Sharjah Holding, a UAE real estate developer, awarded Al Qabdah Building Contracting the construction of  the first phase of Al Narjis neighborhood, part of the Al Zahia residential project, reported Construction Week Online.

Construction work will take place over several stages. The first phase is set to start in May 2016 and the final phase to be completed in 2022, hosting approximately 12,000 residents, according to Arabian Business.

Al Narjis neighborhood will include townhouses, villas, a neighborhood park, fitness stations and multi-functional open spaces, reported ME Construction News.

It’s expected that Al Zahia will boost Sharjah’s economy by AED 5.5 billion ($1.5 billion) upon its completion.

Al Zahia is the first gated community in Sharjah, and is planned to occupy about 1 million square meters. In addition, the residential buildings will be close in proximity to a community hub that includes retail and public facilities.

“It is an exciting time for Sharjah Holding as we move forward with the construction of Al Narjis, the second neighborhood in Al Zahia. We look forward to beginning work in the coming months and seeing our thriving community continues to expand and evolve,” said Walid Al Sayegh, chairman of Sharjah Holding.

Sharjah Holding, founded in 2008, is a partnership between the government of Sharjah and Majid Al Futtaim Properties.