News

His Highness Sheikh Dr. Sultan Bin Mohammed Al Qasimi, Member of the UAE’s Supreme Council and Ruler of Sharjah, this week issued instructions to Bee’ah, Sharjah’s waste management and environment company, to build, what is expected to be, the largest waste-to-energy plant in the world. Bee’ah awarded British firm Chinook Sciences with a GBP 300 million (AED 1.8 billion) contract for ...

The Sharjah Investment and Development Authority (Shurooq), in collaboration with the Japan Business Council (JBC) and the Japan External Trade Organization (JETRO), hosted a Sharjah-Japan Business Roundtable in Sharjah this week. Japan is a key trading partner of the United Arab Emirates accounting for US$25.92 billion (AED 95b) in bilateral trade during the first half of 2014. Source: Shurooq

Air Arabia (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has announced a record net profit of AED 498 million (US$ 136m) for the first nine months of 2014, increasing 46 percent compared with the same period last year. The company attributes this year’s success to the effectiveness of its business model and its hub ...

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 ...

Hands Industries, a second hand clothes dealer and recycler based in the Sharjah Airport Free Zone (SAIF Zone), sells an average of 500 tonnes of recycled clothes per month, according to UAE’s The National newspaper. Sharjah has become a hub for recycling and waste management with the emirate’s own waste management company, Bee’ah, driving a zero-waste initiative to divert 100% ...

Sharjah, the 2015 Arab Capital of Tourism, is participating in this week’s World Travel Market in London, United Kingdom to showcase the emirate’s tourism portfolio. Sharjah’s pavilion aims to provide a glimpse of life in the Emirate and highlight the unique opportunities that it offers international markets looking for a new destination for business or pleasure. The premier tourism and travel ...

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 ...

Sharjah-based plastics converter Alliance Plastics FZE is scaling up to meet the region’s growing demand for industrial plastic packaging products. The manufacturer plans to invest AED 15-20 million (US$ 4-5.5m) in a new state of the art factory unit on a 62,840 square foot (5838 sq. meter) plot in Sharjah Airport International Free Zone (SAIF Zone) . The Gulf Petrochemicals ...

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 ...

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 ...