The financial services sector accounted for 10.3% of Sharjah’s GDP in 2015, according to Moody’s credit rating agency, in line with the figure for the UAE as a whole. The sector has been growing rapidly in recent times, at an average rate of 12.7% over the previous five years. It primarily consists of four locally headquartered banks and two...
The UAE has been a key player in the development of the international market for sukuk (Islamic bonds), with Sharjah playing an outsize role. The emirate was the first member of the federation in which a bank issued an international sukuk. Global and regional sukuk issues have slowed in recent years, following strong growth previously,...
A key element of tourism development efforts in Sharjah is the growth of both heritage and ecotourism, which together form the strategic focus of the Sharjah Commerce and Tourism Development Authority (SCTDA) in 2017. To this end, the authorities are investing in a wide range of heritage, archaeological and nature and ecotourism projects...
Sharjah is a key regional destination for family and cultural tourism, attracting visitors from the Gulf, Europe and Asia in particular, and the industry is also a substantial contributor to the emirate’s economy, accounting for around 8.5% of GDP in 2014, according to the Sharjah Commerce and Tourism Development Authority (SCTDA). The Sharjah...
The government of Sharjah has consistently run small fiscal deficits in recent years. Against a backdrop of falling oil prices, the deficit has outstripped economic growth, generating rising levels of public debt. However, these remain modest as a proportion of economic output. Furthermore, the government has also recently taken a range of...
In recent years the UAE has become an emerging higher education centre, especially within the GCC region, with strong government initiatives, impressive infrastructure, a growing number of international collaborations and a truly multicultural student body. Within the UAE itself, Sharjah is increasingly regarded as a key centre of higher...
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