Latest news with #SheikhSultan
Zawya
6 days ago
- Business
- Zawya
UAE developer Arada seeks $500mln Islamic bond as construction booms
United Arab Emirates property firm Arada Developments is seeking up to $500 million from an Islamic bond, or sukuk, two sources familiar with the matter said, as it joins other property firms tapping debt markets amid a construction boom in the Gulf state. Sharjah-based Arada would join a slew of Gulf property firms to issue bonds this year, which have tapped debt markets for financing needs and to capitalise on a real estate boom as Gulf countries accelerate economic diversification strategies. Arada plans to launch the bond next week and use funds from the debt sale to acquire new land, the sources said, declining to be named because they were not authorised to speak publicly. The plan was not yet finalised, they said. A spokesperson for Arada did not respond to a Reuters request for comment. Arada last tapped debt markets in September for a $150 million tap of its $400 million sukuk due 2029 which attracted strong demand and offered a yield of more than 7%. In the Middle East and North Africa, issuers raised a record $32.2 billion through sukuk in the six months to June 30, according to LSEG data, defying tariff uncertainty, geopolitical tensions and volatile oil prices. Regional developers which have raised Islamic debt this year include Dubai's Sobha Realty and Omniyat, both raising $500 million in May. Arada was established in 2017 by Sharjah's deputy ruler, Sheikh Sultan bin Ahmed AlQasimi and Prince Khaled bin Alwaleed bin Talal AlSaud, the son of Saudi billionaire Prince Alwaleed Bin Talal. It has projects and assets in its home country, and expects to launch sales and construction in Australia by the end of 2025. The company posted total revenue of $1.1 billion last year, up around 40% from 2023, according to a company presentation. (Reporting by Hadeel Al Sayegh and Federico Maccioni; Editing by Anousha Sakoui and Rachna Uppal)
Gulf Today
7 days ago
- General
- Gulf Today
Sharjah Ruler announces tree-lined mountain road with homes, waterways in Khorfakkan
His Highness Dr. Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, announced a miracle road above the peaks of mountains in Khorfakkan. 'We will build a road above the peaks and foothills of mountains, reaching Khorfakkan. The road will be a wonder like no other, and driving on it will be a true pleasure. Surrounded by trees, plants, waterways and beautiful homes, the road will ascend from the Ghazir Tunnel to reach the highest mountain peak in Khorfakkan, at an altitude of 1,100 metres above sea level,' Sheikh Sultan said in exclusive statements to the Direct Line programme. Earlier this year, Sheikh Sultan inaugurated the old Zubarah neighbourhood and Shees heritage project in Khorfakkan, which were restored to preserve the architectural and cultural heritage of the two areas by selecting buildings of historical and social value. Sheikh Sultan inspected the old Zubarah neighbourhood, which incorporated the grand mosque, guesthouse and governor's house in addition to four houses containing storerooms, halls and crane rooms with sloping roofs built to cope with heavy rainfall. He also visited a number of houses used as centres for artisans, which represent the marine and agricultural environments, and the cultural heritage house, restoration house and honey house. During his tour, Sheikh Sultan listened to an explanation of the activities organized in the neighborhood's facilities, which revive traditional professions and crafts, such as weaving, embroidery, spinning, sewing, incense and perfume making, bridal preparation, grain grinding and yogurt making in addition to cultural activities such as drawing, reading and various workshops. He was also briefed on the restoration work, the first phase of which began in 2023 and included the rehabilitation of all buildings
Zawya
14-07-2025
- Business
- Zawya
Sharjah Ruler approves $91.2mln in housing support for 431 families
His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved a new batch of housing support beneficiaries in the emirate of Sharjah, allocated for urgent cases, with a budget of AED335 million. A total of 431 families will benefit, including 133 families currently living in rented accommodation, 201 families residing in overcrowded homes with relatives, 61 families living in inherited houses, and 36 families in old and structurally unfit homes. All these applications fall under the grant category, and beneficiaries will receive ready-built government housing. The approval was announced by Khalid bin Butti Al Muhairi, Chairman of the Sharjah Department of Housing, during a phone-in segment on the 'Direct Line' programme, broadcast on Sharjah Broadcasting Authority.
Khaleej Times
10-07-2025
- General
- Khaleej Times
UAE Rulers offer condolences to Saudi King on passing of Princess Bazah bint Saud
The UAE's Rulers have sent condolences to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia, on the passing of Princess Bazah bint Saud bin Abdulaziz Al Saud. The messages were sent by Sheikh Dr. Sultan bin Mohammad Al Qasimi of Sharjah, Sheikh Humaid bin Rashid Al Nuaimi of Ajman, Sheikh Hamad bin Mohammed Al Sharqi of Fujairah, Sheikh Saud bin Rashid Al Mu'alla of Umm Al Qaiwain, and Sheikh Saud bin Saqr Al Qasimi of Ras Al Khaimah. Crown Princes and Deputy Rulers also sent similar messages of condolences to the Saudi King.
Gulf Today
08-07-2025
- Entertainment
- Gulf Today
Sultan grants six-storey building to Theatrical Association
His Highness Dr. Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has allocated a six-storey building in the Al Taawun area to the Theatrical Association in Sharjah. The Association's board of directors has expressed its joy and pride at this generous gesture from the UAE's foremost theatre patron. On his part, Ismail Abdullah, Chairman of the Board of Directors, commended the Ruler's gesture, saying 'This gesture represents a dream, which came true, thrilling the Emirati theatre artists thanks to His Highness Dr. Sheikh Sultan.' He continued, 'On the 2nd of July, a gathering was convened to commemorate an event initiated by the Theatrical Association to mark the Emirati Theatre Day, which has been designated to coincide with the birthday of His Highness the Ruler of Sharjah, in recognition of the pioneering contributions he has made to Emirati theatre, including the establishment, construction and provision of this cultural institution. In return, theatre professionals reciprocate this love with their own, demonstrating unwavering loyalty. The impetus for this undertaking was the profound influence that he had exerted on their passion for theatre.' He further said, 'The profound sense of elation experienced by theatre professionals had not yet dissipated when a new grant was bestowed from the depths of His Highness's benevolence. He contemplates the future of the Emirati theatre with the same care and foresight as a fatherly figure. He bestowed upon the association a unique edifice, comprising six storeys, a gift that has enabled Emirati theatre professionals to ascend once more, releasing compositions of love and allegiance. 'Sheikh Sultan spares no effort to support all of us as his children. We do not fear for a future that he planned. This grant is a cultural statement with all the sublime meanings it carries. With this grant, the association enters a new era of work, consolidating values and promoting theatre. It is a solid covenant from a man who carried the theatre as a universal message and took us with him on its path. I, and on behalf of all theatre professionals in the UAE, extend to His Highness my thanks, gratitude and loyalty that words cannot express and no statement can suffice, ' Abdullah Ismail added.
