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.
Al Sarkal noted: “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.”
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 Dhs2.3 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.
Sharjah is an easy place to start and run a business and its regulatory environment offers many advantages for investors who can make the best use of the Emirate’s flexible legislation and incentives to run their businesses.
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.