Among the most diversified economies within both the UAE and the GCC, Sharjah has long played an important cultural and economic role in the region. Home to three free zones, 16 museums and a number of annual festivals that attract visitors from around the world, the emirate continues to perform in the realms of commerce and culture. Sharjah has developed strong manufacturing, tourism and logistics industries, among other non-oil sectors.
- Economy: In High Gear – Local and federal authorities are working to further develop the economy through a range of measures intended to improve the business environment, attract more foreign investment and bolster government finances.
- Trade & Investment: Cash flow – Sharjah is a major re-exporter, with the value of re-exports totalling $7.25bn in 2015. By far the largest categories of re-exported goods were pearls, stones and precious metals. A key advantage of the emirate as regards foreign trade is that its commercial ties are not excessively concentrated on any particular geographical area.
- Financial Services: Money Makers – The financial services sector has seen rapid growth, at an average rate of 12.7% over the previous five years. Bank assets in 2016 remained well above their 2014 levels, with profits recovering at some institutions that had suffered in 2015. In the insurance segment, premiums and profits at locally headquartered firms have risen in recent years.
- Industry: In The Works – Numerous competitive advantages such as strong transport and logistics infrastructure, an advantageous geostrategic location and a well-established industrial ecosystem will allow Sharjah to remain an important manufacturing and industrial centre for the UAE in the coming years.
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