Economy

Sharjah banks InvestBank (INVESTB), Sharjah Islamic Bank (SIB) and United Arab Bank (UAB) all announced strong profits for the first nine months of 2014. Investbank reported a six percent increase in net operating profit to AED 373 million (US$101m ), SIB reported a 33.5 percent increase in net profits to AED 295 million (US$ 80m), whilst UAB reported a 20 percent ...

Sharjah International Airport‘s new AED 500 million (US$ 136m) airport runway was opened this week, significantly expanding the airport’s capacity, in line with its goal of handling 25 million passengers by the year 2025. The new runway adds capacity for large and new-generation ICAO Code F aircraft such as the Airbus A380 and Boeings B747-8 Intercontinental and B747-8 freighter, plus ...

Sharjah International Airport passenger traffic registered a 16 percent increase in the third quarter of this year compared with the third quarter of 2013. Sharjah handled 2.4 million passengers during the same period, compared with 2 million passengers in Q3 2013, while, overall, 7.3 million passengers passed through the airport since the beginning of the year. 17,830 flights landed or took ...

Sharjah’s environment sector is expected to grow by 15 percent to almost AED 1 billion (US$ 0.27b) by 2016, according to a new study by the Sharjah Investment and Development Authority ( Shurooq). The authority is currently seeking foreign direct investment (FDI) in solar energy generation plants and water desalination projects as part of an effort to grow new ventures in the ...

The emirate of Sharjah’s gross domestic product (GDP) grew by 8 percent during 2013, according to new statistics released by the United Arab Emirates Ministry of Economy this week. According to the Ministry, Sharjah’s economy fared well during the last global financial crisis and bounced back from -5 percent GDP downturn in 2009 to +4 percent GDP growth in 2010, 7 ...

Sharjah-headquartered Air Arabia (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has been named in the World Economic Forum’s Global Growth Companies (GGCs) list for 2014. According to the World Economic Forum (WEF), GGCs are the world’s most dynamic, high-growth companies from around the world. This year’s GGC list includes 28 trailblazers, shapers and innovators ...

Preparations for the 2015 World Forum for Foreign Direct Investment are well underway and registration for the event is now open. Held annually in locations around the world, the 2015 forum will be held from 7 – 10 February in Sharjah, United Arab Emirates, hosted by Sharjah Investment and Development Authority (Shurooq) and organised by Red Hot Locations. It is ...

The Sharjah Investment and Development Authority (Shurooq) has concluded a series of high profile meetings with trade and investment organisations in the U.S.A., holding meetings in Washington DC, Seattle, San Francisco and Los Angeles. The authority was visiting the United States as part of a larger delegation led by the UAE Ministry of Economy. Shurooq’s delegation included Sheikha Bodour bint ...

Sharjah-based energy company Dana Gas PJSC (DANA:ADX) has announced that its wholly owned subsidiary, Dana Gas Egypt, has been awarded the North El Salhiya (Block 1) and El Matariya (Block 3) onshore concessions in the Nile Delta as part of the 2014 Egyptian Natural Gas Holding Company (EGAS) bidding round held recently in Egypt. The company is currently the 6th ...

The Sharjah Investment and Development Authority (Shurooq) took Sharjah’s investment proposition to Shanghai this month, as part of its ongoing campaign to promote Sharjah as a destination for Chinese trade and investment. The authority took part in the 18th China International Fair of Investment and Trade in the coastal city of Xiamen, in partnership with the UAE Ministry of Economy. ...