The agreement says the new development will meet the high standards of environmental sustainability, granting new and ingenious options in financing the green sector.
The Sharjah Investment and Development Authority (Shurooq) and Dubai-based Diamond Developers has signed a partnership agreement to deliver a large serviceable project in the emirate.
The agreement says the new development will meet the high standards of environmental sustainability, granting new and ingenious options in financing the green sector.
The project will be launched later this year, and full details of the project will be revealed soon.
Sheikha Bodour Al Qasimi, chairman of Shurooq, said, "Through this new partnership, we will use these achievements in expanding our development initiatives for fully integrated and environmentally friendly communities in Sharjah, as well as empower our citizens to follow a similar responsible lifestyle and strengthen the emirate’s position as a sustainable eco-friendly city for many generations to come."
Faris Saeed, CEO of Diamond Developers, added, "Sharjah’s flourishing real estate sector has achieved highly promising growth rates over recent years. With our vast experience in developing sustainable projects, we are confident that our partnership with Shurooq will benefit all parties, foremost of which is Sharjah’s community."
Diamond Developers is the company backing the Dubai Sustainable City project. The project was of $354 million and the construction began in 2013. The sustainable city is surrounded by a 30-metre-wide green buffer zone of 2,500 trees, which helps reducing air and noise pollution.
The first phase of the city is complete and it includes 500 residential villas, 11 biodome greenhouses, 3,000-square-metres of urban farming and a 15,000-square-metres mixed-use area including offices and retail.
