Real Estate ‘Safe’ Sharjah attracts Kuwaiti investors to $950m project By Eva Levesque January 17, 2025, 7:04 PM Alamy via Reuters Traffic on Al Wahda Street in Sharjah, the main route connecting to Dubai. Many Dubai workers commute from Sharjah Emirate’s property in demand Al Tay Hills development Houses, shops and restaurants The emirate of Sharjah has been praised as “safe and business-friendly” by a Kuwaiti developer who has formed a partnership to develop a AED3.5 billion ($950 million) housing project in its burgeoning local property market. Talal Al-Bahar, vice-chairman and CEO of Kuwait Real Estate Company (Aqarat), said that investors were attracted to Sharjah because of “its appealing, safe, and business-friendly investment environment, along with its commitment to enhancing and developing the real estate sector”. Aqarat and IFA Hotels and Resorts, both listed on the Kuwait Stock Exchange, have partnered to launch of the Al Tay Hills project. The scheme, spanning more than 6 million square feet, will include 1,100 villas and townhouses, a mosque, restaurants, cafes, retail outlets, swimming pools and dedicated walking and cycling paths. IFA Hotels & Resorts has developed several projects on Palm Jumeirah in Dubai, mainly focusing on luxury residential and hotel properties, including the Fairmont Hotel and Residences and the Golden Mile. It is partially owned by Aqarat, which develops projects in the Mena region, GCC, Europe and the US. One of seven emirates which make up the UAE, Sharjah has a population of around 1.8 million, 90 percent of which are expatriates. Dubai, the UAE commercial capital, has a population of 3.5 million. Sharjah’s proximity to Dubai and cheaper prices make it attractive for businesses and residents, fuelling demand for both commercial and residential properties. It has become known as an affordable alternative for buyers, where some workers opt to live in Sharjah and commute to their workplace in Dubai. There was a 22 percent increase in the number of foreign investors in Sharjah during the first half of 2024. The more conservative emirate has experienced a huge increase in sales since 2022, when freehold ownership was opened to all nationalities. The Al Tay Hills development, around 40 kilometres from Dubai, will be developed in three phases, the first of which is scheduled for delivery in the first quarter of 2028. Sharjah sets record 2025 budget at $11.4bn Sharjah to quadruple FDI to $10bn Reforms pay off as Sharjah property market surges ahead Other housing projects in Sharjah include a $9.5 billion mixed-use destination by Arada, the Masaar megaproject; the $1.2 billion Maryam Island scheme by Eagle Hills; and the Ajwan project by the Sharjah Investment and Development Authority (Shurooq).