UAE: Sharjah

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...

Small and medium-sized enterprises (SMEs) are a key contributor to the economies of both Sharjah and the UAE as a whole. Approximately 54,000 of the UAE’s 350,000 smaller businesses are based in the emirate, accounting for 86% of the private sector workforce. According to the Ministry of Economy, the segment further accounts for around 60% of...

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...

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,...