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US$60 million upgrade for Sharjah container port

Sharjah-headquartered terminal operator Gulftainer has invested US$60 million (AED 220m) in four state-of-the-art ship to shore (STS) and 12 rubber tyred gantry (RTG) cranes at the Khorfakkan Container Terminal (KCT), significantly strengthening the terminal’s operational capability and overall productivity. According to Gulftainer, the new, advanced STS cranes are larger, with a greater outreach to better service massive 18,000 twenty-foot container ...

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AED 2 billion Tilal City launched

Tilal Properties, a new joint venture between Sharjah Asset Management and Eskan Real Estate Development, has announced Tilal City, a 25 million square feet mixed-use community strategically located near the Emirates Road (E611), just 10 kilometres from Sharjah’s International Airport. The AED 2 billion (US$ 540 million) real estate development will include some 2,000 residential plots, offices, retail stores, open ...

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Construction to begin on world’s largest waste-to-energy facility

His Highness Sheikh Dr. Sultan Bin Mohammed Al Qasimi, Member of the UAE’s Supreme Council and Ruler of Sharjah, this week issued instructions to Bee’ah, Sharjah’s waste management and environment company, to build, what is expected to be, the largest waste-to-energy plant in the world. Bee’ah awarded British firm Chinook Sciences with a GBP 300 million (AED 1.8 billion) contract for ...

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Air Arabia reports record profits

Air Arabia (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has announced a record net profit of AED 498 million (US$ 136m) for the first nine months of 2014, increasing 46 percent compared with the same period last year. The company attributes this year’s success to the effectiveness of its business model and its hub ...

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Sharjah firm spearheads clothes recycling

Hands Industries, a second hand clothes dealer and recycler based in the Sharjah Airport Free Zone (SAIF Zone), sells an average of 500 tonnes of recycled clothes per month, according to UAE’s The National newspaper. Sharjah has become a hub for recycling and waste management with the emirate’s own waste management company, Bee’ah, driving a zero-waste initiative to divert 100% ...

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Sharjah plastics firm scales up to meet growing regional demand

Sharjah-based plastics converter Alliance Plastics FZE is scaling up to meet the region’s growing demand for industrial plastic packaging products. The manufacturer plans to invest AED 15-20 million (US$ 4-5.5m) in a new state of the art factory unit on a 62,840 square foot (5838 sq. meter) plot in Sharjah Airport International Free Zone (SAIF Zone) . The Gulf Petrochemicals ...

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Souq Al Shinasiyah retail spaces available for lease

Sharjah Investment and Development Authority (Shurooq) has announced that retail spaces in Sharjah’s newly renovated Souq Al Shinasiyah area are now available for lease, ahead of the market’s opening towards the end of the year. The souq is part of the Heart of Sharjah development, one the largest heritage developments in the Gulf region. Souq Al Shinasiyah was one of ...

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New US$126.5m bulk cargo terminal for Hamriyah

Hazel International FZE (HIF), owned by Indian conglomerate Veritas (India) Limited (VIL), has begun construction of a US$ 126.45 million (AED 464.5m) liquid and solid cargo handling terminal at Sharjah’s Hamriyah Free Zone. The new terminal is expected to make the free zone the second largest hub for petrochemicals, oil and gas bunkering and storage in the UAE. The new ...

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Air Arabia Q2 net profit rises 128% to AED 173 million

Air Arabia (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has announced record AED 173 million (US$ 47m) net profit for the second quarter of 2014, an increase of 128 percent on last year’s second quarter net profit of AED 76 million (US$21m). Air Arabia’s second quarter turnover reached AED 915 million (US$ 249m), an increase ...

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Increased production levels & hydrocarbon prices boost Dana Gas net profit by 70%

Sharjah-based energy company Dana Gas PJSC (DANA:ADX) has announced a 70% rise in net profits for the second quarter of 2014 totaling US$ 46 million (AED 169 m), citing an increase in production across its projects and higher realised hydrocarbon prices. The company, which is the Middle East’s largest regional private sector natural gas company, reported an increase in average overall production ...

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