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Sharjah Govt. explores collaborations with financial institutions

A delegation from the Sharjah Government and the Bank of Sharjah met with representatives of Arab and international financial institutions in Marrakesh, Morocco, to discuss ways of strengthening the joint partnerships during the joint meetings of the World Bank and the International Monetary Agency.

The main topics of discussion revolved around global economic and financial developments, as well as the implications of price fluctuations and political situations in various regions. The delegation also reviewed the strategies, plans, studies, and reports that impact the futures policies of financial institutions and the public debt system.

Waleed Al Sayegh, Director General of Sharjah Finance Department (SFD), said: “The outcomes of these meetings were very positive, and the sukuks and bonds of the Emirate of Sharjah were introduced. These financial instruments possess a diverse range of flexibilities and hold a commendable repute. Due to the Sharjah’s robust economic standing, secure investment environment, and sturdy financial solvency, these offerings are in high demand among global investors. Additionally, the emirate of Sharjah boasts a financial framework supported by economic growth, market-controlling legislation, and rapid urban and real estate development that adheres to the utmost international standards.”
Al Sayegh noted that the current interest rates are likely to continue for some time, and highlighted the importance of taking appropriate action based on this information.

For his part, Mohamed Khadiri, CEO of the Bank of Sharjah, expressed satisfaction with the fruitful discussions and shared updates on the Bank of Sharjah’s latest developments. Positive meetings were held with senior representatives from renowned institutions such as J.P. Morgan Private Bank, Standard Chartered Bank, HSBC Bank, Bank of Africa, Attijariwafa Bank, and Banque Populaire, among others. He highlighted that the government’s stake in the bank increased to 40%, strengthening the Bank of Sharjah’s position as one of the leading financial institutions in the Emirate of Sharjah.
He further added that meetings between the government and financial institutions presented a valuable opportunity to discuss areas of cooperation and partnership based on the bank’s future plans and strategies, emphasising their ambitious nature and alignment with the emirate’s aspirations, aimed at effectively capitalizing on both local and global opportunities.

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