News

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 ...

Air Arabia (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has announced record AED 173 million (US$ 47m) net profit for the second quarter of 2014, an increase of 128 percent on last year’s second quarter net profit of AED 76 million (US$21m). Air Arabia’s second quarter turnover reached AED 915 million (US$ 249m), an increase ...

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 ...

Sharjah’s award-winning integrated environmental and waste management company, Bee’ah, has stepped-up its tyre recycling efforts to process 3 million tyres per year. The company’s US$40million (AED 146.9m) recycling facility outside Sharjah city has already produced 3,565 tonnes of crumb rubber this year, equivalent to 90% of last year’s total production. Bee’ah is leading the way for tyre recycling in the ...

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 ...

Delta Food Industries (FZC), one of the UAE’s fastest growing food exporters, will invest AED 40 million (US$ 11m) in expanding its manufacturing and packaging facilities in the Sharjah Airport International Free Zone (SAIF Zone). According to the manufacturer, which was established in Sharjah in 2011, the expansion is to help ramp up production to meet the growing needs of ...

Sharjah’s tourism sector expects a boost from visitors during the Muslim holy month of Ramadan and the following Eid Al Fitr holidays, which begin next week. The UAE is a popular destination for Eid vacations within the region, where some Middle Eastern countries will celebrate the end of Ramadan with holidays up to 9 days long. Whilst figures are awaited ...

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 ...

UAE-based Hospitality Management Holdings (HMH) is the latest hotel management group to announce a major investment in Sharjah, unveiling a US$4 million (AED 15m) project to refurbish Sharjah’s popular Coral Beach Resort. A number of hotel projects have already been announced this year, including new properties from Accor, Hues and Starwoods, plus several planned hotels as part of tourism development projects ...