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Economy

Moody’s reaffirms Sharjah’s A3 rating

Moody’s Investors Services, has reconfirmed the Emirate of Sharjah’s strong “A3” long-term credit rating with a stable outlook. The international credit rating agency issued its first credit report on Sharjah in January 2014 an awarded an A3 stable rating reflecting the emirate’s credit strength, supported by its strong fiscal policy and low government debt position. Moody’s published a separate report ...

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UAE FDI grew by 25% in 2014

Foreign direct investment (FDI) into the United Arab Emirates grew by 25 percent in 2014 to more than US$13 billion (AED 47.75b), equivalent to 5 percent of the nation’s gross domestic product (GDP), according to the Minister of Economy Sultan Bin Saeed Al Mansouri. The Minister made the remarks at the opening of Sharjah 2015, the twelfth World Forum for ...

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Index shows strong UAE private sector growth

The United Arab Emirates registered strong growth in private sector production, purchasing and employment during January, according to HSBC‘s monthly Purchasing Managers Index (PMI), compiled by Markit, a global financial information and services company. Experts predict a slowing in some economic activity during this year as a result of lower oil prices, however January’s index showed a three-month high. The ...

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Global FDI experts to meet at Sharjah 2015

Global trade and investment experts and policy makers are expected to converge on Sharjah in the United Arab Emirates next week for the 2015 World Forum for Foreign Direct Investment, which will be held from 9 – 10 February. Hosted by Sharjah Investment and Development Authority (Shurooq), Sharjah 2015 marks the twelfth global edition of the conference and the first ...

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Sharjah sets record budget for 2015

The government of Sharjah has set its 2015 annual budget at AED 17.7 billion (US$ 4.8 b), the highest annual budget that the emirate has ever allocated, 12 percent above Sharjah’s AED 15.4 billion (US$ 4.2 b) 2014 budget. The budget was endorsed by The Sharjah Consultative Council (SCC) on Saturday and approved by His Highness Dr. Shaikh Sultan Bin ...

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Sharjah airport sees 12% passenger growth

Sharjah International Airport passenger traffic increased 12 percent in 2014 to 9.5 million passengers, compared with 8.5 million during 2013. The airport has enjoyed accelerated growth over the past three years, achieving 13 percent passenger growth in both 2012 and 2013, in line with its goal of handling 25 million passengers by the year 2025. A total of 70,559 flights ...

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Sharjah’s GDP growth rate could reach 13%

The Emirate of Sharjah’s gross domestic product (GDP) growth could reach 13 percent in 2014, according to comments made by Hussain Mohamed Al Mahmoudi, director-general of Sharjah Chamber of Commerce and Industry to UAE newspaper Khaleej Times. Al Mahmoudi informed the paper that the Chamber expected the emirate’s GDP to reach AED 113 billion (US$30.8 b) this year compared to ...

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Sharjah becomes a hotspot for investment

Ahmed Obaid Al Qaseer, COO of Sharjah Investment and Development Authority (Shurooq) was interviewed by World Finance recently about the emirate’s investment proposition (watch the video). Shurooq was recently named FDI Agency of the Year in the MENA region by The European Magazine’s Global Banking and Finance Awards and will host the 2015 World Forum for Foreign Direct Investment, from 8-10 February.

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Demand for Sharjah commercial space to rise

According to a new report by international real estate consultancy Cluttons, while Sharjah’s office rental market saw no growth during the July, August, September period, rents are expected to rise during the last quarter of the year due to growing demand for A grade office space. Some prime commercial locations saw a lowering of rental costs during the third quarter. ...

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Sharjah opens up property market to expats

The Emirate of Sharjah has updated laws regulating Sharjah’s property market to allow foreign expatriates living in the United Arab Emirates to purchase property in zones authorised by the government. Previously, property could only be sold to UAE nationals, other Gulf Cooperation Council (GCC) nationals and Arab nationals with a valid UAE resident visa, but not to the many other ...

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