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Sharjah’s Emirates Industrial City 75% leased out

Seventy-five percent of Sharjah’s Emirates Industrial City (EIC) has now been leased, according to a a report in the UAE’s Khaleej Times newspaper, and an additional AED 200 million (US$ 55m) of plots are expected to be sold by the first quarter of 2019.

Launched in 2005 by the investment consortium Emirates Company for Industrial Cities, the massive multi-use development covers a total of 83 million square feet (7.7 million sqm.) alongside the E611 Emirates Road. The Emirates Industrial City now accomodates more than 1,000 companies, employing over 150,000 people.

Originally estimated as a AED 4.5 billion (US$ 1.23m) real estate development, the Emirates Industrial City’s strategic location places it within an hour’s drive of major airports, seaports and other logistics hubs in Dubai, Sharjah and the Norther emirates. Two of the city’s eight main sections have been dedicated to ‘Warehouse City’ for warehouses and logistics and, according to EIC, it has built 2 million square feet (186 sqm.) of warehouses to lease,

Emirates Industrial City includes a wide range of light and medium industries, including manufacturing, packaging, distribution, logistics, furniture suppliers, industrial equipment, spare parts, home appliances and construction materials. The project also has 1.5 million square feet (140,000 sqm.) of open yards, with more planned.

Sharjah has long been the UAE’s largest manufacturing base accounting for nearly one-third of total manufacturing production. The sector accounts currently for 16 percent of the Sharjah’s GDP and the Industrial Affairs Department of the Sharjah Economic Development Department estimates that this could rise to 25 percent by the year 2025. With this in mind, the government has targeted the manufacturing sector for new economic growth introducing a number of economic initiatives, investor incentives and making it easier for businesses to establish themselves in Sharjah.

Emirates Industrial City is a joint-stock company with shares held by Al Hanoo Holding, Abudullah Al Zamil Co, Muhammad Abdul Aziz Co, Al Saeedan Properties and Kal Development.

Source: various

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