligns with these objectives. Nestled strategically between the breathtaking Khorfakkan mountains and the pristine Gulf of Oman, Ajwan – Khorfakkan Residences is a visionary project that demonstrates the enticing value proposition offered by Khorfakkan and the eastern region, driving the comprehensive development of one of the nation’s fastest-growing locations.
The project features six meticulously curated buildings that seamlessly integrate residential and retail spaces, a luxury hotel, and a water park. The charming beachfront community is strategically located, close to Khorfakkan Beach and a mere five-minute drive from the town’s iconic amphitheatre and waterfall. It is also in close proximity from the renowned Al Rabi hiking trail – a perfect destination for those who want to take a break from reality and refresh and reinvent themselves within the bliss of nature.
The development has a promising ROI and is ideally located, offering investors opportunities to present Ajwan as a holiday home, contributing to the future tourism demands of the emirate while providing a high-quality lifestyle and a safe destination for families and individuals.
With sustainability becoming a global priority, how is Shurooq incorporating green practices into its developments, particularly with Ajwan and other projects?
One of our core strategic pillars focuses on sustainability. We aim to become a leader in sustainable development by aligning with local Environmental, Social, and Governance (ESG) standards and demonstrating our commitment to responsible business practices.
With an expansive portfolio of eco-tourism projects and strategically chosen locations, Shurooq is already at the forefront of the sustainability movement. Our strategic projects, such as Mleiha National Park, Heart of Sharjah, and LUX Al Bridi Resort, preserve Sharjah’s cultural and environmental heritage while contributing to the goals outlined in the United Nations Sustainable Development Goals (SDGs).
Our current real estate development, Sharjah Sustainable City, is a prime example of our efforts to support sustainable living in Sharjah. Developed in partnership with Diamond Developers, the city is the first sustainable master planned community in the emirate of Sharjah. Extended over an area of 7.2 million square feet in Sharjah’s Al Rahmaniya Area, it’s leading the global movement toward sustainable living, promoting a lifestyle compatible with the future. It was developed in line with national efforts related to the food-energy-water nexus as it provides practical solutions related to food security, water and energy management, and natural resources conservation.
The city contributes to several SDGs, particularly those focused on sustainably increasing the share of renewable energy in the global energy mix, ensuring universal access to affordable, reliable and modern energy services and water access and sanitation for all. As the first fully sustainable community in the emirate of Sharjah, the city is powered with renewable energy produced from rooftop solar panels, helping residents to save up to 50% on water and electricity bills.
Given the increasing focus on quality of life, how does Shurooq prioritise the wellbeing of residents and visitors in their projects? What amenities and services are offered to enhance the overall living experience?
The wellbeing of our residents and visitors is central to our broader efforts to improve life within our developments. For example, at Sharjah Sustainable City, we offer a host of key amenities such as parks, gyms, a swimming pool, and walking and cycling tracks to promote wellness and healthy living. As part of these efforts, the city also features indoor farming facilities and solar-powered greenhouses called biodomes, providing residents access to fresh produce and supporting the Sustainable Development Goals as well as the UAE’s food security efforts.
Moreover, the city has launched award-winning initiatives, such as the Urban Farming Initiative, to encourage residents to learn the importance of farming and growing healthy food. The city also hosts a wide range of workshops and events to promote the health and well-being of its residents and staff.
Similarly, our future projects such as Ajwan offer a comprehensive range of amenities designed to enhance wellbeing and improve the quality of life for residents. With high-quality living spaces, a scenic boardwalk, a fully equipped gymnasium, a refreshing swimming pool, and a beachfront experience, Ajwan promotes a lifestyle of safety and relaxation. Set in a decentralised location, it encourages community engagement and a sense of belonging. These amenities provide residents with ample opportunities to unwind, engage in physical activities, and connect with nature, fostering a balanced and healthy lifestyle.
What are the key challenges and opportunities the real estate market of Sharjah is facing?
The Sharjah real estate market is experiencing both challenges and opportunities due to the influx of new development players responding to growing demand. One of the key challenges could be to ensure that the quality of projects is not compromised amid this growth. However, this influx also offers opportunities for new entrants to contribute to the local economy.
Moreover, there is an increasing demand for sustainability and innovation in real estate. Therefore, developers must incorporate these elements while maintaining high-quality standards.
It is also important to ensure that new developments do not disrupt the natural environment of Sharjah. Therefore, projects need to be conceptualised and implemented in a way that meets current and future demands without negatively impacting the ecosystem.
What are your thoughts on the future of real estate in Sharjah?
I believe the future of real estate in Sharjah is very promising and poised for significant growth. Sharjah’s unique location, rich history, enabling environment, ease of doing business, and transparency in the real estate industry will undoubtedly continue to attract more investors. This is also evident from the recent reports by the Sharjah Real Estate Registration Department, which show that the real estate trade in the first half of 2024 (H1 2024) was the highest compared to similar periods since 2012, due to the leaps in development that the emirate has witnessed in recent years.
In H1 2024, the value of real estate trade in the emirate increased by 35.6% compared to the same period in 2023, reaching over $4.914 billion (AED18.2 billion). Through our development projects, we are committed to supporting this positive development and contributing to the vibrant future of Sharjah’s real estate landscape.
As CEO, how do you see Shurooq’s role evolving in the coming years, and what is your long-term vision for the authority’s impact on Sharjah’s growth and development?
In the coming years, I anticipate that Shurooq will become increasingly vital, driven by our diverse portfolio that focuses on key areas such as family, hospitality, arts and culture, eco-tourism, and real estate. Guided by our traditions and inspired by innovation, we are committed to enhancing Sharjah’s appeal as an investment, tourism, and business destination.
Our strategic pillars—profitability and sustainability—along with a range of real estate projects, including Ajwan and Sharjah Sustainable City, will be crucial in this endeavour. Through these projects, our long-term vision is to ensure that Shurooq not only contributes to the economic growth of Sharjah but also positively impacts the local community, including both residents and visitors, while advancing Sharjah’s sustainable development.