Sharjah has one of the most diversified economies in the UAE, with a strong foundation in industry and manufacturing. Approximately 95.8% of its economic activity was derived from non-oil sectors in 2019, positioning the emirate to absorb much of the impact of the Covid-19 pandemic.
As part of plans to expand and diversify its global trade partners, the GCC has launched negotiations with the UK on a free trade agreement that is expected to bolster the bloc’s economy, help attract investment and provide greater opportunities for local businesses.
Food production in the GCC has long faced obstacles ranging from water scarcity to a lack of arable soil – factors that are being exacerbated by climate change.
The GCC chemicals and petrochemicals industry demonstrated considerable resilience in the face of Covid-19 and oil price fluctuations.
As oil prices reach 7.5-year highs, a number of countries in the Middle East have unveiled fiscal measures designed to balance their budgets after two years of pandemic-related spending.
Sharjah entered the pandemic period in a resilient position thanks to a highly diversified and digitalised economy supported by strong fundamentals at the national level.
On the back of higher oil prices and a stronger global economic environment, the Middle East returned to growth in 2021, with a number of governments taking the opportunity to implement long-term plans aimed at diversification and modernisation.
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