SEDD Reports Significant Economic Growth In Sharjah For 2023

The Sharjah Economic Development Department (SEDD) has released its Annual Report for 2023, highlighting significant growth in economic activities. The report, titled "Continuous Giving," indicates a 4.1 percent increase in issued and renewed business licences, totalling 66,365. Issued licences accounted for 11.7 percent, while renewed licences made up 88.3 percent.

Hamad Ali Abdulla Al Mahmoud, SEDD Chairman, stated, "The sustainable development trends and economic development plans in Sharjah at various levels enjoy the support of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who has laid solid foundations for a sustainable economic development model and a diversified competitive economy that makes the emirate a unique one."

The report shows that commercial and industrial sectors saw notable growth in business licences issued. "Eitimad" domestic licences also experienced a significant rise. Renewed e-commerce licences grew by 34 percent, while issued e-commerce licences increased by 19 percent. "Eitimad" issued licences saw a high growth rate of 21 percent.

Foreign investors showed heightened interest in establishing projects in Sharjah. Foreign ownership licenses constituted 13 percent of total licenses in 2023, with 2,503 new licenses and 6,109 amended ones. The total capital from these licenses amounted to AED 3.23 billion.

This positive trend is supported by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. His supervision has made the emirate an attractive destination for global investors and entrepreneurs. Sharjah ranked fifth globally among the top ten fastest-growing cities for foreign direct investment flows in 2023.

On the legal front, SEDD completed 18,176 documentation transactions for company contracts and carried out 45,768 legal transactions last year.

Customer Satisfaction

Noura Yousif bin Sandal, Deputy Director of Economic Planning and Studies Department at SEDD, noted that customer satisfaction with services reached 95.93 percent in 2023. Satisfaction with the Department’s handling of complaints was even higher at 96.4 percent.

The growth in business activities positively impacted Sharjah's GDP, which exceeded AED 145 billion by the end of the year.

Investors increasingly focused on commercial projects while businesswomen's ventures gained strength in local markets, particularly in commercial and professional fields.

The SEDD's efforts have led to increased activities related to foreign investors and businessmen.

The sustainable development initiatives have positioned Sharjah as a hub for investment and family entrepreneurship.

The emirate is now recognised as a global destination for green economy pioneers and major companies leading future industries.

With inputs from WAM