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 nominal GDP (gross domestic product) growth. The agency expects that Sharjah’s nominal GDP growth will remain strong, against the government’s relatively high interest burden. S&P also stated that Sharjah had ...

UK-based Bash-P International, the flagship lifting equipment manufacturing company of the Safety & Services Group, has opened a US$20 million (AED 73m) nylon ‘lifting webbing’ manufacturing unit in Sharjah Airport International Free Zone (SAIF Zone). The unit is the first dedicated lifting webbing factory in the Middle East and North Africa. The new factory will produce nylon/polyester webbing material ranging ...

Ajman Tourism Development Department (ATDD) and Sharjah Investment and Development Authority (Shurooq) signed a cooperation agreement at Arabian Travel Market 2015 in Dubai, to promote all tourism and cultural landmarks and historic sites in Ajman and Sharjah. Present at the signing ceremony were H.E. Faisal bin Ahmed Al Nuaimi, Director General of Ajman Tourism Development Department and H.E. Marwan bin ...

A new US$100 million (AED 367m) art and culture themed 5-star luxury beachfront hotel and resort, the Majlis Grand Mercure Sharjah, is to be built on Sharjah’s corniche and managed by global hotel operator Accor. The new development was announced this week by H.E. Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group Sharjah and H.R.H. Prince Khaled bin ...

Sharjah Investment and Development Authority (Shurooq) unveiled its plans for Al Noor Island at the Arabian Travel Market 2015 this week. The AED 80 million (US$23m) tourism and leisure project, which is currently under construction on the 45,470 square meter Al Noor Island in Khalid Lagoon in Sharjah, will combine nature, art and entertainment. Scheduled for completion in the fourth ...

Sharjah Islamic Bank CEO Mohammed Abdulla rang the opening bell at Nasdaq Dubai on Sunday to celebrate the listing of US$500 million (AED 1.84 b) sukuk on the exchange. It is the second sukuk to be listed by Sharjah Islamic Bank (SIB) on Nasdaq Dubai , following a US$ 500 million listing in April 2013. Global sukuk issuance is expected ...

Authority readies to unveil new premium tourism project and promote its diverse portfolio of world-class destinations The Sharjah Investment Development Authority (Shurooq) is set to participate in the upcoming 2015 Arabian Travel Market (ATM 2015) for the 5th time, which will be taking place at the Dubai International Convention and Exhibition Centre from the 4th to the 7th of May. ...

Air Arabia Jordan, the new venture formed from Sharjah-headquartered Air Arabia’s acquisition of a 49 percent stake in Petra Airlines, will commence operations from its Amman Queen Alia International Airport base on Monday 18 May 2015. The Jordan venture’s services will start with direct flights to four countries in the region, strenghtening the group’s connectivity between Jordan and the Levant, Middle ...

Sharjah Commerce and Tourism Development Authority (SCTDA) today announced Sharjah Tourism Vision 2021, a tourism development strategy that aims to attract more than 10 million tourists to the emirate by year 2021. The SCTDA’s strategic plan, which follows an indepth study of Sharjah’s tourism market, proposition for tourists and opportunities in the sector, is built on four key pillars. – ...

A master plan for the expansion of Sharjah International Airport is currently under study by the Government of Sharjah, according to UAE daily newspaper Gulf News. The plan, developed by American engineering firm Bechtel last year, supports the airport’s goal of increasing capacity from 8.5 million passengers per year to 25 million by 2025. Sharjah International Airport opened a new ...