Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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His Excellency Marwan bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority (Shurooq) said: “Key attributions to Sharjah’s diversified growth during 2017 until mid-2018 include the current strategic distribution of capital and investments across new, existing and emerging sectors in the emirate.
State entities, such as Shurooq, had a leading role in increasing investments from the private sector, operating with less dependency on government budget, which substantiate the upgrading on Sharjah’s credit ratings.”
He continued: “Our investments and development portfolio of key tourism, retail, commercial and residential projects in Sharjah have positively influenced our current (PPP) expansion processes, creating strong returns on diversified investments across eco-tourism, logistics, finance, education, light manufacturing, entrepreneurship and environmental projects. Recent studies conducted by Moody’s and IMF reflect on promising and growing fiscal forecasts, where Sharjah’s annual growth is expected to hit rise to 2.7% in 2018 and 2019, with expansion to be driven primarily by increases in trade and tourism, and a more optimistic growth outlook for its GDP; hitting a 2% increase in 2018 and 3% in 2019.”
He added: “Sharjah’s business environment currently operates under a set of values, rules and regulations that enable the most feasible and practical of services to investors world-wide. We also forecast that our existing and upcoming partnerships with private companies such as Eagle Hills Sharjah, Omran Properties, Diamond Developers, Mabanee, REI Holding, Emaar Hospitality Group, Nakheel and more will positively influence Sharjah’s economic growth. We forecast that these growths will establish more ground-breaking fiscal performances during 2019 and 2020, paving the way for new capital results in the future.”
Al Sarkal concluded: “Adding to that, our existing and upcoming network of free zones and industrial zones will also enable a key boost to industrial, manufacturing and trade sectors in Sharjah, as well as the economic diversification growth of the emirate.”
