Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Steering investments towards a wise economy in a rapidly changing world is a strategic decision for foreign investors seeking stable and sustainable growth. Sharjah’s economy, playing a pivotal role in the UAE’s economic landscape, is one of the region’s most diversified and sustainable economies. The emirate’s gross domestic product (GDP) saw a 6.5 percent surge, reaching approximately AED 145.2 billion, compared to 136.4 billion in 2022, which marked a 4.9 percent growth from 2021, according to Sharjah’s Department of Statistics and Community Development (DSCD).
Local advantages and global appeal
Sharjah’s markets are ideal destinations for SMEs seeking growth and sustainability, offering an environment that fosters business development and expansion into regional and global markets. Economic reports highlight Sharjah’s success in attracting foreign investments, attributed to its diversity policies, balanced economic sectors, and advanced industry, technology, and commerce infrastructure.
Sharjah’s economy is integrated with the national Emirati economy and the GCC region, which is expected to grow by 3.2% this year, according to the World Bank’s 2023 report. The emirate implements wise policies to support investors, providing guidance and advice before and after business establishment.
The Sharjah FDI Office (Invest in Sharjah) has developed strategies to attract foreign investors, emphasising partnerships between investors and the local economy. These strategies involve engaging investors in economic development and encouraging investment in promising sectors like industry, commerce, and energy, which are vital for local economies worldwide.
PureGlass and Sharjah as a destination of choice
PureGlass, a global leader in the glass industry, has chosen Sharjah for its first regional production headquarters. This decision underscores the emirate’s appeal to companies of all sizes and nationalities. PureGlass has invested around AED 50 million to build its 10,000 sqm facility in Sharjah’s Sajaa Industrial Area, with a daily production capacity of 1,000 square metres.
This move, supported by Invest in Sharjah, aligns with future market trends. The Float Glass Market is estimated to grow from 80.27 million tons in 2024 to 105.90 million tons by 2029, driven by the real estate and commercial markets in the UAE and the wider Gulf.
Foreign investment and transition towards sustainable energy
Sustainability in energy and climate is central to global economic policies. Invest in Sharjah seeks to attract impactful companies in this field. As part of these efforts, IPT Energy Power Trading LLC, a leader in the energy sector since 1970, has invested AED 40 million to expand its business in Sharjah, with plans to double this investment to AED 80 million by 2025-2026.
Invest in Sharjah’s future plans align with the UAE Energy Strategy 2050, aiming to triple renewable energy contributions by 2030 and invest AED 150 to AED 200 billion to meet growing energy demands.
Commerce and production centre
Industry and commerce are central to Sharjah’s economic activities. The wholesale and retail trade sector, valued at AED 34.8 billion, accounts for 24% of the emirate’s economy. The growth in these sectors has attracted many companies to establish their businesses or logistics headquarters in Sharjah, serving as a gateway to other markets in the UAE and the region.
Given this industrial and commercial appeal, Alexandria International, a leading manufacturer in the flooring and office furniture sector, has inaugurated a 74,000 sqm logistics distribution centre in Sharjah. This centre caters to consumers in the UAE and the wider region, meeting the growing demand for commercial facilities and headquarters.
Home to more than 65,000 foreign companies specialising in various sectors, the emirate’s blend of economic expertise and modern technology makes it an ideal investment destination for those seeking a sustainable role in the global economy.
