Sharjah fighting off economic slowdown

Emirate of Sharjah sees annual GDP increase despite growing tensions in Middle East and global economic instability.

  • E-Mail
By  John Irish Published  February 2, 2003

Sheikh Tariq Bin Faisal Al Qassimi, head of Sharjah’s Department of Economic Development, today (Feb 2) announced that the Emirate had seen steady progress in its annual GDP, which rose from Dhs 17.8 billion in 1998 to 22.2 billion at the end of 2001. This increase comes despite growing tensions in the Middle East and the general global economic slowdown.

Sharjah has introduced a degree of flexibility in its business dealings and introduced defensive investment strategies to counter the current status quo and diversify its sources of income.

“Our adoption of strict corporate and institutional standards, similar to those used in more developed countries, have given foreign investors the necessary confidence to conduct their business easily and smoothly in a safe environment,” said Sheikh Tariq.

“These strategies enabled the Emirate of Sharjah to help investors to continue to execute their projects on the first stage in order to expand in certain sectors in the second stage,” he added.

The Economic Development Department has also been given wide-ranging powers through special codes aimed at easing transactions and focusing on human resources within the private sector with a view to boosting the economies of both Sharjah and the UAE as a whole.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code