Business

Sharjah-headquartered Air Arabia PJSC (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has been ranked third in UK-based Airfinance Journal’s list of top 50 global airlines. The financial aviation intelligence magazine’s top 50 report evaluated the performance of 137 airlines based on a set of operational and financial parameters, including Total Revenue, Net Income, Passenger ...

Sharafco Group, a diversified petrochemicals group, has opened a new 80,000 cubic metre (cbm) oil storage terminal at Sharjah’s Hamriyah Free Zone. The new facility falls under Hamriyah-based Sharafco Petroleum FZE, a leading UAE supplier, marketer and manufacturer of petroleum and fuel products, which aims to lease out the tanks to global petrochemical traders. The US$100 million (AED 3.65b) storage ...

Sharjah Investment and Development Authority (Shurooq) unveiled a new ‘Invest in Sharjah’ brand at the Sharjah FDI Forum 2016 on Wednesday. Shurooq expects the new brand to help position Sharjah in global markets and help foreign investors identify the right opportunities in the emirate. Shurooq was established in 2009 to identify, evaluate and drive tourism, industry and heritage-related infrastructure projects, ...

Sharjah-based property company Al Thuriah has announced Sahara Tower 6, the final project in its 3.1 million square foot (288,000 sqm.) Sahara Complex on Sharjah’s Al Nahda Street, near to the border with Dubai. The new tower will complete the residential development, which includes 1,348 apartments, plus a variety of services and facilities. The last of six residential towers, the ...

More than 50 companies from six European Union countries visited the United Arab Emirates last week as part of a five-day trade mission, meeting business and government organisations to explore business and investment opportunities. Organised by the London Chamber of Commerce and Industry’s (LCCI), the delegation included companies from Belgium, Greece, Hungary, Italy, Lithuania and the United Kingdom. The EU ...

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 ...

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 ...

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. ...

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 ...

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 ...