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Sharjah sharpens its focus

Sharjah is focusing on four key sectors to fuel its economic growth over the next four years, the Sharjah Investment and Development Authority, or Shurooq, said on Monday.

Travel and tourism, transport and logistics, healthcare, and environment have been indentified as the driver of the emirate’s economic growth.

Marwan bin Jassim Al Sarkal, chief executive officer of Shurooq, said Sharjah has many unique characteristics and competitive advantages that make the emirate an ideal business destination for investors from the UAE and abroad.

“The emirate is already recording 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,” he said.

Some of the landmark initiatives undertaken and supervised by Shurooq in its capacity as the investment regulatory body of the emirate include Chedi Khorfakkan Resort, Kalba Eco-tourism project, the Heart of Sharjah, and the Al Jazeera Park makeover.

“This is apart from many other projects in the pipeline,” said Al Sarkal.

“Sharjah will soon see the setting up of an integrated healthcare city, the largest healthcare facility in the UAE, which was recently announced by His Highness Dr Shaikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, a move that will give a strong boost to the emirate’s growing healthcare sector.”

With the health market size reaching Dh2.3 billion, the sector 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.

Al Sarkal pointed out that 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.

Sharjah’s transport industry, capitalising on its strategic location between Europe and the Far East, 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, which was established in 2009 as an independent government body tasked with stimulating business activity and encouraging investment in the emirate, 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, said Al Sarkal.

He said Shurooq would go ahead with its ambitious plans to put Sharjah on the world investment map. He highlighted Shurooq’s role in encouraging investment and helping overcome the obstacles facing business activity in the emirate.

— issacjohn@khaleejtimes.com