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Nigeria faced new economic headwinds in 2020. While the country’s growth has traditionally been stymied by issues such as electricity shortages, bureaucracy and a lack of transparency, the pandemic added a new set of challenges. GDP contracted by 1.9% in 2020, reversing a three-year period of consistent – albeit moderate – expansion. Youth unemployment, a long-standing challenge for Nigeria, was also exacerbated by the Covid-19 crisis. Nonetheless, the Nigerian economy remains diversified, with the non-oil sector accounting for 90.8% of real GDP in the first quarter of 2021. Moreover, concerted efforts have laid the groundwork for a post-pandemic economic rebound, and the IMF projects that GDP growth will recover and expand through to 2025. This chapter contains interviews with Yewande Sadiku, Executive Secretary and Nigerian Investment Promotion Commission; and Jumoke Oduwole, Special Business Adviser to the President.

Sharjah has worked to brand itself as a unique location within the UAE and the wider GCC, which has resulted in an uptick in work for contractors as they try to close the gap in supply and demand for real estate, especially in the residential segment and for other family-friendly infrastructure. Although the Covid-19 pandemic temporarily disrupted the market, mixed-use developments that incorporate residential units, schools and retail outlets – along with leisure activities and green spaces – have been emerging to meet high demand. Unlike in years past, when demand largely came from those seeking more affordable alternatives to neighbouring emirates, much of the interest is coming from individuals and families who are drawn to Sharjah’s laid-back and authentic Arab culture. This chapter contains interviews with Ahmed Alkhoshaibi, CEO, Arada; and George Khouzami, COO, Al Thuriah Group.

Sharjah’s strategic location between Europe and southern Asia has enabled the emirate to become a central player in international transport and logistics networks. Its burgeoning manufacturing sector has the potential to increase import and export cargo volumes, leading to the creation of jobs. The importance of this was highlighted in the 2021 launch of the Sharjah Exports Development Centre, aimed at investing in and growing the emirate’s exports operations. Underpinned by several major highways and an expanding international airport, Sharjah has seen rising foreign investment and government spending on infrastructure in recent years, which is central to efforts to strengthen transport networks. This chapter contains interviews with Yousef Al Mutawa, CEO, Sharjah Sustainable City; Charles Menkhorst, CEO, Gulftainer; and Adel Abdullah Ali, Group CEO, Air Arabia.

Sharjah’s financial services sector has grown steadily over the years, due in part to its quick response to changes, including the rapid adoption of international best banking practices. The banking industry has expanded its digital services, particularly in response to the economic disruption caused by the Covid-19 pandemic, putting it in a good position for future growth as the world transitions to a more digital economy. Meanwhile, the government of Sharjah’s acquisition of a majority stake in a local bank in 2019 could set the stage for additional strategic investments to strengthen the financial services sector further. While Sharjah does not have its own capital market, the emirate-level government and many local institutions have become regular issuers of debt and sukuk (Islamic bonds), with a number of sukuk sold in 2020 to raise financial support for the pandemic response. This chapter contains an interview with Ahmad Abu Eideh, CEO, United Arab Bank.

Benefitting from a low cost base, and well-developed and connected infrastructure, Sharjah has become a key industrial player in the region. Indeed, the emirate is a significant contributor to the UAE’s total manufacturing output, accounting for around one-third of the sector. Meanwhile, in recent years the contribution of hydrocarbons production to GDP has remained comparatively small, representing around 4% of the emirate’s total GDP. This is thanks not only to a push to diversify the economy, but also higher levels of investment in and utilisation of renewable energy sources. This trend has enhanced the role that private service providers and independent power and water producers play in the power-generation segment. This chapter contains interviews with Hussain Al Mahmoudi, CEO, Sharjah Research Technology and Innovation Park; Khaled Al Huraimel, Group CEO, Bee’ah; Hatem Al Mosa, CEO, Sharjah National Oil Corporation; and Abdulwahab Al Sadoun, Secretary-General, Gulf Petrochemicals and Chemicals Association.