Sharjah: The emirate of Sharjah has chosen four key sectors to fuel its economic growth over the next four years, according to a recent study released by the Sharjah Investment and Development Authority (Shurooq).
The key sectors are travel and tourism, transport and logistics, healthcare, and environment, in addition to other sectors which are projected to offer the most significant investment potential based on Sharjah’s competitive advantages and unique characteristics.
Speaking about Sharjah’s business potential and future prospects, Marwan Bin Jassim Al Sarkal, CEO of Shurooq, said, “Sharjah is capitalising now on four key sectors to drive its economy towards a brighter and more prosperous future, especially after it managed to weather the global financial crisis relatively successfully due to its well-diversified economy, which is ranked as one of the most diversified economies in the region.”
He said that Sharjah has many unique characteristics and competitive advantages that make it an ideal business destination for investors from the UAE and abroad. “The Emirate is already achieving strong growth, powered by a host of giant projects related to tourism, logistics and transport, healthcare and environment, and other sectors offering significant investment potential to both local and foreign investors,” said.
Among the projects that are currently underway are the Chedi Khorfakkan Resort, Kalba Eco-tourism project, the Heart of Sharjah, and the Al Jazeera Park makeover, among other landmark initiatives undertaken and supervised by Shurooq in its capacity as the investment regulatory body of the Emirate. “This is apart from many other projects in the pipeline,” he added.
With the health market size reaching Dh2.3 billion, the healthcare industry is expected to grow at 9.3 per cent up to 2016, offering many opportunities to investors who are interested in investing this booming industry, he clarified.
Capitalising on its strategic location between Europe and Far East, the transport industry is expected to grow considerably as many transport-related projects have been or are currently being implemented, while many more are still in the pipeline, Shurooq’s CEO said.
The transport and logistics market is expected to grow at 15 per cent annually after it reached Dh3.53 billion in 2012.
Shurooq will reveal further details on each sector, offering a sector guide of Sharjah’s business conditions and investment opportunities, along with an overview of regulatory landscape and requirements for setting up a business in the Emirate, he elaborated.
He highlighted Shurooq’s role in encouraging investment and helping overcome the obstacles facing business activity in the Emirate, and stressed that Shurooq would go ahead with its ambitious plans to put Sharjah on the world investment map.
The Sharjah Investment and Development (Shurooq) was established in 2009 as an independent government body tasked with stimulating business activity and encouraging investment in the emirate.
