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The
Sahara Centre, a leading family shopping as well as entertainment destination in the UAE and one of Sharjah’s most prominent
landmarks, has embarked on an expansion of its AED 5 billion Sahara City project –
one of the largest real estate and commercial projects in Sharjah and Northern Emirates.
Once complete, the Dh5 billion Sahara City project, spread across One Million Square Feet (area) of land, will encompass a vast array of
residential, commercial, retail and entertainment facilities.
As part of the expansion plans, the
project will encompass a series of components including on the Eastern side two underground
parking areas, three levels of retail and five levels of parking topped by four residential towers; a multi-storey underground and
above-ground parking, luxury residential tower and a covered pedestrian bridge across Al Nahda Road on the Northern side; and two
underground multi-storey parking, two floors of retail, four floors of parking and four towers (two residential, one office block and one
serviced apartment) on the Western side.
Sahara Centre
has signed a Dh600 million Ijara contract with a consortium of banks for financing the Eastern phase of the
expansion project. The Ijara contract has been financed by Emirates Islamic Bank PJSC, Dubai Islamic Bank PJSC {Mandated Lead
Arrangers}, Emirates Bank PJSC, HSBC Middle East Limited, Commercial Bank of Dubai PJSC {Lead Arrangers}, Sharjah Islamic Bank
PJSC and Bank Muscat International BSC {Managers}.
Speaking
of the expansion plans, Jean Pierre Nammour, Managing Director of Sahara Centre,
said, “The launch of the Eastern
expansion phase of Sahara City and the signing of the Ijara financing agreements are major milestones for Sahara. The project, part of our
strategic growth plan, has been supported by some of the top banks in the UAE banking community and will provide us with the necessary
capital resources to continue our expansion plans.”
The expansion
phase, which will boost the gross leasable area by over 60%, is already under way and is expected to be complete in
2 years.
“The Sahara City project offers impressive blend of residential and commercial offerings with the best of retail and
entertainment and we are confident that it will be the most sought-after retail and luxury destination in the region. The response of potential
tenants and retailers has been overwhelming. Most of the locations in the expansion phase have been already let out with a sizeable
wait-list on hand,” added Mr. Nammour.
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