Economy

Sharjah Asset Management, the investment arm of the Government of Sharjah, has announced the launch of a new 14 million square foot industrial estate near Sharjah International Airport. Al Saja’a Industrial Oasis is expected to be one of the largest industrial projects in the region, initially offering 353 plots to investors on freehold or leasehold basis. Sharjah has developed a ...

The United Arab Emirates is the world’s third strongest country brand, according to the annual Nation Brand survey carried out by London-based consultancy Brand Finance. The UAE ranks after Singapore and Switzerland in the evaluation of the world’s top 100 nation brands, with a brand value of US$ 403 billion (AED 1.48 trillion). While the USA topped the Nation Brand ...

An estimated 3,500 representatives of government, financial and investment sectors attended this week’s Global Islamic Economy Summit (GEIS) 2015, which took place in Dubai, highlighting the potential of the global Islamic economy. Sharjah’s investment interests were represented at the event by Sharjah Investment and Development Authority (Shurooq). Sharjah has aligned its development strategy closely with the world’s fast-growing Islamic economy, ...

Sharjah’s Department of Seaports & Customs and Canaveral Port Authority of Florida in the USA have signed a ‘Sister Ports’ agreement, which will underpin a variety of cooperation and collaboration initiatives including trade and investment development activities between the two authorities. The agreement was signed at a meeting hosted by Sharjah-headquartered international port operator Gulftainer in the Sharjah Chamber of ...

The latest report from Sharjah Economic Development Department (SEDD) shows strong growth in Sharjah’s business sectors with a 13.6 percent increase in new trade licences issued by the department during the first half of this year. SEDD issued 3,183 new licences during the first half of 2015, compared to 2,802 in the same period last year. Overall 33,192 licenses issued ...

The UAE Ministry of Finance has announced that local Small and Medium-sized Enterprises (SMEs) can now register in the Federal Register of Suppliers free-of-charge in an effort to support Emirati startups. According to the terms, the SMEs must be owned by UAE citizens and must register with the Federal Register during the first two years of their establishment. The Ministry’s ...

A multi-billion dollar development called ‘Sharjah Waterfront City’ on Sharjah’s northeast coast is expected to be announced at the region’s premier real estate event, Cityscape Global, next month. According to a report by Sharjah-based Al Khaleej newspaper, the emirate’s largest master-planned mixed-use development project to-date will cover an area of 60 million square feet along 36 kilometers of waterfront. The ...

The International Monetory Fund (IMF) has estimated the United Arab Emirates’ average economic growth at 3.6 percent for 2014, and forecasts 3.2 percent in 2015. Despite lower oil prices, sluggish global growth, and volatility regional markets, the UAE remains one of the fastest growing economies in the world with strong non-oil economy growth of 4.8 percent (2014). According to the ...

The UAE’s Council of Small and Medium-Sized Enterprises and Projects is in the final stages of formation and will soon begin implementing programmes to grow and develop the small and medium-sized enterprise (SME) sector. SMEs have been identified as critical for the economic and social development of emerging markets, playing a major role in creating jobs, developing economic growth, and ...

Sharjah Investment and Development (Shurooq) has been named the Top Investment Promotion Agency in the Middle East in Site Selection Magazine’s 2015 Best to Invest Awards, in recognition of the authority’s global initiatives to attract foreign direct investment to the Emirate of Sharjah. The award comes at a time of regional and global recognition for both Sharjah’s economy and Shurooq’s ...