Economy

Abu Dhabi, Dubai, Ras Al Khaimah and Sharjah were listed among the world’s top cities in ‘Economic Potential’ by the 2014/2015 Global Cities of the Future report produced by fDI intelligence, a division of the Financial Times (FT) specialising in foreign direct investment. Abu Dhabi and Dubai were listed in the report’s overall Top 25 cities list, while Sharjah and ...

Sharjah Islamic Bank (SIB) is arranging meetings with fixed income investors this week in advance of a planned U.S. dollar benchmark sukuk, a term normally used to describe an Islamic bond issue of value greater than US$500 million (AED 1.8b). Meanwhile, Moody’s Investors Service has assigned a provisional (P)A3 senior unsecured (foreign and local currency) MTN rating with Stable Outlook to the ...

Sharjah 2015, the twelfth edition of the World Forum for Foreign Direct Investment, hosted by the Sharjah Investment and Development Authority (Shurooq) came to a close on Tuesday. Opened by His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah this year’s World Forum marks the first time that the event has ...

Moody’s Investors Services, has reconfirmed the Emirate of Sharjah’s strong “A3” long-term credit rating with a stable outlook. The international credit rating agency issued its first credit report on Sharjah in January 2014 an awarded an A3 stable rating reflecting the emirate’s credit strength, supported by its strong fiscal policy and low government debt position. Moody’s published a separate report ...

Foreign direct investment (FDI) into the United Arab Emirates grew by 25 percent in 2014 to more than US$13 billion (AED 47.75b), equivalent to 5 percent of the nation’s gross domestic product (GDP), according to the Minister of Economy Sultan Bin Saeed Al Mansouri. The Minister made the remarks at the opening of Sharjah 2015, the twelfth World Forum for ...

The United Arab Emirates registered strong growth in private sector production, purchasing and employment during January, according to HSBC‘s monthly Purchasing Managers Index (PMI), compiled by Markit, a global financial information and services company. Experts predict a slowing in some economic activity during this year as a result of lower oil prices, however January’s index showed a three-month high. The ...

Global trade and investment experts and policy makers are expected to converge on Sharjah in the United Arab Emirates next week for the 2015 World Forum for Foreign Direct Investment, which will be held from 9 – 10 February. Hosted by Sharjah Investment and Development Authority (Shurooq), Sharjah 2015 marks the twelfth global edition of the conference and the first ...

The government of Sharjah has set its 2015 annual budget at AED 17.7 billion (US$ 4.8 b), the highest annual budget that the emirate has ever allocated, 12 percent above Sharjah’s AED 15.4 billion (US$ 4.2 b) 2014 budget. The budget was endorsed by The Sharjah Consultative Council (SCC) on Saturday and approved by His Highness Dr. Shaikh Sultan Bin ...

Sharjah International Airport passenger traffic increased 12 percent in 2014 to 9.5 million passengers, compared with 8.5 million during 2013. The airport has enjoyed accelerated growth over the past three years, achieving 13 percent passenger growth in both 2012 and 2013, in line with its goal of handling 25 million passengers by the year 2025. A total of 70,559 flights ...

The Emirate of Sharjah’s gross domestic product (GDP) growth could reach 13 percent in 2014, according to comments made by Hussain Mohamed Al Mahmoudi, director-general of Sharjah Chamber of Commerce and Industry to UAE newspaper Khaleej Times. Al Mahmoudi informed the paper that the Chamber expected the emirate’s GDP to reach AED 113 billion (US$30.8 b) this year compared to ...