Foreign ownership licenses constituted 13 per cent of the total licenses in 2023.

Sharjah Economic Development Department (SEDD) released its Annual Report for the year 2023, showcasing its success in achieving exceptional growth in the targets of accelerating economic activities of all kinds.

In 2023, the volume of issued and renewed business licences grew by 4.1 per cent, totalling 66,365 licences. Issued licences made up 11.7 per cent, while renewed licences comprised the majority at approximately 88.3 per cent.

The SEDD in its report titled “Continuous Giving” says that this growth has positive effects in supporting the emirate’s GDP, which exceeded Dhs145 billion by the end of 2023.

This positive growth was represented by varying rates in the business licences issued, and more so in the commercial and industrial sectors and “Eitimad” domestic licences. Renewed licences also achieved similar growth in the commercial, professional and industrial sectors. Likely, “Eitimad” issued licences witnessed a high growth of 21 per cent, while renewed e-commerce licences also recorded a record growth of 34 per cent, as well as 19 per cent for issued licences.

Considering the most important indicators of business licence performance for the past year, it was noted that investors were increasingly interested in establishing investment projects, especially in the commercial sector, while businesswomen’s projects became more capable in the local market, especially in the commercial and professional fields.

Additionally, there has been an increase in the number of activities related to foreign investors and businessmen, as foreign ownership licenses constituted 13 per cent of the total licenses in 2023, with 2,503 issued licenses and 6,109 amended licenses, with a total capital of Dhs3.23 billion. On the legal and legislative level, the Department completed 18,176 documentation transactions for company contracts, while implementing 45,768 legal transactions.

Hamad Ali Abdulla Al Mahmoud, SEDD Chairman, said, “The sustainable development trends and economic development plans in Sharjah at various levels enjoy the support of His Highness 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.”

This approach, he added, is also highly supervised by Sheikh Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council, that resulted in making the emirate a home for investment and family entrepreneurship, a global destination for investors from all over the world, businessmen, green economy pioneers, and major companies.

WAM