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Sharjah GDP rises to AED92.7b in 2017

Sharjah’s gross domestic product (GDP) reached AED92.7b in 2017, increasing by an average of 4.7 per cent, according to figures released by the Sharjah Economic Development Department. Sultan Abdullah bin Hadda Al Suwaidi, Chairman of Sharjah Economic Development Department, (SEDD) said that the increase in GDP reflects the wise vision of His Highness Sheikh Dr. Sultan bin Mohamed Al Qasimi, ...

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Sharjah participates in 3rd Belt and Road Summit in Hong Kong

Sharjah 24: As part of the delegation of the UAE, the Sharjah FDI office ‘Invest in Sharjah’ has participated in the 3rd Belt and Road Summit in Hong Kong, with more than 5,000 participants from 55 different countries. The UAE participated in the summit with a high-level delegation headed by the Ministry of Economy, including a number of senior officials ...

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Oxford Business Group ‘The Report Sharjah 2018’: Diversification and FDI driving Sharjah’s economy

The 2018 Oxford Business Group report for Sharjah has shown that the emirate’s policy of diversification and its success in attracting foreign direct investment is driving the economy towards new heights. The document, ‘The Report Sharjah 2018’, provides an in-depth analysis of the most prevalent sectors and industries, highlighting the move away from hydrocarbons and towards a diverse and innovation-led ...

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UAE Cabinet approves 10-year visas, will allow 100% foreign ownership by year-end

The UAE Cabinet has approved a new long-term visa for international investors and talented professionals and is set to introduce an investment law allowing 100 per cent foreign ownership this year, according to an announcement on Sunday. State-news agency WAM said UAE Vice President and Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum directed the Ministry of Economy to ...

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Hamriya Free Zone, India’s Gandhar Oil Refinery, sign investment agreement

Saud Salem Al Mazrouei, Director of the Hamriya Free Zone Authority and the Sharjah International Airport Free Zone Authority, signed an investment agreement with Ramesh Parekh, Chairman of Gandhar Oil Refinery India, to establish an integrated project to produce white oil, liquid paraffin, hydraulic liquid, transformer oil, rubber processing oil, motor oil and industrial oil. The agreement was signed to ...

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SPWD accomplishes AED2.5 million Mafraq Park in Kalba

The new park is an addition to the series of park projects being implemented by SPWD in the various areas of the emirate. Engineer Ali bin Shaheen Al Suwaidi, Chairman of  Sharjah Public Works Department, said that the project is part of a series of development projects that came within the directives of His Highness Sheikh Dr. Sultan bin Mohamed ...

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Sharjah’s achievements set stage for further economic growth

Improving oil prices, narrowing deficits and continued public spending are expected to support economic growth averaging 2.5 percent across the GCC next year, according to Moody’s Investors Services, while the credit agency predicts 2.7 percent real GDP growth for Sharjah in 2018. In Sharjah’s case, a wide range of achievements have helped it maintain stability in the face of regional ...

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AED 22 billion Sharjah 2018 budget announced

H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued Law No. 10 2017 approving a general budget for the Emirate of Sharjah of AED 22.1 billion (US$ 6 billion) for the fiscal year 2018. According to Sharjah Finance Department (SFD), the budget has increased 6 percent compared to the final 2017 budget ...

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Moody’s affirms Sharjah’s A3 credt rating

Global credit rating agency Moody’s Investors Service has affirmed the long-term issuer rating for the Government of Sharjah at A3 and maintained the outlook at stable. Moody’s has affirmed the same high rating with a stable outlook for the emirate since its first rating report in 2014. Moody’s also affirmed its A3 ratings on Sharjah’s two senior unsecured sovereign Islamic ...

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