Sharjah Economic Research Highlights
Sharjah has one of the most diversified economies in the UAE, with a strong foundation in industry and manufacturing. Approximately 95.8% of its economic activity was derived from non-oil sectors in 2019, positioning the emirate to absorb much of the impact of the Covid-19 pandemic.
Sharjah entered the pandemic period in a resilient position thanks to a highly diversified and digitalised economy supported by strong fundamentals at the national level. With the emirate benefitting from one of the world’s highest vaccination rates, it is well positioned to enjoy a robust economic recovery supported by investment flows into high-potential segments such as ICT, logistics, health, R&D, advanced manufacturing and tourism.
Special Reports on Africa
Vision 2030 includes social development initiatives to empower micro-, small and medium-sized enterprises (MSMEs) and citizens, promote entrepreneurship and widen access to financing. Meanwhile, the Kingdom committed to net zero in 2021, and retains a focus on responsible governance for sustainable development.
Guided by the Vision 2030 strategy for diversification, rapid advancements are being made in Saudi industry, mining, logistics and renewable energy. As the Kingdom works towards reaching net-zero carbon emissions by 2060, corporations and supporting bodies such as the Saudi Industrial Development Fund are taking actions to reduce their carbon footprints and adopt clear environmental, social and governance (ESG) policies to ensure future expansion is sustainable and inclusive.
The regulatory landscape for Gulf financial service providers is changing, with growing awareness of the need for banking institutions to adopt sustainable finance frameworks and responsible lending and operational practices in order to manage risk and attract international investment.
With the publication of its National Environment and Climate Change Strategy in 2021, Qatar has recognised that a proactive and holistic approach is needed to meet the challenge of global warming and environmental degradation. The adoption of circular economy principles is central to its goal of achieving a more sustainable economic model, with waste materials from production and distribution across a broad range of activities being collected, treated and recycled back into the value chain as cleanly as possible.
Automotive stakeholders are increasingly aware that the business-as-usual scenario that has sustained the industry for more than 100 years is no longer tenable. Regulatory changes and emissions-reduction targets at the national and global level are spurring a pivot to low-carbon and zero-emissions vehicles.
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Economic News & Views on the GCCEconomic View
On corporate governance in the GCC and business opportunities in Africa
In a year of global economic uncertainty fuelled by inflation, geopolitical crises and supply chain insecurity, the Middle East witnessed a second consecutive year of economic growth, with countries in the region investing in new technologies and projects that could herald greater integration in the years ahead.
On collaborating with the private sector to diversify Saudi Arabia’s economy
On emerging trends in the luxury goods segment and marketing to a global audience
On leveraging innovative technologies to facilitate economic diversification and small business financing