Al Khayyat Investments buys 10% stake in SIC

Al Khayyat Investments, a Dubai-based company, has acquired a 10 per cent stake in Sharjah Investment Centre (SIC), the 3.5 million square metre project.

"Al Khayyat Investments enters a new area after evaluating the potential projects under consideration. After careful study, we found that Sharjah Investment Centre offers huge potential because of its strategic location and the strength of its promoters," said Managing Director Amer Al Khayyat.

The entry of investors such as Al Khayyat Investments was facilitated by SinoGulf, a stakeholder in the project.

Hussain Al Awlaqi, Chairman, SinoGulf, said: "Every component of the SIC has been master planned by keeping convenience and growth in mind. A self-contained development, the SIC provides a wide array of superior facilities and amenities. As the investment body and main stakeholder of Sharjah Investment Centre, we are pleased to have a strategic partner like Al Khayyat Investments to help us grow the project with a far-sighted vision and strategic approach. We share Al Khayyat's values and vision and we think that the entry of a holding company will definitely add value to SIC."

The key features of SIC include 60-metre wide roads, state-of-the-art infrastructure and telecommunications links, reduced energy costs through district cooling, high level of security, green areas and parks, schools, recreational and sporting facilities, retail areas for stores and shops.

The SIC's Mediterranean-style mixed-use area offers ground plus 15 plots and commercial uses. Embodying the concept of "live, work and play" environment, the SIC can encompass an abundance of facilities such as furnished apartments and retail outlets.

Designed to boost business activities, the SIC's Business Park represents an ideal location for companies to establish their operations.

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