Economy

American University of Sharjah (AUS) and ‘Sheraa’, the new Sharjah Entrepreneurship Centre launched recently by Sharjah Investment and Development Authority (Shurooq), have signed a memorandum of understanding (MOU) to boost economic development and help create a culture of entrepreneurship in the emirate of Sharjah. Sheraa, which aims to inspire young people to start their own enterprises and raise the emirate’s ...

Global credit rating agency Standard & Poor’s has affirmed its ‘A/A-1’ long-and short-term foreign and local currency sovereign credit ratings on the Emirate of Sharjah. The agency also reaffirmed the stable outlook for Sharjah based on a low government debt burden, a diversified industrial base and continued robust economic growth. S&P began assigning sovereign credit ratings for the Emirate of ...

Sharjah Media City Free Zone has now been established by royal decree, which orders the creation of a competitive and sustainable tax-free zone city with world-class infrastructure and services. The new zone will have legal independence over licencing and media regulations, although governed by the laws of the United Arab Emirates and Sharjah. The move follows in the wake of ...

Sharjah Economic Development Department (SEDD) is targeting new growth from Sharjah’s manufacturing and industry and aims to provide even higher levels of support to the sector. The Industrial Affairs Department, which was established in 2014, estimates that the contribution from the industrial sector to Sharjah’s GDP (gross domestic product) may grow from its current 14 percent to as high as 25 ...

The Government of Sharjah has issued a US$500 million (AED 1.8b) Islamic bond this week with a 5-year maturity, which is the first sovereign sukuk to be issued globally this year. Bank of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank acted as lead arrangers for the issue. Final pricing for the bond, according to a document ...

A new Sharjah Entrepreneurship Centre has been launched at the American University of Sharjah this week. The centre, which is branded ‘Sheraa’, is an initiative of Sharjah Investment and Development Authority (Shurooq) and aims to inspire young people to start their own enterprises and raise the emirate’s profile as a preferred destination for startups. The launch event was attended by ...

Lead arrangers have been holding investor meetings this week to pave the way for the Government of Sharjah’s second sukuk. The new sovereign bond, which is expected to be in excess of US$500 million, could be the first sovereign sukuk to be issued globally in 2016. Global rating agency Standard and Poor’s has forecast fewer sukuk issuances this year, possibly ...

Sharjah Businesswomen Council (SBWC) is to launch a new start-up incubator programme to help Emirati women entrepreneurs bring new business ideas to life. Formed under the patronage of Sheikha Jawaher Bint Mohammed Al Qasimi, Honorary Chairperson of SBWC in collaboration with Education For Employment (EFE), the new initiative is called ‘Jeel’ (‘generation’ in Arabic) and will support start-ups in cities ...

Al Saja’a Industrial Oasis, one of the largest industrial projects in the region, could create more than 20,000 jobs according to developer Sharjah Asset Management. The development of the new 14 million square foot industrial estate near Sharjah International Airport was announced in October. Sharjah Asset Management expects that the total population of Al Saja’a Industrial Oasis will reach approximately ...

Global credit rating agency Standard & Poor’s has once again affirmed the Emirate of Sharjah’s A/A-1 sovereign credit ratings long- and short-term, foreign and local currency. These ratings were made on the basis of Sharjah’s strong nominal GDP (gross domestic product) growth, despite reports of a slow-down in the UAE’s non-oil business growth. S&P began assigning sovereign credit ratings for ...