Sharjah Investment and Development Authority (SIDA) has begun talks with banks in order to raise capital for investment in tourism projects worth Dh10 billion. SIDA chief executive, Marwan J. Al Sarkal, confirmed that “Yes we have started talks with banks to raise capital for the development of tourism projects in the emirate of Sharjah.” He said the investment will probably be obtained through an Islamic instrument, most likely a sukuk.
In February of this year Shurooq was established by decree to encourage investment and economic diversity. Shurooq will invest in real estate, tourism, commercial and industrial development projects. It was modeled in a way similar to the Tourism Development and Investment Company (TDIC). However, Al Sarkal said their mandate is wider and they have identified a number of tourism projects including redevelopment of Jazeera Park and a mangrove site in Kalba, and development of heritage site. The mangrove site in Kalba will be turned into a pure eco-tourism site by developing a resort.
