Economy

Standard & Poor’s has affirmed the Emirate of Sharjah’s A/A-1 sovereign credit ratings long- and short-term, foreign and local currency, with a stable outlook according to the global rating agency’s mid-year MENA sovereign rating trends report. The report also forecasts the rate of Sharjah’s economic growth to continue to increase through to 2019. S&P began assigning sovereign credit ratings for ...

The United Arab Emirates is the largest trade partner in the Organisation of Islamic Cooperation (OIC), with a 2014 trade volume of US$121.7 billion (AED 444b) accounting for 15.2 percent of total intra-OIC trade, according to Secretary-General of the Federation of UAE Chamber of Commerce and Industry, Humaid bin Salim. Turkey had the next highest level of trade with US$77.8 ...

AUS Enterprises, a new holding company established by Amiri decree in 2015 to develop projects for the American University of Sharjah (AUS), is to establish an economic free zone dedicated to research and development. According to UAE newspaper The National, the first phase of the AUS Research, Technology and Innovation (RTI) Park* is expected to be completed in 2018 and ...

Sharjah Economic Development Department (SEDD) has issued 35 percent more new trade licences during January and February 2016, compared with the same period last year, underscoring the health of Sharjah’s economy. The emirate has enjoyed strong business growth over the past two years, in the face of changing regional economics, while its stable economic outlook has been supported by a ...

American University of Sharjah (AUS) and ‘Sheraa’, the new Sharjah Entrepreneurship Centre launched recently by Sharjah Investment and Development Authority (Shurooq), have signed a memorandum of understanding (MOU) to boost economic development and help create a culture of entrepreneurship in the emirate of Sharjah. Sheraa, which aims to inspire young people to start their own enterprises and raise the emirate’s ...

Global credit rating agency Standard & Poor’s has affirmed its ‘A/A-1’ long-and short-term foreign and local currency sovereign credit ratings on the Emirate of Sharjah. The agency also reaffirmed the stable outlook for Sharjah based on a low government debt burden, a diversified industrial base and continued robust economic growth. S&P began assigning sovereign credit ratings for the Emirate of ...

Sharjah Media City Free Zone has now been established by royal decree, which orders the creation of a competitive and sustainable tax-free zone city with world-class infrastructure and services. The new zone will have legal independence over licencing and media regulations, although governed by the laws of the United Arab Emirates and Sharjah. The move follows in the wake of ...

Sharjah Economic Development Department (SEDD) is targeting new growth from Sharjah’s manufacturing and industry and aims to provide even higher levels of support to the sector. The Industrial Affairs Department, which was established in 2014, estimates that the contribution from the industrial sector to Sharjah’s GDP (gross domestic product) may grow from its current 14 percent to as high as 25 ...

The Government of Sharjah has issued a US$500 million (AED 1.8b) Islamic bond this week with a 5-year maturity, which is the first sovereign sukuk to be issued globally this year. Bank of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank acted as lead arrangers for the issue. Final pricing for the bond, according to a document ...

A new Sharjah Entrepreneurship Centre has been launched at the American University of Sharjah this week. The centre, which is branded ‘Sheraa’, is an initiative of Sharjah Investment and Development Authority (Shurooq) and aims to inspire young people to start their own enterprises and raise the emirate’s profile as a preferred destination for startups. The launch event was attended by ...