Sharjah: Economic Snapshot 2023
Click here to read our Sharjah Economic Report and Investment Analysis 2023 online …
UK and GCC trade talks aim to strengthen renewable energy and food securityOBGplus
As part of plans to expand and diversify its global trade partners and fulfil their respective national development strategies, the GCC has launched negotiations with the UK on a free trade agreement (FTA). This partnership is expected to bolster the bloc’s economy, help attract investment and provide greater opportunities for local businesses. On June 22, 2022 the two parties signed a joint statement…
Sharjah's sustainable investment and tourism development support net zeroOBGplus
In recent years Sharjah has taken steps to align public financing with environmental and socio-economic priorities, leveraging local business’ expertise and inherent advantages. As such, the COP28 UN Conference on Climate Change hosted by the UAE in November 2023 presented a key opportunity for Sharjah to showcase its progress in advancing the UN Sustainable Development Goals (SDGs) and contributing…
Sharjah's start-up scene strengthened by new regulatory authorityOBGplus
Global venture funding reached $221bn in the first three quarters of 2023, marking a 42% downturn from $381bn invested over the same period in 2022. This slowdown is evident in seed and early-stage funding, which declined from $37.6bn in the third quarter of 2022 to $23.4bn in 2023. Despite the global downturn, the UAE has been successful in attracting foreign direct investment (FDI) in recent years,…
Gulf countries promote the region as a leading tourism destinationOBGplus
In 2022 the Middle East witnessed the sharpest relative increase in international arrivals of any region in the world, solidifying its rebound from the disruption of the Covid-19 pandemic and further raising its profile as an increasingly attractive destination for inbound tourism. According to the UN World Tourism Organisation (UNWTO), in 2022 international arrivals in the Middle East recovered to…
Sustainable development boosts Sharjah's ecotourism credentialsOBGplus
With tourism emerging as a pillar of Sharjah’s development strategy, the emirate is providing incentives to encourage businesses to harness its tourism-related strengths, while also ensuring that growth does not occur at the expense of sustainability priorities. Natural & Cultural Relevance In line with its commitment to sustainability, Sharjah is undertaking efforts to preserve its natural…
Decentralised finance can help GCC economies diversifyOBGplus
As GCC countries look to harness new forms of financial technology (fintech), expand services and improve financial inclusion, governments are embracing decentralised finance (DeFi) and attracting cryptocurrency companies. DeFi – peer-to-peer financial services with no central authority or intermediary involved in trading, lending and investing – is seen by GCC countries as an opportunity to diversify…
GCC public offerings to rise as macroeconomic climate improvesOBGplus
The GCC saw a rise in initial public offerings (IPOs) in 2022 despite volatility in secondary markets, surpassing the previous year’s record high. The total number of IPOs in the region increased from 20 in 2021 to 48 in 2022, marking a 140% rise, and proceeds from GCC issuers increased by 211% from $7.5bn to almost $23bn over the same period. The growing number of successful IPOs in the region…
GCC pursues carbon capture and hydrogen to produce clean energyOBGplus
As hydrocarbons producers reap sustained revenue from high global prices, national oil companies (NOCs) in the Gulf are accelerating investment in carbon capture, utilisation and storage (CCUS); hydrogen; and cleaner sources of energy to make their activities less carbon-intensive and support the energy transition. Gulf NOCs’ low-cost production advantages and massive hydrocarbons resources mean…
UAE's green transition goals supported by advanced technologiesOBGplus
Sharjah is actively contributing to the global energy transition through its advancements in waste-toenergy technology and investment in innovative solutions. These efforts demonstrate the emirate’s commitment to creating a sustainable future. Green Power Sharjah’s BEEAH Group has made significant strides in exploring the intersection between waste management and power generation through its…
