December 28, 2014

2015 A Promising Year for Sharjah Economy

Sharjah

The economy of Sharjah achieved a double figure growth in 2014 and it is expected to carry on the same growth in 2015.

The GDP of Emirate was 100 billion Dirhams in 2013 and it achieved 113 billion Dirhams in 2014 as the annual report stated.

“We can see from our own activity at Sharjah Chamber that the economy is growing healthily in the emirate this year,” Hussain Muhamed Al Mahmoudi Director-General of Sharjah Chamber of Commerce and Industry, told in an interview.

He said that the chamber will see more growth in coming year as all the businesses are planning to expand or attain the same level. It will ultimately result in the growth of overall GDP of the Emirate.

The major contribution in GDP comes from the real estate and the business services, followed by the manufacturing, trade, tourism, construction and financial services and transport and logistics.

Al Mahmoudi said “From the Sharjah Chamber side we see strong business confidence.”

He further added that most of the businesses are looking for more sales and more growth in next year, 64 percent of them are planning to increase their capacity.

“We are now trying to focus on ICT-related industries, technologies and advanced industries, as well as maintaining key sectors like food and other core segments that Sharjah has already made advanced progress or developed in the emirate.”

“There are many, many industries in Sharjah that are evolving. Tourism or hospitality is definitely one key industry followed by Mice, healthcare and transport, among others. There are lots of opportunities in Sharjah,” Al Mahmoudi said.

He concluded that the main focus of Sharjah Chamber of Commerce and industry will be on bringing more real estate projects as it will be the key area of achieving growth in 2015.