News

Sharjah Islamic Bank (SIB) announced this week that it has joined NASDAQ Dubai’s new Islamic financing platform, Murabaha, which offers an alternative for Islamic financing transactions using Sharia-compliant Certificates. SIB is the first bank to join the Murabaha platform, which was set-up by NASDAQ Dubai in partnership with Emirates Islamic Bank (EIB) and Emirates Islamic Financial Brokerage (EIFB). Originally founded ...

Sharjah could award up to AED 11 billion (US$3 billion) of construction projects by the end of 2014, according to a new report by Meed Projects. The report, which takes into account all known construction and transport projects in Sharjah with an estimated value of over AED18.3 million (US$5 million), predicted a bumper year for construction in the Emirate. According ...

Sharjah Investment and Development Authority (Shurooq) has announced the details of the AED 500 million (US$ 136m) Sir Bu Nuair Island development, a ground-breaking mixed-use real estate development due for completion in 2017. The announcement was made during the Arabian Travel Market (ATM 2014) in Dubai and is one of Shurooq’s largest initiatives to-date. Renowned for its natural beauty, the ...

Sharjah International Airport has added 200 more weekly flights to the airport’s summer timetable from this week. The boost in air-traffic comes partly as a result of the shutdown of two of Dubai International Airport’s runways for scheduled maintenance. Dubai International announced a 26 percent cut in the number of flights from 1 May to 20 July 2014, due to the ...

Sharjah government trade and investment organisations recently held roundtable discussions with members of the Netherlands Business Council Dubai on business and investment opportunities in Sharjah. The United Arab Emirates is currently the Netherlands largest export market in the Gulf, accounting for 40 percent of all the country’s exports to the GCC, while total trade between the UAE and the Netherlands ...

This year’s celebrations to mark the Sharjah Islamic Culture Capital 2014 were officially inaugurated yesterday by Dr Sheikh Sultan bin Mohammed Al Qasimi, the Ruler of Sharjah at a musical production about the life and teachings of the Prophet Muhammad. The Clusters of Light operetta was staged by Sharjah in an effort to encourage awareness and understanding about Islam. Clusters ...

Sharjah’s tourism industry is now reaping the rewards of years of development, with two million tourists expected to visit the Emirate by the end of 2014. According to recent comments by Khalid Al Midfa, Director General of the Sharjah Commerce and Tourism Development Authority (SCTDA), hotel revenues are expected to increase 10% during 2014, in line with the expected 10 ...

Global credit rating agency Fitch has upgraded Sharjah Islamic Bank’s (SIB) Viability Rating. The new rating was announced as part of the first Fitch Ratings peer review of the UAE banking sector. The report affirmed the Long-term and Short-term Issuer Default Ratings (IDR) of nine UAE banks, plus the Viability Ratings (VR) of eight other banks. Sharjah Islamic Bank’s VR ...

Sharjah has invested nearly AED1.5 billion (USD 408 million) on 21 projects started in celebration of the Emirate’s selection as the Islamic Culture Capital for 2014. The projects fall under a wide variety of Sharjah institutions and city landmarks including new universities, monuments, Islamic parks, traditional markets, museums and libraries. Sheikh Sultan bin Ahmed Al Qassimi, Chairman of the Executive ...

The UAE’s Gross Domestic Product (GDP) grew by four percent during 2013, according to recent statements by the UAE Minister of Economy His Excellency Sultan Bin Saeed Al Mansouri , whilst growth across the nation’s non-oil sector remains strong. The GDP calculated by the International Monetary Fund (IMF), is one of many statistics released during the past year highlighting positive ...