Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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S&P Global Ratings has affirmed its ‘BBB-/A-3’ long- and short-term foreign and local currency sovereign credit ratings on the Emirate of Sharjah, a member of the United Arab Emirates (UAE). The outlook is stable.
The stable outlook reflects S&P’s view that Sharjah’s government will introduce sufficient measures to begin stabilizing its net general government debt as a percentage of GDP over the next two years.
Following real GDP growth of 4.6 percent in 2023, S&P projects Sharjah’s economy to expand by 2.8 percent on average annually over the period to 2027, supported by activity in the manufacturing, construction, transport, and trade sectors. Sharjah’s economy is relatively diverse and not directly reliant on hydrocarbon exports.
Sharjah’s GDP per capita is expected to strengthen to about $22,000 in 2024 from $19,000 in 2020. Moreover, gross government debt stood at about 52 percent of GDP in 2023, with S&P projecting Sharjah’s net government debt to stabilize by 2027.
