Sharjah's Sahara Centre today (June 18) announced the launch of its new Dh5 billion ($1.36 billion) expansion project.

The Sahara City project - the largest real estate and commercial project in Sharjah - is spread across one million square feet of land. It will encompass a vast array of residential, commercial, retail and entertainment facilities.

As part of the expansion plans, the iconic project will encompass a series of components including on the eastern side two underground parking areas and three levels of retail and five levels of parking topped by four residential towers.

Besides, it will also have a multi-storey underground and above-ground parking, luxury residential tower and a covered pedestrian bridge across Al Nahda Road on the Northern side; 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 also announced the signing of 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, Dubai Islamic Bank (Mandated Lead Arrangers), Emirates Bank, HSBC Middle East Limited and Commercial Bank of Dubai (Lead Arrangers), Sharjah Islamic Bank and Bank Muscat International (Managers).

In his comments on the expansion plans, Jean Pierre Nammour, managing director of Sahara Centre, said the launch of the Eastern expansion phase of Sahara City and the signing of the Ijara financing agreements were major milestones for Sahara.

'The project, part of our strategic growth plan, has been supported by some of the top banks in the UAE banking community and will provide us with the necessary capital resources to continue our expansion plans," he noted.

"The launch of the Sahara City development coincides with the increase in demand for high-end retail, commercial and residential units and we are confident that it will provide unrivalled amenities and a contemporary lifestyle for our customers. The expansion phase, which will boost the gross leas able area by over 60 per cent, is already under way and is expected to be complete in 24 months," he added.

Nammour pointed out that the Sahara City project offered impressive blends of residential and commercial offerings with the best of retail and entertainment.

'We are confident that it will be the most sought-after retail and luxury destination in the region. The response of potential tenants and retailers has been overwhelming. Most of the locations in the expansion phase have been already let out with a sizeable wait-list on hand," he added.