Economy

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 ...

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, ...