The Souq Al Haraj is the largest Automotive hub of MENA, owned and managed by Sharjah Asset Management Holding. The region consists of 415 car showrooms, 30 accessory stores, 28 supermarkets, and other businesses. It also includes restaurants, money exchange, banks, insurance, and more. Let’s take a look at the history, growth, and future plans for this mega business zone.
History of Souq Al Haraj
It started in the 1980s with the establishment of five used car showrooms and an addition of 30 showrooms in the 1990’s. These thirty showrooms predominantly sold right-hand drive cars. Sharjah soon became one of the world’s largest right-hand drive used cars market place. Below mentioned is the chronology of trade –
- 1980 – Establishment of 5 used car showrooms
- 1990 – Established 30 right-hand drive car showrooms
- 1994 – Trading with Africa begins
- 1997 – Sharjah becomes one of the world’s largest right-hand drive
- 1998 – A 100 used car showrooms were established, leading to the growth of spare parts businesses
- 2001 – 120 car dealers extend into other Emirates regions
- 2007 – Sharjah government plans the setup of a used cars market
- 2012 – The construction of a new market for used cars
- 2015 – Inauguration of Souq Al Haraj, one of the biggest markets for used cars
Souq Al Haraj used cars
Souq Al Haraj has become a major destination for trading in pre-owned cars. It witnessed a 99% occupancy rate in 2021, with more than 17,083 transactions consisting of registration and transfer of ownership, possession, purchase and sale, and exports of used cars. Traders dealing in all kinds of vehicles and brands are present at this strategic business location and have praised the exponential growth opportunities over the years.
Souq Al Haraj Phase 2
Sharjah Asset Management company has recently announced the second phase of the project. The expansion plan comes with the company’s vision to improve opportunities for trades. They plan to do so by providing quality additions, exhibitions, and innovative services.
The plan for Phase 2 includes an addition of 121 new showrooms, 39 new buildings with 2,320 parking spaces, a state-of-the-art sewage treatment plant, and a newly developed road network spanning across an area of 2.4 km. The project is intended to invite more dealers, investors, and customers to use these new and modern infrastructures to increase trade in the region and beyond.
Location and timing of the Souq
Souq Al Haraj Management is located at 8FWG+QWQ – Al Ruqa Al Hamra – Sharjah. The timings are from 8 AM to 10 PM Saturday to Thursday, and on Friday, it opens from 3 PM to 12 AM. The office timings are from 7:30 AM to 2:30 PM Sunday to Thursday.
The largest automotive hub of MENA
Souq Al Haraj has contributed to the growth of Sharjah’s pre-owned cars market and continues to expand for more traders and investors to come in. With innovative new business models and infrastructure, it is set to become the biggest used-cars market in the Emirates region.