Economy
From The Report: Sharjah 2021
View in Online Reader

While the global economic slowdown in 2020 triggered by the Covid-19 pandemic put downward pressure on GDP growth in Sharjah, there is cautious hope for a rebound in 2021 and beyond, driven by social and economic development spending programmes, as well as a rapid Covid-19 vaccine rollout. Government spending has risen steadily, funding ambitious development goals in the emirate and the wider UAE, while the authorities have simultaneously implemented initiatives to mitigate the health and economic impacts of the pandemic. Roadshows and forums hosted by Invest in Sharjah are a central pillar of the government’s investment promotion strategy, with a historical focus on India, Russia, China, the GCC, the US, and European nations such as Italy and France.

This chapter contains interviews with Sultan Abdullah bin Hadda Al Suwaidi, Chairman, Sharjah Economic Development Department; Badr Jafar, CEO, Crescent Enterprises; and Salem Yousef Al Qaseer, Chairman, Labour Standards Development Authority.

Articles from this Chapter

Overview

Playing to strengths: Well-balanced activity saw the emirate through disruptions in 2020 and positions it for rapid growth in 2021
OBG
plus

As one of the most diversified emirates in the UAE, Sharjah is less reliant on hydrocarbons than many of its neighbours, and has a strong foundation in industry and manufacturing. Indeed, hydrocarbons account for around 4% of GDP, and no individual sector contributes more than 25% of the total. Given that it has shores on both the Gulf and the Gulf of Oman, as well as shared borders with the six other emirates of the UAE, Sharjah has put trade and logistics at the heart of its development strategy.…

Interview

Strategic support: Sultan Abdullah bin Hadda Al Suwaidi, Chairman, Sharjah Economic Development Department (SEDD), on facilitating business activity and the digital transformation
OBG
plus

Interview:Sultan Abdullah bin Hadda Al Suwaidi How did Sharjah support the business community during the Covid-19 pandemic? SULTAN ABDULLAH BIN HADDA AL SUWAIDI: The government’s economic response to the Covid-19 pandemic was swift. Preventive measures implemented to mitigate the impact of the health crisis on the economy included a 10% reduction in utility bills for a three-month period, the adoption of 50 fiscal incentives to stimulate business and consumer activity, and the implementation…

Analysis

A broader view: The Covid-19 pandemic served as the latest reminder to Gulf countries of the need for economic diversification
OBG
plus

While many Gulf nations were already working to diversify their economies prior to the Covid-19 pandemic, the global recession in 2020 prompted governments in the region to either reassess or accelerate their strategic plans. With economies around the world operating under capacity and global travel severely curtailed for much of 2020, there was a significant drop in demand for – and subsequently the price of – oil, which is a major source of income for the GCC. For example, oil accounts for…

Interview

Forward momentum: Badr Jafar, CEO, Crescent Enterprises, on the readiness of the local market to benefit from new technologies
OBG
plus

Interview:Badr Jafar, CEO, Crescent Enterprises Which sectors offer the best prospects for venture capital (VC) amid the widespread disruption caused by the Covid-19 pandemic? BADR JAFAR: As we look to the post-pandemic world, health care, education and the supply chain represent promising and impactful areas for VC investors. Demand for these sectors has been driven primarily by changes in consumer habits, which will most likely persist beyond 2021. As the Fourth Industrial Revolution progresses,…

Analysis

Work and travel: Countries capitalise on the growth of the digital nomad lifestyle
OBG
plus

With Covid-19 facilitating the widespread adoption of remote work practices, some emerging markets are seeking to attract so-called digital nomads through a series of incentives and special visas. Despite border closures and travel restrictions resulting from the virus, various countries are stepping up efforts to incentivise the movement of digital nomads – people who work remotely and relocate relatively freely. Pick Your Spot In October 2020 Dubai launched its virtual working programme, an…

Interview

Best interests: Salem Yousef Al Qaseer, Chairman, Labour Standards Development Authority (LSDA), on protecting and enriching the lives of workers in the emirate
OBG
plus

Interview:Salem Yousef Al Qaseer What steps and measures has the LSDA put in place to limit the spread of Covid-19 and mitigate its social and economic impact? SALEM YOUSEF AL QASEER: The LSDA in Sharjah took immediate action to enhance health and safety procedures for workers, companies and employers in the industrial and commercial areas of the emirate, including Sharjah City, and the eastern and central regions. As of early November 2020 the authority had reached out to more than 300,000…