Sharjah's economy expected to grow significantly over next four years
- United Arab Emirates: Monday, October 15 - 2012 at 15:19
- PRESS RELEASE
The emirate of Sharjah has chosen four key sectors to fuel its economic growth over the next four years, according to a recent study released by the Sharjah Investment and Development Authority (Shurooq).
Speaking about Sharjah's business potential and future prospects, H.E. Marwan Bin Jassim Al Sarkal, CEO of Shurooq, said, "Sharjah is capitalizing now on four key sectors to drive its economy towards a brighter and more prosperous future, especially after it managed to weather the global financial crisis relatively successfully due to its well-diversified economy, which is ranked as one of the most diversified economies in the region."
He said that Sharjah has many unique characteristics and competitive advantages that make it an ideal business destination for investors from the UAE and abroad.
Al Sarkal noted: "The Emirate is already achieving strong growth, powered by a host of giant projects related to tourism, logistics and transport, healthcare and environment, and other sectors offering significant investment potential to both local and foreign investors."
Among the projects that are currently underway are the Chedi Khorfakkan Resort, Kalba Eco-tourism project, the Heart of Sharjah, and the Al Jazeera Park makeover, among other landmark initiatives undertaken and supervised by Shurooq in its capacity as the investment regulatory body of the Emirate. "This is apart from many other projects in the pipeline," he added.
Referring to a new landmark project, Al Sarkal said, "Sharjah will soon see the setting up of an integrated healthcare city, the largest healthcare facility in the UAE, which was recently announced by His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah. A move that will give a strong boost to the Emirate's growing healthcare sector."
With the health market size reaching Dhs2.3bn, the healthcare industry is expected to grow at 9.3% up to 2016, offering many opportunities to investors who are interested in investing this booming industry, he clarified.
Al Sarkal expressed his profound gratitude and thanks to His Highness the Ruler of Sharjah for his sincere support and generous initiatives that will help transform Sharjah into a sustainable business hub that will be able to lure investors from all over the world, in addition to being a pleasant place to live, and visit.
Sharjah is an easy place to start and run a business and its regulatory environment offers many advantages for investors who can make the best use of the Emirate's flexible legislation and incentives to run their businesses.
Capitalizing on its strategic location between Europe and Far East, the transport industry is expected to grow considerably as many transport related projects have been or are currently being implemented, while many more are still in the pipeline, Shurooq's CEO said.
The transport and logistics market is expected to grow at 15% annually after it reached Dhs3.53bn in 2012.
Shurooq will reveal further details on each sector, offering a sector guide of Sharjah's business conditions and investment opportunities, along with an overview of regulatory landscape and requirements for setting up a business in the Emirate, he elaborated.
He highlighted Shurooq's role in encouraging investment and helping overcome the obstacles facing business activity in the Emirate, and stressed that Shurooq would go ahead with its ambitious plans to put Sharjah on the world investment map.
The Sharjah Investment and Development (Shurooq) was established in 2009 as an independent government body tasked with stimulating business activity and encouraging investment in the emirate.
Shurooq aims for social, cultural and environmental achievements as well as economic development based on the distinctive Arabic and Islamic identity of the Emirate of Sharjah.
Shurooq is dedicated to developing the emirate through a range of quality projects and encouraging domestic and foreign investment by adopting the best international standards in providing services and studies that help attract investors from the region and all over the world.
Shurooq's mission is focused on providing the necessary facilities and incentives, overcoming obstacles facing investment in the Emirate, evaluating infrastructure projects related to tourism, trade and industry, and drawing up plans to complete these projects.
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