-
Treasury Sales (Derivatives)
Industry: Finance
Location: Kuwait, Kuwait -
Investment Director - TMT Fund
Industry: Finance
Location: Dubai, UAE
Sharjah: cultural oasis
by ArabianBusiness.com staff writer on Thursday, 02 August 2007
With 27 museums, a growing reputation for art and a determination to hold onto traditional Arabic and Islamic values, Sharjah is the UAE's capital of culture but over the last few years it has been diversifying its interests and grown across several other sectors.
Spread out over 2590 sq km of land, after Abu Dhabi, Sharjah is the largest emirate in the UAE. Formerly a British protectorate, Sharjah was the site of a British base until 1971, when the British withdrew from the Persian Gulf and then joined the United Arab Emirates.
Oil has been produced in Sharjah since 1961, however it is its unknown gas reserves that have formed the base for its revenues over the last few decades. With a booming GDP of around US$11.4bn in 2006, compared to US$10bn in 2005, a rise of almost 20% and edging ever closer to overtaking the Kingdom of Bahrain's US$18bn, the emirate is undergoing the fastest growth spurt in its long history.
The emirate has a population of around 650,000 and rising. And with a growing number of people choosing to move across to the city from Dubai due to rising rental prices Sharjah can expect to see a lot more professionals residing within its borders in the future.
Unlike many of the other emirates the city has a duo of large, distinctive and traditional Arabic landmarks. Its two large covered souks reflect Islamic design with tourists flocking to get their hands on some of the best made and well priced local products in the Gulf. Known as the cultural capital of the UAE, Sharjah's principal exhibition point is its Expo Centre that holds a large majority of its shows and art fairs including the world renowned Sharjah Biennial. It is also well known for its annual book fair which brings together hundreds of publishers and thousands of titles from all over the world.
Despite Dubai catering for a large number of tourists and residents, the city's Sharjah International Airport (SIA) is well served and is host to Air Arabia, the region's first Low Cost Carrier (LCC). SIA is undergoing a dramatic US$100m expansion plan to allow it to cater for up to eight million passengers by the end of the year. The expansion is in line with the Sharjah government's plans to boost the emirate's global identity and economic development as well as the phenomenal growth of Air Arabia, increased cargo loads and other airlines using the airport.
The ambitious development has seen the space and facilities at the airport triple in size from a total area of 6000 square metres at the start of 2005 to 18,5000 sq m by the end of last year.
Director general for SIA and the Department of Civil Aviation, Dr Ghanem Al Hajri, describes the project as a "quantum leap". "The airport has been witnessing an increase in the number of passengers over the years and this expansion and redevelopment will be a means of providing them with added facilities and better levels of comfort and safety."
International recognition for the airport's hard-working efforts to serve its customers came in 2005 in the form of a major award when SIA was voted best global airport by the Institute of Transport Management. The emirate's aviation base was described as "unique in generating traffic" and "backed by heavy investment in infrastructure".
The new development will take the airport to a new dimension. It includes a new departure area increasing the passenger space from 300 to 1300 sq m as well as a new arrival area up from 90 sq m to 500. The check-in areas will also almost triple in size to 4000 sq m, while throughout the airport coffee shops and food courts will undergo a complete overhaul, increasing the area from 570m to 1750m with new seating included.
Meanwhile the number of check-in counters has doubled to 40 in addition to two VIP stations and an oversize counter. A state of the art baggage control system has been introduced to ensure the efficient and secure handling of passengers and their luggage.
Sharjah is well served by sea by Port Khalid and Khor Fakkan, a major east coast port. An offshore island of Sir Abu Nuáir belongs to Sharjah, while it also claims the island of Abu Musa which Iran also lays claim to. Sharjah also encompasses some important oasis areas, the most famous of which is Dhaid where a wide range of fruits and vegetables are cultivated on its rich and fertile soil. It has one Omani enclave, the Madha territory, where UAE enclave Nahwa also lies.
Sharjah is a sister city to Dubai and Ajman on both its borders. The three urban areas have now expanded to each others borders, while Sharjah is about 170km away from the UAE's capital city Abu Dhabi.
It is the only emirate in which the sale, possession and consumption of alcohol is banned. It also maintains the strictest decency laws in the UAE, introduced in 2001, with a conservative dress code required for both men and women.
TOP IN MIDDLE EAST BANKING & FINANCE
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST BANKING & FINANCE
LATEST MIDDLE EAST BUSINESS FEATURES
USER COMMENTS (0 COMMENTS)
CLICK HERE TO POST A COMMENT
RELATED STORIES
Dubai Financial Market (DFM)
Most Viewed Dubai Financial Market (DFM) Articles
- DIFX eyes derivatives trading launch
2 Jul '08 | News - Drake and Scull waits for $272mn IPO approval
1 Jul '08 | News - Gulf markets rebound, led by Abu Dhabi, Qatar
30 Jun '08 | News - Geopolitical fears continue to weigh on markets
29 Jun '08 | News - Qatar posts biggest fall in month
26 Jun '08 | News
General Civil Aviation Authority (UAE)
Most Viewed General Civil Aviation Authority (UAE) Articles
- Securing our skies
16 Jan '08 | News - Back to school
9 Jan '08 | Interviews - UAE agrees open skies with Georgia
11 Dec '07 | News - On board
20 Nov '07 | Interviews - UAE flies safely
7 Nov '07 | News
Sharjah International Airport
Most Viewed Sharjah International Airport Articles
- It’s good to be free
10 Nov '07 | Features - Darwish win $136mn SIC contract
3 Nov '07 | News - Best of both worlds
16 Sep '07 | Interviews - Sharjah airport to upgrade check-in systems
12 Sep '07 | News - Adel Ali: Last laugh
31 Aug '07 | Features
Sharjah Islamic Bank
Most Viewed Sharjah Islamic Bank Articles
- Dawn of the GCC Shariah superbanks
4 Feb '08 | Features - Global market mayhem
23 Aug '07 | Features - Sharia-compliant banking looks north
18 Jun '07 | Briefings - SIB gets upgrade
16 Jun '07 | News - Survival of the fittest
31 Dec '06 | Comment



