The reliance on manufacturing is now seen as the Emirates’ great strength and proactive management of this sector over the past two years has been one of the key factors in its success.

In early 2011 the Sharjah economy experienced some levels of growth indicating improvements in the levels of exports, production and manufacturing. This growth has been largely attributed to the industrial sector which continues to find the Emirate a suitable location for small, medium as well as large operations.

Despite the growth, the Emirate has been able to keep inflation levels under control with the Consumer Price Index ranging between -0.4% and 0.26% between February and April 2011.

The economic growth will hopefully be sustained through new investment in the Emirate’s utilities. This has been one of the major issues that affected economic activity in the Emirate over the past 2 years. The President of the UAE, His Highness Sheikh Khalifa bin Zayed Al Nahyan, ordered the supply of 700MW of power by the Abu Dhabi Water and Electricity Authority (ADWEA) to Sharjah and the construction of a new main transmission station with a capacity of 400KV at a cost of AED 500 million. In addition to this he has also ordered the supply of an additional 10MIGD of water to the Emirate.

There are also several exciting new initiatives being planned to encourage a renaissance in Sharjah. The driving factor behind such rejuvenation is the Sharjah government, as it actively seeks to enhance the quality of life in the Emirate for both residents and visitors. Evidence of this trend includes the regeneration of the Al Majaz Waterfront, twinned with the Sharjah Mall Development, the Sahara Mall extension and the emergence of several well known hotel operators in Sharjah for the first time.

According to recent research by Shurooq, the Sharjah Investment and Development Authority, Sharjah has the second highest population growth rate in the UAE behind Dubai. The bulk of Sharjah’s population is within the 25 – 34 year old age bracket, which is a key consumer and labour demographic. In addition to its healthy resident population, Sharjah also receives approximately 1.5 million tourists annually, with a projected annual growth rate of 10 – 15%. With Sharjah airport planning an AED 500 million expansion and Air Arabia opening new routes, there is clear demand to strengthen Sharjah’s position as a key destination for both tourists and residents of the UAE.

All Comments (0)