Sharjah announces a 29.1% increase in the issuance of new trade licenses

The figure rose from 4145 in 2004 to 5351 in 2005. Additionally, the Department of Economic Development also renewed 31142 licenses for this year; this is compared to 22725 licenses from the previous year; a significant increase of 37%.

These figures come as Sharjah is in the midst of a drive to reinvigorate its position in the UAE as a viable Emirate to conduct business in. In a manner consistent with the other Emirates of Dubai and Abu Dhabi, an increase in the growth rate of investment both foreign and domestic has encouraged an optimistic attitude from their respective Governments, on their continued progress for the coming fiscal year.

Speaking on the buoyancy of the Sharjah economy, Sheikh Tariq Al Qassimi, the Chairman of Sharjah Economic Development Department said "These figures show the level of confidence investors have in the Emirate of Sharjah. Here we have managed to create a dynamic commercial and business environment that is not only encouraging investors to stay, but also new ones to establish themselves."

The boost in the amount of trade licenses issued can also be attributed to the Chamber of Commerce and Industry's license application and approval procedures. The process has been eased for speed and convenience, while additionally; there has been a significant improvement in the level of customer service for investors.

"What we are also witnessing is a domino effect" said Al Qassimi. "With Sharjah's tourism sector now experiencing a dramatic increase in growth, this has in turn augmented the level of retail trade in our emirate; for example, evidence of this can be seen in the amount of successful malls that have been built here."

The Sharjah Economic Development Department is confident that 2006 and 2007 will continue to witness successful economic growth for the Emirate.