Economy
From The Report: Sharjah 2023
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Sharjah is experiencing robust economic growth after rebounding from the impacts of the Covid-19 pandemic. The emirate’s unique geostrategic location and strength in technology, health care, education and tourism make it well positioned for further development. Additionally, Sharjah has thriving manufacturing, construction and real estate sectors supported by free zones and industrial parks.

Sharjah’s economy is largely non-oil, constituting around 96% of its GDP, and focuses on sectors like manufacturing, services and finance. The government is strategically investing in sustainable development, as seen in projects like Sharjah Sustainable City, showcasing a commitment to environmental goals. The emirate’s 2023 budget emphasises economic, social and infrastructure development while strengthening financial sustainability.

This chapter contains interviews with Hamad Ali Abdullah Al Mahmoud, Chairman, Sharjah Economic Development Department; Waleed Al Sayegh, CEO, Sharjah Asset Management; and Sheikh Mohammed bin Saqr Al Qasimi, Chairman, Labour Standards Development Authority.

Articles from this Chapter

Overview

In position: Sustainable development projects and the emirate’s geostrategic location bolster its role as a unique investment destination
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With its economy showing robust growth as it bounced back from the impacts of the Covid-19 pandemic, Sharjah is embarking on a new programme of investment and development. Already a major technology, health care, education and tourism centre for the UAE and the wider region, Sharjah has a unique geostrategic location – with ports and cities on both the Arabian Sea and Gulf coasts. Without major oil and gas reserves, Sharjah has well-developed manufacturing, construction and real estate sectors.…

Interview

Investment destination: Hamad Ali Abdullah Al Mahmoud, Chairman, Sharjah Economic Development Department (SEDD), on the private sector’s contribution to growth and key segments attracting investors
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Interview:Hamad Ali Abdullah Al Mahmoud Which leading industries are attracting foreign investment, and how do you envision their development in the near future? HAMAD ALI ABDULLAH AL MAHMOUD: Sharjah envisions expanding into the advanced technology, medical, pharmaceutical and renewable energy industries, with an emphasis on clean hydrogen production. Traditional industries like machinery, chemicals, rubber, food and beverage, and electrical and electronic equipment are expected to thrive.…

Interview

Attracting capital: Waleed Al Sayegh, CEO of Sharjah Asset Management, on the investment climate and opportunities for growth
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Interview:Waleed Al Sayegh What is your assessment of the current investment climate in the emirate? WALEED AL SAYEGH: Sharjah has a diverse and attractive economic climate for various types of investment and sectors. The emirate is focusing on the promotion of sustainable growth in the knowledge economy, innovation, the strengthening of the circular economy and clean energy, as well as in industries based on advanced technological solutions. These include segments with high-growth potential…

Analysis

Prime location: New regulatory authority strengthens the emirate’s position as a key destination for start-ups and entrepreneurs
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Global venture funding reached $221bn in the first three quarters of 2023, marking a 42% downturn from $381bn invested over the same period in 2022. This slowdown is evident in seed and early-stage funding, which declined from $37.6bn in the third quarter of 2022 to $23.4bn in 2023. Despite the global downturn, the UAE has been successful in attracting foreign direct investment (FDI) in recent years, with a record high of $22.7bn in FDI inflows in 2022, representing 10% growth compared to the previous…

Interview

Landscape change: Sheikh Mohammed bin Saqr bin Hamad Al Qasimi, Chairman, Labour Standards Development Authority, on keeping pace with changing market trends and advancements
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Interview:Sheikh Mohammed bin Saqr bin Hamad Al Qasimi In what ways can evolving labour standards and policies foster and attractive work environment? SHEIKH MOHAMMED BIN SAQR BIN HAMAD AL QASIMI: The evolution of labour legislation and policies is crucial in shaping an attractive and ethical workplace. We are focused on developing and implementing robust labour regulations to ensure compliance with legislation, thereby creating better working conditions for everyone involved. In Sharjah,…