Sharjah spends AED1.5bn for Islamic culture capital projects

Updated 17 March 2014

Sharjah spends AED1.5bn for Islamic culture capital projects

Sharjah has revealed that the cost of the 21 projects it is working on in celebration of its selection as the Islamic Culture Capital for 2014 nears AED1.5 billion, distributed over new universities, monuments, Islamic parks, traditional markets, museums and libraries, as well as scientific and architectural edifices.
Sheikh Sultan bin Ahmed Al Qassimi, chairman of the executive committee for the Sharjah Islamic Culture Capital 2014 (SICC 2014) celebrations, emphasized that these projects translate Sharjah’s vision to promote Islamic cultural thought and spread its goodness around the world.
Many of the SICC 2014 projects, including the Al-Majaz Island Amphitheater project, which started only three months ago, will be completed within days, said Sheikh Sultan bin Ahmed Al-Qassimi.
Al-Majaz Island Amphitheater, which covers an area of 7.238 square meters and accommodates up to 4,500 spectators, is set to host on March 26 the premiere of “Clusters of Light”, an epical theatrical performance that will launch the SICC 2014 celebrations.
Emphasizing its importance as a touristic and cultural edifice, Sheikh Sultan bin Ahmed Al-Qassimi indicated that the AED140 million amphitheater is fitted with the latest high-tech equipment that are unprecedented in the region and poised to produce outstanding performances.
Sheikha Bodour bint Sultan Al-Qasimi, chairperson of the Sharjah Investment and Development Authority (Shurooq) and head of the projects Committee for the SICC 2014 celebrations, pointed to the touristic value of the SICC 2014 projects, which will position Sharjah as an international cultural destination.
Among the other projects that will be completed by late March, as stated by Sheikha Bodour bint Sultan Al Qasimi, are an AED12.55 million Islamic park and an AED8 million monument.
Another park is being built at a cost of AED25 million.
This will be the first of three parks to be constructed as part of the SICC 2014 projects, adding a significant aesthetic, cultural and social value to the emirate.
“To complement its Islamic architectural system, Sharjah, as part of its SICC 2014 projects, is constructing buildings with Islamic architecture to highlight its identity and culture,” said Sheikha Bodour.
Citing the emirate’s keenness on its heritage and historical legacy, she clarified that a sum of AED23 million had been allocated for the construction of new museums and traditional markets, as well as other heritage projects.
In a separate statement, Department at Sharjah Commerce & Tourism Development Authority said Sharjah received more than 459,000 tourists from Russia in 2013, registering a remarkable 51 percent increase over the previous year when Sharjah received more than 305,000 Russian visitors.


Turkish lira slides to record low of 8 against dollar

Updated 26 October 2020

Turkish lira slides to record low of 8 against dollar

  • The lira has lost 26 percent of its value against the dollar since the start of the year
  • The Turkish currency also recorded its lowest level against the euro, trading near 9.52

ANKARA: Turkey’s lira on Monday set a new record low against the US dollar after the central bank refused to raise its main interest rate and tensions increased sharply with the country’s Western allies.
The lira was at 8.03 against the dollar at around 0730 GMT, suffering a loss of nearly one percent since the start of the day.
The Turkish currency also recorded its lowest level against the euro, trading near 9.52.
The lira has lost 26 percent of its value against the dollar since the start of the year.
Turkey’s central bank last week upset the markets which had expected a 175 basis points hike to the one-week repo rate.
The bank opted instead to keep the rate unchanged at 10.25 percent despite market concerns over persistently high inflation, which remains in double-digits, and worries about a sharp drop in foreign currency reserves.
Consumer price inflation was 11.75 percent in September.
The bank’s governor will deliver the quarterly inflation report on Wednesday in Istanbul.
The lira’s decline comes at a time of strained relations with NATO allies including France, Greece and the United States over multiple issues.
Turkish President Recep Tayyip Erdogan angered Paris after he said his French counterpart Emmanuel Macron needed to have “mental checks” at the weekend.
France responded by recalling its ambassador to Ankara and on Saturday described Erdogan’s comments as “unacceptable.”