Home / Economy (page 16)

Economy

Sharjah opens up property market to expats

The Emirate of Sharjah has updated laws regulating Sharjah’s property market to allow foreign expatriates living in the United Arab Emirates to purchase property in zones authorised by the government. Previously, property could only be sold to UAE nationals, other Gulf Cooperation Council (GCC) nationals and Arab nationals with a valid UAE resident visa, but not to the many other ...

Read More »

AED 2 billion Tilal City launched

Tilal Properties, a new joint venture between Sharjah Asset Management and Eskan Real Estate Development, has announced Tilal City, a 25 million square feet mixed-use community strategically located near the Emirates Road (E611), just 10 kilometres from Sharjah’s International Airport. The AED 2 billion (US$ 540 million) real estate development will include some 2,000 residential plots, offices, retail stores, open ...

Read More »

S&P affirms Sharjah’s ‘A/A-1’ rating on strong economy

Global credit rating agency Standard & Poor’s has affirmed the Emirate of Sharjah’s A/A-1 sovereign credit ratings long- and short-term, foreign and local currency, on the basis of Sharjah’s strong economic growth and the government’s solid fiscal management. The rating agency also confirmed that it expected Sharjah’s economic growth to continue. S&P gave its first ever sovereign credit rating for ...

Read More »

Forum stresses Sharjah’s commitment to investors

Heads of government departments and authorities are to meet in Sharjah on Sunday to discuss how the emirate can best meet the needs of business investors. Organised by Sharjah Investment and Development Authority (Shurooq) under the patronage of His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, the Sharjah Forum will focus ...

Read More »

Sharjah banks report strong profit growth

Sharjah banks InvestBank (INVESTB), Sharjah Islamic Bank (SIB) and United Arab Bank (UAB) all announced strong profits for the first nine months of 2014. Investbank reported a six percent increase in net operating profit to AED 373 million (US$101m ), SIB reported a 33.5 percent increase in net profits to AED 295 million (US$ 80m), whilst UAB reported a 20 percent ...

Read More »

Sharjah opens new AED 500 million airport runway

Sharjah International Airport‘s new AED 500 million (US$ 136m) airport runway was opened this week, significantly expanding the airport’s capacity, in line with its goal of handling 25 million passengers by the year 2025. The new runway adds capacity for large and new-generation ICAO Code F aircraft such as the Airbus A380 and Boeings B747-8 Intercontinental and B747-8 freighter, plus ...

Read More »

Sharjah airport sees 16% passenger growth

Sharjah International Airport passenger traffic registered a 16 percent increase in the third quarter of this year compared with the third quarter of 2013. Sharjah handled 2.4 million passengers during the same period, compared with 2 million passengers in Q3 2013, while, overall, 7.3 million passengers passed through the airport since the beginning of the year. 17,830 flights landed or took ...

Read More »

Sharjah’s environment sector to grow by 15 percent

Sharjah’s environment sector is expected to grow by 15 percent to almost AED 1 billion (US$ 0.27b) by 2016, according to a new study by the Sharjah Investment and Development Authority ( Shurooq). The authority is currently seeking foreign direct investment (FDI) in solar energy generation plants and water desalination projects as part of an effort to grow new ventures in the ...

Read More »

Sharjah achieves strong 8% GDP growth in 2013

The emirate of Sharjah’s gross domestic product (GDP) grew by 8 percent during 2013, according to new statistics released by the United Arab Emirates Ministry of Economy this week. According to the Ministry, Sharjah’s economy fared well during the last global financial crisis and bounced back from -5 percent GDP downturn in 2009 to +4 percent GDP growth in 2010, 7 ...

Read More »

Air Arabia honoured by World Economic Forum

Sharjah-headquartered Air Arabia (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has been named in the World Economic Forum’s Global Growth Companies (GGCs) list for 2014. According to the World Economic Forum (WEF), GGCs are the world’s most dynamic, high-growth companies from around the world. This year’s GGC list includes 28 trailblazers, shapers and innovators ...

Read More »