The 2018 Oxford Business Group report for Sharjah shows that the Sharjah’s policy of diversification and its success in attracting foreign direct investment is driving the economy towards new heights.

Among the main contributors to Sharjah’s GDP are manufacturing, real estate, wholesale and retail trade, financial services, construction, mining and quarrying, professional, scientific and technical activities, and transportation and storage say WAM, Emirate's government news agency.

WAM has highlighted the report, titled 'The Report Sharjah 2018', which provides an in-depth analysis of the most prevalent sectors and industries, highlighting the move away from hydrocarbons and towards a diverse and innovation-led economy. The report states that Sharjah authorities have been undertaking a range of measures to boost foreign investment flows, supported by competitive advantages, such as strong connectivity and a culture of entrepreneurship.

The report reinforces Sharjah’s attractiveness to foreign investors, in terms of facilities and services, saying the emirate is "home to a growing network of free zones the emirate punches above its weight, in terms of commerce, and is highly diversified by regional standards, with oil and gas contributing less than 6 percent to the GDP and no individual sector accounting for more than 20 percent."

Marwan bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority (Shurooq), said, "Similar to what we have done with the OBG since 2016, the report plays a key role in boosting our visibility. The volume of the analysis presented allows investors and readers to fully grasp the milestones achieved in Sharjah’s economic growth, and its upcoming plans to further sustain this into new and emerging markets."

Source: WAM

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