Sharjah Investment and Development Authority (Shurooq) unveiled a new ‘Invest in Sharjah’ brand at the Sharjah FDI Forum 2016 on Wednesday. Shurooq expects the new brand to help position Sharjah in global markets and help foreign investors identify the right opportunities in the emirate.
Shurooq was established in 2009 to identify, evaluate and drive tourism, industry and heritage-related infrastructure projects, whilst facilitating local and foreign direct investment in Sharjah. The authority has taken the lead in promoting investment opportunities in the emirate globally via a calendar of international sales and marketing activities including conferences, trade shows, high-level business and government meetings and other strategic initiatives.
The authority has also been responsible for bringing ambitious new tourism and heritage projects to life, including the Heart of Sharjah, one of the largest heritage developments in the Arabian Gulf region, and the award-winning Mleiha Archaeological and Eco-tourism Project in the emirate’s interior.
Shurooq plans to use ‘Invest in Sharjah’ to provide a one-stop-shop for global investors to find out more about investment opportunities in the emirate, have access to key facts and figures and gain a better understanding of the economic and legislative environment.
Government of Sharjah has put in place a wide range of initiatives in place to help diversify Sharjah’s economic base, encourage inward investment and develop global trade. With one of the most diversified economies in the region, expectations are that Sharjah’s real economic growth will remain relatively robust, despite the regional and global impact of oil prices.
Global credit rating agency Standard & Poor’s expects an increase in Sharjah’s consumption and investment levels after oil prices have somewhat stabilised and as the emirate’s overseas business continues to grow. It also forecasts an rising rate of economic growth through to 2019.
The high level of investor confidence in Sharjah was underscored in January this year with the successful issue of a US$500 million (AED 1.8b) 5-year sovereign sukuk, which received orders of over US$950 million (AED 3.5b).