Sharjah Commerce and Tourism Development Authority (SCTDA) in cooperation with several government and private agencies and institutions in the emirate has launched a regulatory framework — the Sharjah Tourism’s ‘Holiday Homes Project’ — which aims to offer an official framework of facilitation and control to Sharjah residents who wish to rent out places they own as holiday homes to tourists and visitors.

According to the terms and standards approved by SCTDA as stipulated by the Holiday Homes Project, the residential units can be rented out on a rotational basis, regularly.

The project is successfully developing an official facilitation framework in line with international best practices for the operation of holiday homes, and to register them under a unified umbrella and database. The project will also empower prospective users with a new source of income recognised by the Government of Sharjah, offering them official guidance on operating requirements, classification criteria, violations and other mechanisms.

Khalid Jasim Al Midfa, Chairman of SCTDA, said: “With Sharjah Tourism’s Holiday Homes project, the emirate’s aspirations to continue advancing this sector has crossed a meaningful milestone, as the initiative not only introduces an innovative new service to the tourism landscape but also puts Sharjah’s home owners at the forefront of benefiting from a drive that is poised to drive more visitors from around the world to the emirate.”

  “Through the Sharjah Tourism’s Holiday Homes Project, we seek to maximise visitor experience by ensuring high-quality classification standards and offering additional staycation options across the emirate of Sharjah. It will further strengthen cooperation between the Authority and the providers of holiday homes by developing a system of legislation and regulations. This will contribute to diversifying the sources of growth for the hospitality sector.”

According to estimates there are currently over 300 holiday homes in Sharjah. The first year of the project will see the registration and licensing of 150 holiday homes. About 15 operating companies will be involved in the process, and the holiday homeowners will be given three months to complete the documentation process. The first phase of the project includes organising field visits and inspection campaigns, as well as electronic or digital follow-up of holiday homes, their operators, and owners.

The Authority is also working on strengthening cooperation and coordination with several government agencies in Sharjah for developing regulatory procedures for holiday homes. These entities include the Department of Economic Development, Sharjah Municipality, Department of Planning and Survey in Sharjah, General Directorate of Civil Defence in Sharjah, and Sharjah Police.

Meanwhile, recently the Board of Directors of Sharjah Asset Management Company, investment arm of the Government of Sharjah, has approved the new institutional strategic plan for the 2023-2025 period, which seeks to enhance the economic and social development of the Emirate of Sharjah, in partnership with various public and private sectors. Investment and social responsibility  promotion is encouraged through optimal use of resources to meet the needs of the Emirate’s society and ensuring its sustainable well-being.

The new strategy was outlined during a meeting held recently, chaired by Waleed Al Sayegh, CEO of Sharjah Asset Management, in the presence of Ibrahim Al Houti, CEO of Osool Services, Naila Al Meraikhi, Executive Director of Strategic and Excellence Department. Senior leaders in the company, executives, heads of departments and sections, company employees, and affiliates were also in attendance.

Al-Sayegh: Practical experience and young national cadres are the two main assets of the company.

During the meeting, His Excellency Waleed Al Sayegh said: “Since the launch of Sharjah Asset Management 15 years ago, we have perfected our recipe for success through thoughtful and balanced investments, while setting high standards of sustainability, governance, transparency, and flexibility in dealing with local and international events and variables in our considerations. We have additionally succeeded in building two basic streams of wealth, First is the product of rich experiences and expertise the company has gained during these past years in numerous investments, market management, partnerships, institutional support, and real estate development, which have ultimately become an element of strength for the company. We were able to further build on, invest, and benefit from this wealth to achieve qualitative experiences that enhance the vision and mission of the Emirate Sharjah. The company strives to aid economic and social development in the emirate, provide a decent life and job opportunities for citizens, as well as distinctive infrastructure projects.”

He added, “The second wealth achieved by the company is that of the young national cadres who have made the country proud. The company considers them our winning bet, as over the past 5 years, we have been able to invest in and support the talented and ambitious new graduates. We have qualified as well as awarded many opportunities for them to prove their calibre. Sharjah Asset Management today comprises an elite group of ambitious and creative young leaders, whom we count on to lead the company in the future.”