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Sharjah

‘Invest in Sharjah’ boosts emirate's status as leading industrial hub

SHARJAH, 24 days ago

The Sharjah FDI Office (Invest in Sharjah) announced at ‘Make it in the Emirates Forum’ that significant progress has been made in solidifying Sharjah's status as a premier industrial centre within the region, with the industrial sector being the second-largest contributor to the emirate's GDP at 16.7%, a report said.

Invest in Sharjah participated in the forum where its members delivered a presentation outlining the emirate's investment advantages, and also detailing Sharjah's vision and the range of services they provide to support investors in their growth and expansion endeavours.

Marwan Saleh Alichla, Director of Investment Promotion and Support, said that the emirate is home to 35% of the factories in the country.

Sharjah has witnessed considerable development in its markets, industrial zones and free zones. This is reflected in the issuance and renewal of 3,079 industrial licences in 2023 alone, representing a 10% growth rate compared to the same period in 2022, according to the Sharjah Economic Development Department (SEDD).

In 2023, Sharjah's manufacturing sector experienced a surge in foreign direct investment (FDI), attracting $18.9 million. This growth underscores the ongoing success of the emirate's economic diversification policies and the strategic allocation of local and foreign capital.

Alichla emphasised that economic diversification and a balanced approach between sectors, mainly focusing on the industrial sector, are central to Invest in Sharjah's policies and strategies.

This focus is driven by the sector's critical role in sustaining growth and advancing the overall economic structure's resilience.

Alichla added: "There is significant interest from investors in Sharjah's industrial and free zones thanks to the comprehensive and flexible business environment, the emirate's strategic location, and its suitable infrastructure for SMEs and heavy industries.

“We continuously develop our programmes and strategies to support the emirate's vision of achieving global competitiveness, positioning Sharjah as the 5th fastest-growing city globally in attracting FDI in 2023."

 




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