Our economy is strong and is able to meet society's aspirations, says Sheikh Sultan

Gulf Today, Staff Reporter

The Emirate of Sharjah follows a plan developed by His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to build a strong economy that drives social and cultural development.

“There are many considerations that must be taken into account when analysing economic power, among these considerations is the ability of this economy to empower all segments of society achieve the desired hopes and dreams,” Ruler of Sharjah said.

This came during an interview with the Oxford Business Group (OBG), where Sheikh Sultan said, “We seek an economy that does not only build markets, but also aims to build an integrated nation in which society advances with the contributions of each individual in it.”

He continues, “Our goal is to build an economy that constantly improves the image of Sharjah, as a home for its citizens, residents and investors.”

The community development and its role in securing sustainable economic growth were among the topics addressed by Sheikh Sultan in the interview.

He said, “The goal of development is not to increase burdens on the government, companies or institutions, but rather to provide a platform for long-term profitable investment. It also seeks to develop individuals' skills, experiences, cultures and creative abilities. The true nature of development is what creates value in our actions and gives meaning to life.”

Sheikh Sultan also said, “We understand the challenges facing individuals and companies, and we do our best to enhance infrastructure, services and supportive legislation.”

“It is said that the economic practices should meet the necessary conditions for the sustainability of resources, climate, environment and business. We believe that the transition towards sustainability must begin with the welfare of the community. And with the sustainability of the societal well-being, everything else will be sustainable by extension because of strengthening the sustainability culture of each member of the community,” Sheikh Sultan told OBG.

The Sharjah's economy continues towards sustainable growth, as the indicators of economic development in Sharjah achieved remarkable growth in the first half of 2021, according to data from the Department of Economic Development in Sharjah.

The total number of business licences issued and renewed in Sharjah during the first half of this year reached 30,991 licences, with a growth of 14 per cent, compared to the same period in 2019 and 2020.

The report issued by the DED-Sharjah showed that business licenses issued during the first half-2021 reached 3,525 licenses, and the number of renewed licenses increased to 27,466 licenses, with a growth rate of 10 per cent, compared to the same period in 2019 and 2020.

The growth of business licenses during the first half of this year confirms the strength of the local economy and the attractiveness of the investment environment in the emirate.

In addition, the government initiatives contributed to promoting business growth and attracting more investments. These figures also reflect the confidence of business sectors in the investment opportunities available in the economy of Sharjah.

Likewise, the real estate sector in the Emirate of Sharjah witnessed transactions amounting to Dhs12.2 billion during the first half of 2021 through 40,346 transactions with an increase of 40.5 per cent in the total transactions compared to the same period last year.

In the meantime, the volume of area traded in sales transactions reached 75.2 million square feet, according to the semi-annual report of real estate transactions in the regions and cities of the emirate issued by the Real Estate Registration Department in Sharjah.

The results of real estate trading for the first half of 2021 showed an increase in trading volume by 96.1 per cent, compared to the same period last year 2020. This is attributed to the return to business after the relative decline caused by the “COVID-19” pandemic, and the increase of investors’ confidence in the real estate market in the emirate.

In addition, the economic incentives and facilities launched by the Executive Council in November 2020 contributed to the continued increase in the volume of trading compared to the previous year, especially in February.

It witnessed the conclusion of a major real estate acquisition deal between real estate development companies operating in Sharjah, with a value of Dhs690 million, in order to create a luxury residential real estate project. And this stands as a positive indication that the real estate market in the emirate has begun to recover.

As for the number of transactions, the report shows a remarkable increase in the department’s total transactions during the first half of 2021, compared to the same period last year.

The department made great efforts to provide all requirements to complete transactions, taking into account maintaining safety and security for employees and dealers' clients.