Sahara Centre to undergo AED 5 billion expansion

20th Jun 2008

The Sahara Centre, a family shopping as well as entertainment destination in Dubain 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; 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}.



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