Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Sharjah Economic Development Department (SEDD) released its Annual Report for the year 2023, showcasing its success in achieving exceptional growth in the targets of accelerating economic activities of all kinds.
In 2023, the volume of issued and renewed business licences grew by 4.1 percent, totalling 66,365 licences. Issued licences made up 11.7 percent, while renewed licences comprised the majority at approximately 88.3 percent.
The SEDD in its report titled “Continuous Giving” says that this growth has positive effects in supporting the emirate’s GDP, which exceeded AED 145 billion by the end of 2023.
This positive growth was represented by varying rates in the business licences issued, and more so in the commercial and industrial sectors and “Eitimad” domestic licences. Renewed licences also achieved similar growth in the commercial, professional and industrial sectors. Likely, “Eitimad” issued licences witnessed a high growth of 21 percent, while renewed e-commerce licences also recorded a record growth of 34 percent, as well as 19 percent for issued licences.
Considering the most important indicators of business licence performance for the past year, it was noted that investors were increasingly interested in establishing investment projects, especially in the commercial sector, while businesswomen’s projects became more capable in the local market, especially in the commercial and professional fields.
Additionally, there has been an increase in the number of activities related to foreign investors and businessmen, as foreign ownership licenses constituted 13 percent of the total licenses in 2023, with 2,503 issued licenses and 6,109 amended licenses, with a total capital of AED 3.23 billion. On the legal and legislative level, the Department completed 18,176 documentation transactions for company contracts, while implementing 45,768 legal transactions.
Hamad Ali Abdulla Al Mahmoud, SEDD Chairman, said, “The sustainable development trends and economic development plans in Sharjah at various levels enjoy the support of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who has laid solid foundations for a sustainable economic development model and a diversified competitive economy that makes the emirate a unique one.”
This approach, he added, is also highly supervised by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council, that resulted in making the emirate a home for investment and family entrepreneurship, a global destination for investors from all over the world, businessmen, green economy pioneers, major companies leading the industries of the future, and an incubator for investment in innovation, education, culture and tourism. In addition, the sustainable development efforts have resulted in having Sharjah obtaining the fifth level globally in 2023 among the top ten fastest growing cities in attracting foreign direct investment flows and attracting new quality projects.
Noura Yousif bin Sandal, Deputy Director of Economic Panning and Studies Department at SEDD, stated that results of 2023 revealed positive performance in many economic indicators in Sharjah, and included most sectors, which led to an increase in customer satisfaction with the services they receive by a rate of 95.93 percent, while their satisfaction with the Department’s interaction with complaints reached 96.4 percent.
