Kuwait Real Estate Company (Aqarat) has launched the Al-Tay Hills project in partnership with IFA Hotels & Resorts in the Al-Tay area of Sharjah in the UAE.

According to an official statement, the estimated AED3.5bn ($953m) three-phase project is spread over six million square feet. It includes 1,100 villas and townhouses, three community malls, a 2.5-kilometre-long green spine, and walking and cycling paths totalling 11km.

The first phase of the project is expected to be completed in 2028.

The UAE’s heightened real estate activity is in line with GlobalData’s forecast, which expects the construction industry to register annual growth of 3.9% from 2025 to 2027, supported by investments in infrastructure, renewable energy, oil and gas, housing, industrial and tourism projects.

Private sector investments in the real estate sector will also support the industry’s growth in 2024.

The residential construction sector is expected to record an annual average growth rate of 2.7% between 2025 and 2028, supported by private investments in the residential housing sector, along with the government’s initiatives to meet the rising housing demand domestically.