Economy

Sheikh Abdullah bin Salem bin Sultan Al Qasimi, the Deputy Ruler of Sharjah, and the Deputy Chairman of the Sharjah Executive Council, chaired the council meeting held at the Ruler’s office this Tuesday morning. During the meeting, the council discussed several topics on the agenda related to developing government work, various initiatives to reduce plastic waste, and supporting small and ...

The Sharjah Economic Development Department (SEDD) has released its report for the first half of 2024, which showed an increase in the total number of business licences issued and renewed in Sharjah to 34,662, a 3 percent growth year-on-year (YoY). Commenting on that, Hamad Ali Abdalla Al Mahmoud, SEDD Chairman, said that SEDD H1 2024 report indicated the ability of ...

The UAE took the second place after the United States in greenfield FDI project announcements in 2023 at 1,323, an increase of 33 percent compared with 2022, according to the World Investment Report 2024, published today by the UN Trade and Development (UNCTAD). In terms of FDI inflows in 2023, the UAE attracted US$ 30.688 billion compared to US$ 22.737 ...

Sharjah’s status as an entrepreneurial haven has been reaffirmed after the 2024 Global Startup Ecosystem Report (GSER) revealed the emirate being 4th in the GCC, and 7th in the MENA region’s startup ecosystem rankings. The Startup Genome and Global Entrepreneurship Network standings, announced at London Tech Week, put Sharjah two spots higher than in 2023 due to the emirate’s growing ...

Sharjah’s Department of Statistics and Community Development (DSCD) has announced substantial growth in the emirate’s gross domestic product (GDP) for 2023. The preliminary estimates show a 6.5% surge, reaching approximately AED 145.2 billion, compared to 136.4 billion in 2022, which marked a 4.9% growth from 2021. The newly-revealed figures are based on estimates from the comprehensive economic survey conducted from ...

S&P Global Ratings has affirmed its ‘BBB-/A-3’ long- and short-term foreign and local currency sovereign credit ratings on the Emirate of Sharjah, a member of the United Arab Emirates (UAE). The outlook is stable. The stable outlook reflects S&P’s view that Sharjah’s government will introduce sufficient measures to begin stabilizing its net general government debt as a percentage of GDP ...

A new report by Henley & Partners reveals that the number of millionaires in five Middle Eastern cities has risen to around 124,800. The Henley & Partners, which tracks private wealth and investment migration trends worldwide, and global intelligence provider New World Wealth, highlighted that Sharjah registered a 95 per cent growth in millionaires over the past decade and has 4,100 millionaires, 11 centi-millionaires and ...

 The Sharjah Petroleum Council (SPC), a Government of Sharjah undertaking, has announced the discovery of new gas reserves in Al Hadiba field, located north of the Al Sajaa Industrial Area in Sharjah, in promising economically viable quantities. The new field was discovered after the Sharjah National Oil Corporation (SNOC) drilled a well over the past few months, and the well ...

Sharjah ranked 5th globally among the top 10 fastest-growing cities in attracting FDI inflows during 2023, in terms of new projects, capital expenditure growth, and job creation, according to data from “fDi Markets.” The emirate recorded a total growth of 60.29 points. According to the Financial Times’ fDi Markets database, which provides comprehensive data on global greenfield investments, Sharjah experienced ...

In an impressive testament to its economic strategy, the United Arab Emirates has made a significant leap to the 8th position on Kearney’s 2024 Foreign Direct Investment Confidence Index® (FDICI), up from 18th place in 2023, and now stands 2nd on the Emerging Market Index after China. The FDICI, now in its 26th iteration, continues to be an authoritative forecast ...