Oxford Business Group and Invest in Sharjah team up for latest project
United Arab Emirates, Sharjah: The potential for tourism and manfacturing to lead the recovery in Sharjah’s diversified and resilient economy is explored in a new report by the global research and advisory firm Oxford Business Group (OBG), produced in partnership with Invest in Sharjah. Titled The Report: Sharjah 2021, it assesses trends and developments across the economy amid the disruption of the global Covid-19 pandemic.
The Report: Sharjah 2021 highlights that approximately 96% of Sharjah’s GDP derives from non-oil industries, which sets the emirate apart as one of the most diversified economies in the region.
With Sharjah being home to 35% of the UAE’s manufacturing facilities, The Report: Sharjah 2021 shines a spotlight on the emirate’s focus on the research and development of solutions relevant to the post-pandemic environment, such as artificial intelligence, 3D printing and robotics.
Sharjah’s manufacturing sector is supported by a well-developed transport and logistics infrastructure, benefiting from its advantageous geographical location as the gateway to the northern emirates. In this regard, The Report: Sharjah 2021 draws attention to the sizable year-on-year growth of throughput at Sharjah’s three ports in the third quarter of 2020, with imports, exports, re-exports and general cargo shipments increasing by 44.7% over that challenging period.
Elsewhere, the report explores the emirate’s productive knowledge and entrepreneurship ecosystem – comprised of universities, research centres, incubators and accelerators – which is helping to serve the needs of a broad range of high-value sectors.
These factors helped Sharjah to attract over $220m in FDI in 2020 across 24 projects, with the number of projects increasing by 60% between the third and fourth quarters.
The Report: Sharjah 2021 also illustrates how the emirate is raising its profile as an attractive tourist destination, particularly in the family and ecotourism segments as a result of its unique Arab cultural heritage and natural habitats. In an indication of the emirate’s tourist potential, the report notes that the number of hotel rooms in Sharjah City is projected to increase by 50% by 2025.
Featured in an interview in the The Report: Sharjah 2021, Mohamed Juma Al Musharrkh, CEO of the Sharjah FDI Office (Invest in Sharjah), explains how Sharjah adapted its economic strategy to account for the changes arising from the pandemic.
“The world has changed, and economies must adapt the way they pursue their goals,” he said. “Ongoing research and development efforts, particularly in the field of technology, are drawing increased attention to Sharjah, and tourism will represent another major focus area.”
Commenting ahead of the launch, OBG’s Editor-in-Chief Oliver Cornock said that having long played a key cultural and economic role in the region, Sharjah was now stepping up its efforts to attract FDI for broad-based growth and position itself for renewed growth.
“With six free zones and shore lines on both the Gulf and the Indian Ocean, as well as shared borders with the six other emirates, Sharjah has understandably made trade and logistics a priority in its development strategy,” he said. “Looking ahead, we expect increased interest in knowledge-led segments and a sharpened focus on entrepreneurship to be instrumental in boosting investment.”
Jana Treeck, OBG’s Managing Director for the Middle East, added that infrastructure spending was also set to support a swift economic rebound, as Sharjah moves to meet high demand for mixed-use developments combining schools, retail outlets and green spaces.
“Sharjah approved a $9.1bn general budget for 2021 – its largest-ever – with some 43% allocated for developing and improving infrastructure,” Treeck said. “We expect heightened activity across the construction industry in the recovery phase, with the use of locally produced materials further benefitting the economy.”
The Report: Sharjah 2021 contains a contribution from Sheikh Sultan bin Muhammad Al Qasimi, Ruler of Sharjah and Member of the UAE’s Supreme Council, together with a detailed sector-by-sector guide for investors. It also features a wide range of interviews with other high-profile personalities, including: Sheikha Hoor Al Qasimi, President and Director of Sharjah Art Foundation; HE Marwan bin Jassim Al Sarkal, Executive Chairman of Shurooq; Hatem Al Mosa, CEO of Sharjah National Oil Corporation; Badr Jafar, CEO, Crescent Enterprises; Adel Abdullah Ali, Group CEO, Air Arabia; and Ahmed Alkhoshaibi, CEO of Arada.
The Report: Sharjah 2021 is available online and in print. Its publication marks the culmination of more than 12 months of field research by a team of analysts from OBG. It forms part of a series of reports that OBG is currently producing with its partners, alongside other highly relevant, editorial content.
About Oxford Business Group:
Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, spanning the Middle East, Africa, Asia and the Americas. It is recognised internationally as a distinctive and respected provider of on-the-ground intelligence on world’s fastest-growing markets, termed The Yellow Slice, in reference to OBG’s corporate colour.
Through its range of products – Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions.
OBG provides business intelligence to its subscribers through multiple platforms, including its direct 6 million verified subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv’s (previously Thomson Reuters) Eikon subscribers and more.
