Day: July 11, 2021

SHARJAH, Arada, a property development company in Sharjah, has announced that it has secured an AED250 million Islamic facility from Dubai Islamic Bank (DIB) to finance general construction at its Aljada megaproject in the heart of New Sharjah.

The credit facility is in addition to an initial AED300 million financing arrangement secured from the bank at the start of this year, Arada said in a statement on Sunday.

The financing will help to accelerate the Sharjah developer’s construction work at Aljada, where several major contracts have already been handed out this year, including the construction of a student housing community, Nest, and The Boulevard, which is a set of three nine-storey apartment blocks.

Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said, “This announcement is yet another testament to the incredible business growth at Arada, strengthening its position as UAE’s fastest-growing master developer, which we have reached by benefiting from the stable and steadily growing Sharjah real estate market.

Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, commented, “We are constantly looking at adding value to the DIB franchise, be it in the way we conduct our business or through our large-scale partnerships, and the association with Sharjah’s premium developer, Arada, is a testament of this very fact.

“DIB’s core focus is to contribute towards the growth of the UAE, all seven Emirates alike and the partnership with Arada is yet another important milestone in supporting the development in the country.”

Aljada is spread over a 24 million square foot plot and featuring extensive residential, hospitality, retail, commercial, entertainment and education components. Launched in 2017, the first homes at Aljada were handed over at the beginning of this year.

Source: Emirates News Agency

DUBAI, Sokovo has today signed an agreement with Dubai Industrial City, one of the region’s largest manufacturing and logistics hub, to establish a vertical farm that will produce thousands of tonnes of leafy greens, fruits and vegetables per year.

The indoor farm has a plot size of more than 100,000 sq ft, with a total built-up area covering more than 25,000 sq ft. Sokovo will grow fresh kale, spinach, lettuce, tomatoes, strawberries and melons, supplying hundreds of hypermarkets, hotels and top chefs across the country. The industry is attracting and nurturing talents that are bolstering the UAE’s innovation-driven food security strategy as vertical farming booms nationwide.

The environmentally-friendly hydroponic facility will be built with a retractable sunroof to maximise natural light and reduce electricity consumption. Water will be responsibly used to provide the necessary nutrients to the crops and maintain quality and freshness.

State-of-the-art processing and sorting equipment will sanitise and pack the produce, creating a fast and efficient farm-to-fork delivery system. Rotating seven-metre-tall towers will also be used to make sure that all the crops get equal exposure to natural sunlight which helps us maximize the freshness of all the produce and maintain efficiency across a large area. The factory will be designed with high flexibility and agility to match market demand while delivering the highest levels of product quality and safety.

Saud Abu Al-Shawareb, Managing Director of Dubai Industrial City, said: “Growing melons, tomatoes, strawberries and kale in an arid climate with limited water and arable land should be impossible, but the UAE’s commitment to innovation-driven food security shows anything is possible. Our agreement with Sokovo to build a world-class vertical farm marks an exciting chapter in the future of food production, and we are delighted to welcome them to our business district.”

He added: “Food security is a national priority, and the expansion of technology-driven sustainable farming is vital to build and scale resilient production systems that can grow fresh and healthy produce. It also catalyses investment and employment opportunities that contribute to our knowledge-based economy. And today’s important agreement moves the UAE closer to achieving the goals enshrined in the National Food Security Strategy 2051.”

Highlighting the importance of innovation-driven food security and the opportunities in the region, Harsh Gurbani, Manager, Sokovo, added: “We look forward to producing pesticide free fruits and vegetables which would be grown and sold only in the UAE. This would also contribute towards the economy of the country and enable us to grow fresh products 365 days of the year and 24 hours of the day.”

Covering more than 550 million sq. ft. Dubai Industrial City is designed around a world-class masterplan that divides the massive business district into strategic sector-focused zones. The food and beverage site covers a total land area of 23.5 million sq. ft and is home to more than 60 food and beverage manufacturers including Barakat, Patchi, Almarai Group, Barakah Dates Factory and Lifco. There are also 11 food production factories under construction.

With more than 750 business partners in Dubai Industrial City, the manufacturing and logistics hub is a strategic driver and enabler of several government initiatives, including the Dubai industrial strategy 2030, the National Food Security Strategy 2051 and the UAE Clean Energy Strategy 2050.

Source: Emirates News Agency

DUBAI, Dubai’s business environment is expected to see move forward in the third quarter of 2021, as confidence among companies and investors improves prior to Expo 2020 Dubai, a newly released survey from the Dubai Chamber has found.

The Business Leaders’ Outlook for Q3-2021 reports that 66 percent of respondents said they expect to see better business conditions during the third quarter, compared to 51 percent who said the same in the second quarter. At the same time, 66 percent of business leaders surveyed were more optimistic about the business environment, compared to 48 percent in the second quarter.

Expectations among business leaders due to factors affecting business conditions in Q3-2021 have improved significantly across the board, compared to Q2-2021, with the most notable improvements seen in the financial transactions category.

Some 57 percent of business leaders said they expect a recovery in oil prices to positively affect the business environment in the third quarter, while 62 percent of business leaders said continuing global restrictions on trade and travel would be a risk impacting business conditions in the emirate.

The results marked the highest readings of the survey since the final quarter of 2014. The increase in confidence is due to several factors, such as the pro-active approach of the government, growing domestic demand, economic stimulus initiatives and progress of vaccination drives being the key factors behind positive attitudes among business leaders.

The survey found that SMEs, in particular, were more optimistic about Dubai’s economy in the short term, compared to large companies serving regional and global markets, while debt collection, late payments, strong competition in prices and the high cost of raw materials were identified as key challenges and risks that could potentially impact the economic situation.

Commenting on the survey, Hamad Buamim, President and CEO of Dubai Chamber, said the findings demonstrate Dubai’s success in minimising the impact of the COVID-19 pandemic through a series of policies, initiatives and measures that have ensured a favourable business environment and addressed new challenges created by the pandemic. He noted that Expo 2020 Dubai is expected to fast track Dubai’s economic recovery and boost the emirate’s appeal among foreign companies and investors.

Source: Emirates News Agency