Economy

Hazel International FZE (HIF), owned by Indian conglomerate Veritas (India) Limited (VIL), has begun construction of a US$ 126.45 million (AED 464.5m) liquid and solid cargo handling terminal at Sharjah’s Hamriyah Free Zone. The new terminal is expected to make the free zone the second largest hub for petrochemicals, oil and gas bunkering and storage in the UAE. The new ...

Moody’s Investors Service has assigned a provisional rating of (P)A3 to the US dollar sovereign Islamic bond issue proposed by the Government of Sharjah. Plans for a sovereign sukuk first came to light in June and it has since been revealed that the government has mandated HSBC, Kuwait Finance House, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard ...

A delegation from the United States Congress visited Sharjah to explore mutual business and investment opportunities last week. Led by U.S. Congresswoman and Chairman of the Congressional Black Caucus, Representative Marcia L. Fudge, the delegation met leaders in government, business and education and participated in a roundtable event held at the Sharjah Chamber of Commerce and Industry. The United Arab ...

Sharjah Container Terminal (SCT) recorded 14 per cent growth in container volumes during the first half of 2014, compared with the same period last year. The terminal, located at Port Khaled in the heart of the city of Sharjah, is operated by Gulftainer, the largest privately owned terminal operator in the Middle East. Gulftainer also operates  Khorfakkan Container Terminal (KCT) on Sharjah’s ...

Sharjah International Airport passenger traffic soared in the second quarter of 2014 as the airport added more than 200 flights over May, June and early July as a result of runway repair works taking place at the nearby Dubai airport. Sharjah handled 2.6 million passengers in the second quarter, being 20 percent more than during the same period in 2013, ...

Khorfakkan Container Terminal (KCT) has welcomed the ship CSCL Mercury, the first vessel on the new China Shipping Container Lines / United Arab Shipping enhanced AEX7 joint service, which links leading ports across Asia and Northern Europe via Sharjah’s Khorfakkan Port. China Shipping Container Lines Co. Ltd (CSCL) is China’s second largest container shipping liner and the seventh largest global ...

Sharjah Cement and Industrial Development Co. (SCIDC:ADX) has announced a 18.7% increase in sales revenue from AED 322.7 million (US$ 88m) in H1 2013 to AED 383.1 million (US$ 104m) in H1 2014 with a 135% increase on net profit for the first half of 2014, compared with the same period last year. The company attributed the rise in turnover ...

Sharjah-based energy company Dana Gas PJSC (DANA:ADX) has announced a 70% rise in net profits for the second quarter of 2014 totaling US$ 46 million (AED 169 m), citing an increase in production across its projects and higher realised hydrocarbon prices. The company, which is the Middle East’s largest regional private sector natural gas company, reported an increase in average overall production ...

Organisers of the annual World Forum for Foreign Direct Investment, Conway Data and Red Hot Locations, and hosts, the Sharjah Investment and Development Authority (Shurooq), have announced the dates for next year’s forum. The Sharjah World Forum will take place from 8 to 10 February 2015*. Held annually in locations around the world, the World Forum provides a platform for ...

Two of Sharjah’s leading banks, Sharjah Islamic Bank (SIB) and United Arab Bank (UAB), have announced increased profits for the first half of 2014 this week underscoring the strength of the emirate’s banking sector. Sharjah-headquartered UAB announced a 26% increase in net profit in the first half of 2014 compared to the same period last year, reaching AED 328 million ...