Air Arabia sees demand soaring on India routes
Air Arabia, the first low-cost carrier in the Middle East and North Africa, announced yesterday that its passenger average load factor - passengers carried as a proportion of available seats -across its destination network in India stood at 94 per cent for the first quarter of 2008. The Sharjah-based airline served 246,296 passengers on its Sharjah-India routes for the first quarter of 2008, an increase of 43 per cent compared to 172,246 passengers during the same period in 2007.
Bank of Sharjah to offer bonds
Bank of Sharjah has announced that it will offer its converted bonds for clearance in the Abu Dhabi Securities Market from today. The bonds were converted into shares on March 17. In March this year, the bank announced that 395 bondholders had converted 487,472,086 bonds representing 97.49 per cent of the total. The capital of the bank after the said conversion stands at Dh1,737,472,086.
Madinat Al Majd project on course
Tameer has completed more than 65 per cent of structure works of the first phase of Madinat Al Majd project. Work on Madinat Al Majd started on December 23 last year and the completion date is scheduled for the end of this year as originally committed.
Project gets carbon neutral status
Sabban Property Investments (SPI) announced that it has achieved 100 per cent carbon neutral status for its 1.2 billion Qatari riyal Sabban Towers at The Pearl Qatar, making the project officially the first carbon neutral development in the Middle East. The announcement follows the completion of the final phase of SPI's 3.5 million Qatari riyal global carbon neutral initiative, which involved wind and solar power projects in India.
Damac unveils Harbour Heights
Damac Properties - the luxury lifestyle provider and Middle East's largest private sector master developer - has announced the launch of Harbour Heights, an iconic residential development at Al Reem Island in Abu Dhabi. Harbour Heights, to be built as part of Eshraq project within Al Reem Island, is an impressive master development, offering a vast array of luxury amenities and world-class infrastructure unmatched anywhere in the globe.
Al Jaber launches marine companies
Al Jaber, the leading group of companies in the UAE, announced yesterday the launch of two new companies as the result of two successful joint ventures with Turkish company Labranda, an investment of Brightwell Holdings. Al Jaber Mega Yachts will join hands with Labranda through a joint venture to build luxury mega yachts. Additionally, Al Jaber - Labranda Work Boats will be building work boats and passenger ferries. Both companies will start operations in the first quarter of 2009.
- Compiled from staff reports