Ahmed Al-Quseir, CEO of the Sharjah Investment and Development Authority (“Shurooq”), explained that the authority is committed to implementing the emirate’s economic vision since its launch in 2009, focusing on quality, sustainability, and culture under the directives of Sheikh Dr. Sultan bin Muhammad Al Qasimi.
In an interview with CNBC Arabia, he highlighted that quality of life is a key priority in projects, emphasizing the success of the four-day workweek initiative in increasing productivity, reducing sick leave, and boosting local spending in commercial activities.
Shurooq’s portfolio totals AED 7 billion, with AED 5 billion allocated to the real estate sector, including flagship projects such as Maryam Island, which features over 5,000 residential units expected to be completed by 2027.
He also mentioned the “Sustainable City” project, which relies on clean energy and reduces electricity consumption by 60%, with its second phase due for delivery soon. Al-Quseir stressed the importance of partnerships with the private sector to achieve sustainable development, noting a projected 5% increase in real estate demand by 2026 and stable prices with minor expected rises.
In the hospitality sector, Shurooq focuses on developing hotels that provide unique experiences while emphasizing environmental and natural aspects. The hotel portfolio currently includes over 200 operational rooms and three hotels under development, with occupancy rates reaching 70% and an average nightly rate of AED 1,200. He confirmed plans to expand Gulf and international tourism, which currently represents 20% of the emirate’s GDP.
In the industrial sector, Sharjah accounts for 32% of the country’s industrial output, attracting advanced investments through promotion without direct intervention from Shurooq. Al-Quseir also highlighted projects supporting economic and social objectives, such as job creation and entrepreneurship support.
Al-Quseir concluded that Shurooq will continue to focus within Sharjah to enhance foreign investments and economic innovation, while remaining committed to realizing the emirate’s vision despite regional and international challenges.
