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Tilal City mall expected to open in 2019

Tilal Properties, a joint venture between Sharjah Asset Management and Eskan Real Estate Development, has revealed details of Tilal Mall, the central retail and entertainment complex of the AED 2.4 billion (US$ 653m) Tilal City. According to the developer, the new mall will cover a gross area of about 2 million square meters (21.5 million sq. ft.), making it Sharjah’s ...

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SIB issues fifth 5-year sukuk

Sharjah Islamic Bank (SIB) has issued an unsecured US$ 500 million (AED 1.8b) 5-year sukuk, according to a statement from the bank. The bank’s fifth Islamic bond was oversubscribed by more than three times booking orders totalling about US$ 1.6 billion (AED 5.9b). In a year that has, so far, seen sukuk issuances drop slightly, the new issue confirms the continuing ...

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SIB readies for new benchmark sukuk

Sharjah Islamic Bank (SIB), a leading shariah-compliant commercial bank, begins a global round of investor meetings this week to secure subscribers for a benchmark U.S. dollar Islamic bond issue or sukuk, according to a notice from the bank to shareholders. ‘Benchmark’, in this context, normally refers to a bond issue of at least US$ 500 million (AED 1.8b) in size. ...

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Alubond to build $14 million fire-resistant panel plant in Sharjah

Alubond USA, a global leader in aluminium composite cladding, plans to build the world’s largest single manufacturing location for A2 stone core panels in Hamriyah Free Zone at a cost of US$ 13.7 million (AED 50m). According to Alubond, which is a subsidiary of Sharjah-based Mulk Holdings, the new facility will have a production capacity of six million square metres ...

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Sharjah chamber offers free space to start-ups

Sharjah Chamber of Commerce & Industry (SCCI) will provide 50 new offices free-of-charge to entrepreneurs as part of the chamber’s Incubate Business Programme. According to the chamber, office space will be offered to entrepreneurs that have creative ideas and innovative projects to be executed in the UAE. The chamber hopes that providing office space to promising start-ups will help support ...

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Air Arabia reports 14% increase in passengers

Sharjah-headquartered Air Arabia PJSC (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has reported a 14 percent increase in passenger numbers, carrying 4.1 million passengers during the first six months of 2016, compared with 3.6 million during the same period of 2015. The airline also announced a 3.5 percent increase in net profit, compared with ...

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SAIF Zone roadshows woo Indian investors

Sharjah Airport International Free Zone (SAIF Zone) has carried out an extensive series of marketing roadshows across India this year, promoting the free zone in key cities and states throughout the country. This week, the free zone presented its proposition to investors in Kolkata in West Bengal, the third-most populous metropolitan area in India. Over the past 20 years, SAIF Zone ...

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US fuel system manufacturer opens Sharjah plant

US fuel injection system designer and manufacturer Stanadyne has opened an assembly plant in Sharjah Airport International Free Zone (SAIF Zone) to support export contracts. With manufacturing plants in China, India, Italy and the United States, the Sharjah facility is the company’s first in the Middle East. Stanadyne’s new plant will initially manufacture low emission diesel fuel pumps for Millat ...

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Shurooq steps up UK FDI promotion

Sharjah Investment and Development Authority (Shurooq) introduced Sharjah’s investment proposition to businesses in United Kingdom this month, participating in the second edition of the GCC-British Economic Forum, which took place on 21 July in London. Organised by the Arab British Chamber of Commerce and hosted in London, the forum was attended by senior officials, executives, and investors from Bahrain, Kuwait, ...

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Basma Group awards AED 120m Novotel Sharjah Expo construction contract

Basma Group Sharjah has awarded the AED 120 million (US$ 32.7m) construction contract for the Novotel Sharjah Expo to Klampfer Middle East LLC, a joint venture between Basma Group and KBW Investments. The new 4-star hotel will be located adjacent to the international exhibition and conference centre in Sharjah city’s central business district. The Gulf region’s meetings, incentives, conferences and ...

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