JobXDubai

In an impressive display of economic resilience and growth, Sharjah‘s GDP has soared past the $39.5 billion mark in 2023, signaling a robust expansion across various sectors. The Sharjah Economic Development Department (SEDD) has released its Annual Report for 2023, showcasing exceptional growth and acceleration in economic activities throughout the emirate.

Key Highlights of Sharjah’s Economic Performance

1. GDP Growth: Sharjah’s GDP reached approximately AED145.2 billion ($39.5 billion) in 2023, up from AED136.4 billion in 2022.
2. Business License Growth: The volume of issued and renewed business licenses grew by 4.1%, totaling 66,365 licenses.
   • Newly issued licenses: 11.7%
   • Renewed licenses: 88.3%
3. Foreign Ownership: Foreign ownership licenses constituted 13% of total licenses in 2023.
   • 2,503 issued licenses
   • 6,109 amended licenses
   • Total capital: AED3.23 billion ($880 million)
4. E-commerce Boom:
   • Renewed e-commerce licenses grew by 34%
   • Issued e-commerce licenses increased by 19%
5. Domestic Licenses: “Eitimad” domestic licenses saw a high growth of 21%

Sector-Specific Growth

The report, titled “Continuous Giving,” highlights varying growth rates across different sectors:

1. Commercial Sector: Saw significant growth in both issued and renewed licenses
2. Industrial Sector: Experienced positive growth in issued and renewed licenses
3. Professional Sector: Witnessed an increase in renewed licenses

Investment Trends

1. Increased Investor Interest: Growing interest in establishing investment projects, especially in the commercial sector
2. Women in Business: Businesswomen’s projects showed increased capability in the local market, particularly in commercial and professional fields
3. Foreign Investment: Rise in activities related to foreign investors and businessmen

Legal and Administrative Developments

1. Documentation Transactions: 18,176 documentation transactions completed for company contracts
2. Legal Transactions: 45,768 legal transactions implemented

Customer Satisfaction

1. Overall Satisfaction: 95.93% customer satisfaction with services received
2. Complaint Handling: 96.4% satisfaction with the Department’s interaction on complaints

Leadership Insights

Hamad Ali Abdulla Al Mahmoud, SEDD Chairman, attributes Sharjah’s economic success to the vision and support of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. He emphasized the emirate’s unique sustainable economic development model and diversified competitive economy.

Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council, is credited with supervising efforts that have made Sharjah:

• A home for investment and family entrepreneurship
• A global destination for investors worldwide
• An incubator for innovation, education, culture, and tourism investments

Global Recognition

Sharjah’s economic prowess has not gone unnoticed on the global stage. In 2023, the emirate achieved a remarkable feat by ranking fifth globally among the top ten fastest-growing cities in attracting foreign direct investment flows and new quality projects.

Future Outlook

Noura Yousif bin Sandal, Deputy Director of Economic Planning and Studies Department at SEDD, expressed optimism about Sharjah’s economic trajectory. The positive performance across multiple economic indicators in 2023 suggests a bright future for the emirate’s economy.

Conclusion

Sharjah’s economic success story in 2023 is a testament to its strategic vision, diversified economy, and investor-friendly policies. As the emirate continues to attract both domestic and foreign investments, its role as a key player in the UAE’s economic landscape is set to strengthen further. The impressive GDP growth, coupled with thriving foreign ownership and e-commerce sectors, positions Sharjah as an attractive destination for businesses and investors looking to capitalize on the region’s economic dynamism.