Sharjah, 14th of January, 2016,

His Highness Dr. Sheikh Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Thursday inaugurated the new Souq Al Haraj in Al Ruqa Al Hamra in Sharjah, in the presence of His Highness Sheikh Abdullah bi Salem Al Qasimi, Deputy Ruler of Sharjah. 

His Highness switched on a virtual engine to mark the official opening of the marketplace which is the largest of its kind in the UAE, and was built at a total cost of AED250 million, with a view to offer a premier destination for pre-owned car buyers in the region, aims to support the used car industry and boost economic activity in the emirate.

His Highness Ruler of Sharjah attended a classic car parade and watched a video about the market and its various facilities.

His Highness Dr Sheikh Sultan Al Qasimi toured the market's various facilities and showrooms, and listened to a detailed presentation on the market's facilities, including 415 showrooms and 70 retail shops for selling auto spare parts and accessories, as well as on the services rendered to dealers and buyers on site. These services featured vehicle technical inspection, car registration, and financing services offered by banks located in the Souq.

His Highness headed, after that, to the auction area where he inaugurated the headquarters of Emirates Auction and the first online car auction, which is the first-of-its kind in the Middle East.

Sharjah Asset Management, the investment arm of the Sharjah Government, is the responsible body for managing the market, which is strategically located off Sheikh Mohammed bin Zayed Road and Al Dhaid Road, near Sharjah International Airport. The used car marketplace is also in close proximity to the borders of Sharjah and Ajman, thus providing easy access to clients from all emirates.

Speaking on the occasion, Sheikh Mohammed Bin Saud Al Qasimi, Chairman of the Department of Central Finance and Board Chairman of Sharjah Asset Management, said: "The creation of Souq Al Haraj comes in line with the keenness of His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to ensure a proper housing environment for residents in Abu Shagara and Bu Daniq who were suffering a lot from traffic congestion and noise.  It also aims to preserve the interests of car dealers in these two areas and provide investor friendly climate to boost the competitiveness of the emirate's local economy."

Sheikh Mohammed bin Saud Al Qasimi noted that Souq Al Haraj is one of the largest used car markets in the world in terms of total area, number of showrooms, service amenities, cleaning and security services, as well as financing services provided by banks to customers, vehicle technical inspection, registration, and the issuance of all required documents including vehicle export certificates, vehicle ownership certificates, and transfer of ownership certificates under one roof. "This will represent a quantum leap in automobile trading in the region", he said.

On his part, Abdullah Al Haddidi, Manager of Souq Al Haraj, emphasized that the market's rent rates have been fixed after they were carefully discussed with specialized companies, taking into consideration the quality of services, areas of showrooms and retail shops. There is no key money required from dealers, thus facilitating the transfer of most showrooms in Abu Shagara and Bu Daniq to the new market. With a capacity of 25,000 cars now in its first phase, the market will see more expansion as the second and third phases will later be launched to meet future needs and demand."

The market includes a parking that can accommodate 5,000 cars for visitors, and 20,000 parking lots for dealers.  The market has "Tasjeel" and Traffic services on site, Souq Al Haraj offers a one-stop-shop concept to ensure that vehicle technical inspection and care registration are offered on site to help save effort, money and time for both buyers and dealers, he added.

The used car trading industry in Sharjah dates back to the early 1980s and was based in two hubs: Abu Shagara and Bu Daniq. The aim of the market, which gained immense popularity in Sharjah and the entire country, was to help Emiratis and residents, who are not able to buy new cars, to find vehicles that suit them.

The opening ceremony was attended by Sheikh Mohammed Bin Saud Al Qasimi, Chairman of the Central Finance Department and Board Chairman of Sharjah Asset Management, Sheikh Khalid bin Abdullah Al Qasimi, Chairman of Sharjah Department of Seaports and Customs, Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Sharjah Media Corporation, Sheikh Mohammed bin Abdullah Al Thani, Chairman of the Department of Statistics and Community Development, Rashid Ahmed bin Al Sheikh, Chairman of the Emiri Court, Brigadier Saif Al Zari Al Shamsi, Chief of Sharjah Police

Also Present in the opening ceremony were Eng. Ali Saeed Shahin Al Suwaidi, Director of the Department of Public Works, Eng. Salah bin Butti Al Muhairi, Head of the Department of Planning and Survey, Eng. Yousef Saleh Al Suwaiji, Chairman of the Sharjah Roads and Transport Authority, Eng. Khalifa Musabah Al Tunaiji, Chairman of the Directorate of Housing, Sultan bin Hadda Al Suwaidi, Chairman of Sharjah Department of Economic Development, Mohammed Obaid Al Zaabi, Chairman of the Department of Protocol and Hospitality, Abdullah Al Haddidi, Manager of Souq Al Haraj and many dignitaries, senior officials, businessmen and media representatives. 

-Ends-

© Press Release 2016