Sharjah Economy
If you aspire to set up your own business in Sharjah, it is better to first gather adequate information about the economy of Sharjah and ascertain the business environment present in the emirate. Awareness about the economic position of Sharjah will help you take informed investment decisions.
Sharjah is the industrial hub of the United Arab Emirates (UAE), accounting for nearly 40% of the gross domestic product of the whole of the emirates. It enjoys a strategic geographical location and is also commercially well-developed. Over the last few years, Sharjah has blossomed as a regional center of development. It has witnessed rapid economic transition, turning into an advanced, dynamic and commercial trading center from a trading town which was once heavily dependant on fishing and also on pearl diving. It has also emerged as one of the best known tourist spots in the Arabian Gulf, attracting thousands of tourists from far-off countries every year. Discovery of oil and gas has been crucial in spurring the economic development of this Middle East country.
Sharjah's economic development can also be contributed to its supreme positioning that helps investors entering the emirate to get direct access to the Gulf of Oman as well as the Arabian Gulf and. Easy accessibility to other markets enables investors in Sharjah economy to step up their trading activities and reap optimum financial gains. Growth of ports on both the coasts has also accelerated the development of Sharjah both as a trading as well as a cargo hub. Due to the significant volume of trading activities carried out in the emirate, the city is also a commercial maritime center. Growing cargo business in the state has also caused the government authorities to revamp the Sharjah International Airport in order to help it accommodate the rising number of passengers.
The recent economic development of Sharjah has largely been attributed to the lucrative business opportunities and encouraging policies that prompt foreign investors to come to this emirate and set up their base here. Another significant factor that has contributed significantly in the economic development of the country is the support of the government. Encouraging economic policies framed by the government and efforts made at promoting the growth of private sector and increasing the inflow of foreign capital investments in key sectors have only helped in making the economy of Sharjah stronger. Availability of financial incentives is also encouraging businesses to explore investment options in this emirate.
Establishment and expansion of free zones in Sharjah and development of infrastructure have been helpful in promoting the economic growth of the country. Government's effort to enhance trade relations with other countries has also helped Sharjah to increase its finances and boost its economic position in the global trade. Policies have been designed to put Sharjah at the forefront of industrialization in the UAE. Various policies have been introduced with a view to accelerate the country's social, political as well as economic expansion. Focus is laid more on achieving sustainable growth between the key sectors of the emirate. Schemes are also been initiated with a view to upgrade the existing infrastructural facilities and to speed up the development process of Sharjah.