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From The Report: Sharjah 2021
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Sharjah is the UAE’s third-largest emirate, accounting for just over 3% of the country’s territory, and has long played an important cultural and economic role in the region. Home to six free zones, two amphitheatres, around 30 museums and various annual festivals that attract visitors from around the world, the emirate has a wide offering when it comes to manufacturing, commerce and culture. The discovery of oil in Sharjah resulted in an economic boom, but even at its early stages the emirate’s leadership understood the importance of developing a non-oil economy. In the intervening decades Sharjah has implemented a number of initiatives aimed at developing the economy and encouraging investment inflows.

This chapter contains a viewpoint with Sheikh Sultan bin Muhammad Al Qasimi, Ruler of Sharjah and Member of the UAE’s Supreme Council; and interviews with Marwan bin Jassim Al Sarkal, Executive Chairman, Sharjah Investment and Development Authority; and Mohamed Al Musharakh, CEO, Invest in Sharjah.

Articles from this Chapter

Overview

Guiding principles: The emirate’s geographic, historical and cultural advantages
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Accounting for just over 3% of the territory of the UAE, Sharjah is the federation’s third-largest emirate, and has long played an important cultural and economic role in the region. Home to six free zones, two amphitheatres, around 30 museums and various annual festivals that attract visitors from around the world, the emirate continues to punch above its weight in terms of manufacturing, commerce, educational institutions and culture. Geography Sharjah is situated in the north-eastern part…

Viewpoint

Sustainable society: Sheikh Sultan bin Muhammad Al Qasimi, Ruler of Sharjah and Member of the UAE’s Supreme Council, on fostering an economy and culture that benefits all
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Viewpoint:Sheikh Sultan bin Muhammad Al Qasimi The economy is a key driver of societal and cultural development. Therefore, the most important considerations when analysing the robustness of an economy must include the following questions: how could the economy help realise the ambitions of all segments of society? how could the economy champion the interests of all community members? how could peoples’ efforts become a catalysing force to build a stable, flourishing and peaceful society? From…

Analysis

Road to recovery: Gulf countries chart a course for recovery from the pandemic
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Facing the twin challenges of a sharp reduction in trade and a steep drop in the price of oil as a result of the Covid-19 pandemic, countries in the Middle East weathered a particularly difficult 2020. While circumstances have been challenging, the region has looked to digital innovation as a path to recovery, and a number of governments have accelerated their existing plans for economic diversification. Impact on Oil With a number of Gulf countries deriving significant portions of their GDP from…

Interview

Working together: Marwan bin Jassim Al Sarkal, Executive Chairman, Sharjah Investment and Development Authority (Shurooq), on leveraging technological trends and innovation
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Interview: Marwan bin Jassim Al Sarkal To what extent have technological trends sparked by the Covid-19 pandemic affected Sharjah’s investment environment? MARWAN BIN JASSIM AL SARKAL: The pandemic accelerated plans to further develop technologically advanced services. It is notable that demand for investment and development projects increased over the course of the health crisis – a reflection of Shurooq’s focus on technological readiness and portfolio diversification. These factors enable…

Interview

Investment targets: Mohamed Al Musharakh, CEO, Invest in Sharjah, on attracting foreign investment and positioning the emirate for economic recovery in the post-pandemic era
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Interview: Mohamed Al Musharakh To what extent has the pandemic affected foreign direct investment (FDI), and which sectors stand to benefit after the pandemic? MOHAMED AL MUSHARAKH: Despite the challenges that the pandemic caused in 2020, Sharjah attracted around Dh800m ($217.8m) in FDI, with a strong rebound occurring in July compared to the second quarter of the year. The Sharjah government released a stimulus package of around Dh1bn ($272.2m), which mainly focused on reducing some government-imposed…