(MENAFN- Khaleej Times) Emirates Industrial City, which is located in Sharjah, aims to sell plots worth Dh200 million by the first quarter of 2019, said a senior official. Speaking on the sidelines of UAE-India Economic Forum in Dubai on Thursday, Mohammad Nassir Al Hazzaa, director-general of Emirates Industrial City, the activity in the commercial real estate sector has picked up since last year.
"Last year was exception as there was upswing in the real estate sector sales. We grew by 15 per cent in terms of business volume and revenues," Al Hazzaa said. "We hope to sell around Dh100m of industrial plots this year and another Dh100 million by first quarter of 2019. In addition, we have 1.5 million sqft of open yards. The first phase will be finished by the end of this year and we hope to lease it all by mid-2018," Al Hazzaa said during the interview at the forum.
According to Rics' latest survey, capital value and rent for the next year are projected to be negative for the UAE commercial sector as the economy continues to adjust to lower oil prices and a reduction in crude output. Emirates Industrial City is spread over 80 million sqft, of which just 25 per cent is left to be leased out. There are more than 1,000 companies with over 150,000 people working in the free zone.
Al Hazzaa said two million square feet of warehouses were built and 75 per cent of them were leased last year. "We leased 50 per cent in last year alone. 2016 was a very good year for us. The remaining 50 per cent is expected to leased out this year," he added.
"We have 20 million sqft of land left. Our plan is to build more open yards, shops, commercial halls and office buildings. We have certain strips that are suitable for showrooms and industries such as marble, construction material and furniture. The aim is to develop zones for specific sectors."
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