Among the most diversified economies within both the UAE and the wider GCC region, Sharjah has developed strong manufacturing, tourism and logistics industries, among other non-oil sectors. Against a backdrop of reduced oil prices and lower economic growth, the local and federal authorities are working to further develop the economy through a...
Accounting for just over 3% of the territory of the UAE, Sharjah is one of the federation’s smaller emirates, and yet it has long played an important cultural and economic role in the region. Home to three free zones, 16 museums and a number of annual festivals that attract visitors from around the world, the emirate continues to punch above...
The past decade has seen substantial changes in the global economy and geopolitics, with the rise of China and Russia’s re-emergence on the global stage being two particularly important trends. These developments are creating new opportunities for GCC member states as they look to diversify their economies and trade, seek investment...
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 locally...
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...
Bahrain is a regional financial hub for investment and business in the GCC. This holds true due to the efforts set forth by the Ministry of Industry, Commerce and Tourism (MoICT), and its minister, Zayed R. Al Zayani, in cooperation with other ministries. The MoICT has taken steps to encourage and create lucrative opportunities for foreign...
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