UAE: Sharjah

Sharjah has long played an important economic and cultural role in the UAE, and boasts one of the most diversified economies by regional standards, with no individual sector accounting for more than 20% of GDP.

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While many Gulf nations were already working to diversify their economies prior to the coronavirus pandemic, the subsequent economic downturn and collapse in oil prices has meant that governments in the region have had to reassess and – in some cases – accelerate their strategic plans.

In what ways has Covid-19 affected asset quality and profitability in the banking sector, and to what extent are stimulus measures by the UAE government facilitating recovery?

As countries within the Gulf begin a gradual easing of Covid-19-related movement restrictions, the revival of the region’s aviation sector has come into focus. Effective recovery strategies will rely on reassuring passengers that sufficient health and the safety measures are in place.

How long do you expect production cuts across global energy markets to continue?

As Covid-19 cases slowly rise across the UAE, Sharjah’s government has approved a comprehensive plan to shield its economy from the most negative consequences of the outbreak.

Following the discovery of significant gas deposits, the first such onshore find in 37 years, Sharjah has taken a significant step towards energy self-sufficiency.

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