Sharjah Consultative Council Reviews Economic Development Policies And Future Outlook

The Sharjah Consultative Council recently focused on the policies of the Sharjah Economic Development Department (SEDD) during its thirteenth session. This meeting, part of the second ordinary term of its eleventh legislative chapter, took place at the council's headquarters in Sharjah. Dr Abdullah Belhaif Al Nuaimi chaired the session, with key figures like Hamad Ali Abdullah Al Mahmoud and Fahad Ahmed Al Khamiri in attendance.

Al Mahmoud highlighted SEDD's mission to enhance Sharjah's economy by providing exceptional services to investors. He emphasised the department's commitment to adopting modern technologies and simplifying services. The aim is to ensure Sharjah remains a top choice for entrepreneurs and investors by supporting economic and investment sectors.

During the session, Al Mahmoud shared a positive economic outlook for Sharjah. He reported that SEDD’s revenues for 2024 reached AED1.07 billion, marking an 11 percent increase. Additionally, there are now 72,406 active business establishments in the emirate. Licence issuance and renewals also saw growth rates of 6 percent and 7 percent, respectively.

Council members actively participated in discussions, posing questions and offering suggestions. They proposed incentives and legislation aimed at enhancing economic sustainability and addressing business leakage from the emirate. These discussions were crucial in shaping future policies.

Further inquiries were made about commercial licensing processes and the use of foreign trade names. Members also discussed compliance with anti-money laundering regulations and suggested better regulation of sectors like used car parts trade in Sharjah’s industrial areas.

Suggestions included establishing a quality rating system for private sector services to improve standards. Supporting local farmers was another focus, aiming to boost food security within the region. These initiatives reflect a comprehensive approach to economic development.

Balancing Development with Environment

The council also discussed facilitating banking services for businesses in sensitive sectors. Implementing policies that ensure balanced growth between development and environmental protection was another key topic. These measures aim to create a sustainable economic environment in Sharjah.

The session concluded with a consensus on the importance of these discussions for shaping future strategies. By addressing these issues, Sharjah aims to maintain its status as a leading business hub while ensuring sustainable growth across various sectors.

With inputs from WAM