Over 65,000 foreign firms operate in Sharjah; 6.5% GDP growth in 2023 boosts appeal
The Emirate’s 2023 GDP reached Dh145.2b compared to 2022’s 136.4b
Sharjah: Sharjah’s appeal amongst top businesses and investors is intensifying on the heels of 6.5 per cent GDP growth in 2023. Today, more than 65,000 foreign companies are operating in the Emirate’s markets and free zones, Sharjah’s FDI Office (Invest in Sharjah) said on Thursday.
According to Sharjah’s Department of Statistics and Community Development (DSCD), the Emirate’s gross domestic product (GDP) saw a 6.5 per cent surge, reaching approximately Dh145.2 billion, compared to Dh136.4 billion in 2022. This marked a 4.9 per cent growth from 2021.
Local advantages and global appeal
Sharjah’s investment promotion agency said the Emirate’s markets are ideal destinations for small and medium enterprises seeking growth and sustainability, offering them an environment that fosters expansion into regional and global markets.
Its success has been attributed to diversity policies, balanced economic sectors, and advanced industry, technology, and commerce infrastructure.
New strategies
Invest in Sharjah said it has developed several strategies to attract foreign investors, including partnerships between investors and the local economy. These strategies involve engaging investors in economic development and encouraging investment in promising sectors like industry, commerce, and energy.
Companies, including PureGlass, a leader in the glass industry, have chosen Sharjah for its first regional production headquarters. PureGlass has invested around Dh50 million to build its 10,000 sqm facility in Sharjah’s Sajaa Industrial Area, with a daily production capacity of 1,000 square metres.
Moreover, Invest in Sharjah said it also seeks to attract impactful companies in sustainability in energy and climate. For example, IPT Energy Power Trading LLC has invested Dh40 million to expand its business in Sharjah, with plans to double this investment to Dh80 million by 2025-2026.
Commerce and production centre
Industry and commerce are central to Sharjah’s economic activities, said Invest in Sharjah. The wholesale and retail trade sector, valued at Dh34.8 billion, accounts for 24 per cent of the Emirate’s economy.
Given this industrial and commercial appeal, Alexandria International, a flooring and office furniture manufacturer, has inaugurated a 74,000 sqm logistics distribution centre in Sharjah.