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 ...

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 ...

The Sharjah Chamber of Commerce and Industry (SCCI) and the International Association of Exhibitions and Events (IAEE) signed a Memorandum of Understanding (MOU) to cooperate on organizing a number of CEM (Certified in Exhibition Management) Learning Program courses in 2018. The MOU states that a minimum of 9 IAEE CEM Learning Program courses will be organized, in cooperation with Expo ...

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 ...

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 ...

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 ...

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 ...

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 ...

Economists, technologists and futurists are predicting that global economies are soon going to be subjected to their greatest transformation ever: the ‘fourth industrial revolution’. Built on the foundation laid by the third (digital) revolution, experts expect emerging technology breakthroughs in fields such as artificial intelligence, advanced robotics, the Internet of Things, quantum computing, biotechnology and nanotechnology to have a fundamental ...

Sharjah saw an overall 46 percent increase in the number of real estate sales transactions, according to the latest figures released by Sharjah Real Estate Registration Department. Commercial and residential buyers led Sharjah property sales during H1 2017, supported by the availability of new units as developers completed real estate projects in and around Sharjah city. Overall, Sharjah saw AED ...