Construction Construction complete on $32m Sharjah waterfront project By Pramod Kumar September 2, 2022, 5:27 AM WAM The waterfront destination is part of the Kalba eco-tourism project and is scheduled to open in the fourth quarter of 2022. Construction work on the AED119 million ($32.40 million) Kalba Waterfront in the eastern region of Sharjah is 100 percent complete, state news agency WAM reported, citing the Sharjah Investment and Development Authority (Shurooq). Eagle Hills Sharjah Development, a joint venture between Shurooq and Eagle Hills, is a waterfront destination that is part of the Kalba eco-tourism project. The waterfront project is scheduled to open in Q4 2022. Shurooq’s latest development extends over 183,000 square metres, offering retail and entertainment venues. In February, Shurooq executive chairman Marwan Al Sarkal, who has since left his role, said the authority plans to invest in international markets, including Egypt, Saudi Arabia, Oman and Qatar. Shurooq’s investment portfolio is valued at AED12 billion in the property sector, which includes Eagle Hills and Sharjah Sustainable City, he told WAM. In its recently published report, Sharjah Commerce and Tourism Development Authority said the emirate’s hotels welcomed more than 270,000 guests in Q2 2022, up four percent year-on-year.
Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] 2 hours ago
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Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The increased production will come through the […] 37 mins ago
Oil & Gas Iraq makes huge oil discovery but faces Opec restrictions Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […] 15 hours ago
