Business

Sharjah-based energy company Dana Gas PJSC (DANA:ADX) has completed an agreement with global oil and gas giant BP, whereby Dana Gas will drill the first exploration well in Egypt’s Al Matariya onshore concession area. Under the terms of the agreement, BP, as operator, will carry Dana Gas for its 50% share of the cost of the well, subject to an ...

Bank of Sharjah P.J.S.C. (BOS:ADX) is firming up plans to issue a US$ 500 million (AED 1.84b) senior unsecured bond and has organised an investor roadshow with lead arrangers beginning on Thursday May 21st in London. The bank disclosed its board decision to issue a senior unsecured bond with a five-year term to shareholders in April. Bank of Sharjah has ...

UK-based Bash-P International, the flagship lifting equipment manufacturing company of the Safety & Services Group, has opened a US$20 million (AED 73m) nylon ‘lifting webbing’ manufacturing unit in Sharjah Airport International Free Zone (SAIF Zone). The unit is the first dedicated lifting webbing factory in the Middle East and North Africa. The new factory will produce nylon/polyester webbing material ranging ...

Sharjah Islamic Bank CEO Mohammed Abdulla rang the opening bell at Nasdaq Dubai on Sunday to celebrate the listing of US$500 million (AED 1.84 b) sukuk on the exchange. It is the second sukuk to be listed by Sharjah Islamic Bank (SIB) on Nasdaq Dubai , following a US$ 500 million listing in April 2013. Global sukuk issuance is expected ...

Air Arabia Jordan, the new venture formed from Sharjah-headquartered Air Arabia’s acquisition of a 49 percent stake in Petra Airlines, will commence operations from its Amman Queen Alia International Airport base on Monday 18 May 2015. The Jordan venture’s services will start with direct flights to four countries in the region, strenghtening the group’s connectivity between Jordan and the Levant, Middle ...

Phase one of Sharjah’s new post code system has been officially launched by Sharjah Urban Planning Council (SUPC) in the first step to provide emirate-wide local post codes, opening up new opportunities for ecommerce, retail and logistics providers. The new local post code system, developed by the Emirates Post Group, provides a key component for the door-to-door delivery of a ...

Sharjah Directorate of Public Works is to tender for consulting firms to develop AED 526 million ($143.2 million) worth of sewer and storm-water drainage projects in the emirate. The plans follow an in-depth study conducted by Sharjah Urban Planning Council (SUPC) in collaboration with Sharjah Municipality, Sharjah Directorate of Public Works, Sharjah Directorate of Town Planning and Survey and international ...

Sharjah Investment and Development Authority (Shurooq) and the Arab-British Chamber of Commerce (ABCC) have signed a Memorandum of Understanding in London to encourage, promote and facilitate investment and development cooperation among the business communities in Sharjah and the United Kingdom. The MoU was signed by HE Marwan bin Jassim Al Sarkal, CEO of Shurooq and Dr Afnan Al-Shuaiby, Secretary General ...

Five new real estate developments are currently under study by the Sharjah Real Estate Registration Department that aim to benefit from recent changes in the emirate’s real estate laws. Sharjah updated is property ownership laws last year to allow foreign expatriates living in the United Arab Emirates to purchase 100 year leaseholds in real estate zones designated by the government. According to ...

Technomak Energy International FZC, the pipe and steel structure manufacturing subsidiary of the Technomak engineering group, has announced a US$75 million (AED 275m) expansion to its facility in Sharjah’s Hamriyah Free Zone. The new facility will allow the company to double production capacity by 2017, creating more than 800 new jobs. Technomak Energy, which registered as a Hamriyah Free Zone ...