Economy

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. ...

Sharjah real estate is attracting investment from expatriate Arabs living in the UAE, after the government relaxed regulations to allow non-GCC nationals to buy property. Historically, only Emirati or other citizens from the Gulf Cooperation Council (GCC) have been allowed to own property, but a recent policy change now permits other Arab nationalities living in the UAE to purchase up ...

The Sharjah Investment and Development Authority (Shurooq) will be presenting some of Sharjah’s largest real estate, tourism and mixed-use developments at Cityscape Global from 21 – 23 September 2014 at the Dubai World Trade Centre. Cityscape Global is the biggest annual real estate trade show in the Middle East and North Africa and draws investors and developers from around the ...

The launch of the Government of Sharjah’s debut sovereign Islamic bond issue or sukuk has been met by massive demand from investors. The 10-year US dollar sukuk was launched at a size of US$750 million (AED 275b) on Wednesday, securing orders worth about US$7.85 billion (AED 29b). Sharjah has secured global investor attention this year, after receiving its first sovereign ...

Sharjah-based energy company Dana Gas PJSC (DANA:ADX)  has secured US$100 million (AED 367m) financing for the Zora gas field development project, via its wholly-owned Dana Gas Explorations FZE. The Zora gas field is expected to come on stream during the first half of 2015 with a production capacity of 40 million standard cubic feet per day (mmscfd). The Dana Gas Group is ...

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 ...

Moody’s Investors Service has assigned a provisional rating of (P)A3 to the US dollar sovereign Islamic bond issue proposed by the Government of Sharjah. Plans for a sovereign sukuk first came to light in June and it has since been revealed that the government has mandated HSBC, Kuwait Finance House, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard ...

A delegation from the United States Congress visited Sharjah to explore mutual business and investment opportunities last week. Led by U.S. Congresswoman and Chairman of the Congressional Black Caucus, Representative Marcia L. Fudge, the delegation met leaders in government, business and education and participated in a roundtable event held at the Sharjah Chamber of Commerce and Industry. The United Arab ...

Sharjah Container Terminal (SCT) recorded 14 per cent growth in container volumes during the first half of 2014, compared with the same period last year. The terminal, located at Port Khaled in the heart of the city of Sharjah, is operated by Gulftainer, the largest privately owned terminal operator in the Middle East. Gulftainer also operates  Khorfakkan Container Terminal (KCT) on Sharjah’s ...