Page 4 - Al Tijarah - July 2020
P. 4

Sharjah government injects AED 4 billion into

            banks to support business affected by Covid-19

       49  Sharjah's  Central Finance Department                              entities  facing financial difficulties as  a

         has launched a AED 4 billion Sukuk to                                result of the Coronavirus pandemic".
         boost liquidity for  Sharjah-based banks
         to enable them to provide additional                                 He added that since the beginning of the
         financial support to businesses  affected                            pandemic, the Government of Sharjah has
         by the current exceptional circumstances                             provided many packages and initiatives
         due to the new Corona virus pandemic                                 aimed  at supporting companies and
         “Covid-19”.                       according to specific criteria.    individuals,  citizens  and residents  alike,
                                                                              and that this innovative financial offering
         The AED Sukuk has been issued for   H.E.  Walid Sayegh,  Director General of   provides the required cash flows to the
         12 months on several  segments and   Sharjah  Central Finance Department,   targeted sectors within the  applicable
         is the UAE's first short-term local   said: "Banks will be able to use Sukuk as   efficient regulatory framework.
         currency  trading  instrument with a   collateral for the liquidity facilities of the
         short-term investment  rating of A-2 by   UAE Central Bank, in accordance with   Bank of Sharjah has underwritten AED 2
         the  international credit rating agency   regulations and policies  that will ensure   billion into the first tranche, while other
         Standard  & Poor's, which Sharjah-based   the flow of  funds  through  the banking   banks will later subscribe to the second
         banks can inject into the economic cycle   sector to target segments  and other   tranche, which is also worth AED 2 billion.

                    i-kWh Smart Energy Solutions launched

                                 at Sharjah Innovation Park

         Sharjah  Research,  Technology and                                   goal of transforming it into the  capital
         Innovation Park has revealed that i-kWh                              of innovation and the environment in
         company has joined the complex, with                                 the Middle East, adding  that: "i-kWh”,
         the  aim  of supporting engineering,                                 which is part of  Qi-energy group,  has
         procurement, construction and developer                              demonstrated its ability to  become a
         contractors, both inside and outside the                             trustworthy partner in the global clean
         UAE.                                                                 energy industry."

         i-kWh provides design consultancy and a                              The company employs a specialized team
         range of other services in the renewable                             of energy engineers with expertise in all
         energy sector, reflecting its ability to                             forms of power generation, enhancing
         support  local  facilities to  purify their                          its ability to offer complete-detail design
         hybrid energy sources and reduce energy                              packages  for solar, storage and hybrid
         costs for end-to-end customer segments.                              systems, as well as off-grid power supply
                                                                              systems,  in addition to its leadership  in
         H.E. Hussein Al Mahmoudi, CEO of                                     providing smart  energy solutions and
         Sharjah  Research,  Technology and   as one of the  hubs shaping  the  culture   consulting in the renewable energy sector.
         Innovation Park, expressed his happiness   of innovation in the region, encouraging
         in welcoming i-kWh to the  Park, which   and developing it. He said that the   Aaron Astley,  General  Manager of
         is a clear indication to Sharjah's place in   Park  is working  to  strengthen Sharjah’s   "i-kWh” shed  light on the  reasons
         the international scientific community,   investment  and technology sector in its   behind  choosing The  Sharjah  Research,
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