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Multi-million dollar LED plant to be set-up in SAIF Zone

Rexton Technologies Middle East, an industrial arm of Sharjah-headquartered Kingston Holdings FZC, is setting up a multi-million dollar LED Manufacturing facility in Sharjah Airport Free Zone (SAIF Zone), to capitalise on the region’s growing demand for LED lights. According to recent research by Frost & Sullivan, the GCC LED market is currently growing at 16.8 percent (CAGR) per annum and ...

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Sharjah Islamic Bank issues AED 266.8 million convertible sukuk

Sharjah Islamic Bank (SIB) has issued a AED 266.8 million (US$ 73m) convertible sukuk equivalent to 10 percent of the bank’s share capital According to a statement from the bank, the sukuk has been converted into ordinary shares in the name of Sharjah Social Security Fund (SSSF), an entity established by royal decree in November 2017 to manage government pensions ...

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ARADA confirms AED1 billion loan for Sharjah mega-project

ARADA has arranged an Islamic syndicated loan of AED1 billion (US$ 274m) as financing for its the 24 million square foot master-planned community development, Aljada. The property developer’s finance facility was arranged by Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank as joint-lead arrangers and bookrunners. ARADA was formed in early 2017 as a joint-venture between KBW Investments and ...

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Sharjah’s achievements set stage for further economic growth

Improving oil prices, narrowing deficits and continued public spending are expected to support economic growth averaging 2.5 percent across the GCC next year, according to Moody’s Investors Services, while the credit agency predicts 2.7 percent real GDP growth for Sharjah in 2018. In Sharjah’s case, a wide range of achievements have helped it maintain stability in the face of regional ...

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First shopping mall opens in Al Madam

Al Badayer Shopping Mall has been opened in the town of Al Madam on the Dubai-Hatta road, the first purpose-built air-conditioned shopping mall in Sharjah’s Central Region. Less than an hour’s drive from Sharjah city and 20 minutes drive from Mleiha, Al Madam has recently become a focus for economic development and public infrastructure projects. All 27 retail units at ...

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Sharjah World Music Festival 2018 to begin on 13 January

The fifth edition of the most anticipated annual music event in the emirate, the Sharjah World Music Festival (SWMF) is back to entertain the UAE from 13 to 19 January 2018 (updated). It is presented by Sharjah Investment and Development Authority (Shurooq) in a strategic partnership with Sharjah Commerce and Tourism Development Authority (SCTDA) and Al Majaz Amphitheatre. Festival organiser, ...

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‘Invest in Sharjah’ leads government FDI workshop

Sharjah FDI office ‘Invest in Sharjah’, the promotional investment arm at Sharjah Investment and Development Authority (Shurooq), has held a workshop to draw more foreign investment into the emirate through increased government coordination. Held at the Business Centre in Al Qasba, the ‘Sharjah Attraction Investment Workshop’, was attended by representatives from Shurooq, Sharjah Chamber of Commerce and Industry (SCCI), Department ...

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