Commenting on that, Hamad Ali Abdalla Al Mahmoud, SEDD Chairman, stated that this report includes all the variables related to business activity in Sharjah. Also, he clarified that presenting the status of business licenses in the emirate did not come only through issuance and renewal numbers, but through a number of vital indicators such as sectors, activities, geographical distribution, legal forms, as well as the distribution of investments of different countries and nationalities in the emirate. He added that the Department is keen, by issuing such reports, to provide all information and data within a framework of full disclosure, transparency and scientific methodology to the investors so that they can work in a clear and organized manner in the market.
Similarly, Al Mahmoud explained that SEDD, through reviewing business data over the past years, has developed the business sector and improved all statistical and electronic services it provides based on customer and investor experiences. In addition, SEDD focuses on the current trend in studying the market, works on building economic indicators, pays attention to setting proactive visions, concentrates on the time and accuracy of transactions, facilitates procedures for incorporation contracts, while also provides more data and informational linkage with customer service centers and data governance in the Department. These are all procedures that serve the investors and provide them with the means of work and investment with the least possible effort as well as economic and capital cost. They also go in line with the orientations and wise directives of Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the pursuit of Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council, to allocate all services and facilities to serve economic development at the level of the main industrial and commercial economic sectors in the emirate, especially encouraging the citizens of the emirate to be part of the economic formation and benefiting directly from the significant economic development gains and savings that the emirate has achieved in the recent period.
Al Mahmoud added that any establishment that has a license issued by SEDD plays a vital role in the growth of the emirate’s domestic product. He carried on that the Department has more than 72,000 active licenses, which is expected to reach the barrier of 140 billion dirhams at the end of the year 2023 in the emirate’s GDP, compared to a total of 136 billion dirhams in 2022, with a growth rate between 4% and 5%.
Furthermore, SEDD Chairman emphasized that the analysis conducted on the economic sectors indicates growth this year in three sectors, which are the wholesale and retail trade sectors, vehicle repair, the transportation and storage sector, and the accommodation as well as food services sector, which achieved growth of 10%, 9.5%, and 9.1%, respectively. Additionally, the volume of capital investment increased by 37.3% in the construction sector, while the manufacturing sector hit a growth rate of 21%, whereas the wholesale and retail trade sector grew by 15.8%. Moreover, the Department conducted transactions on 174,439 major activities at the level of the emirate, whereby the growth rate of such transactions on economic activities hit 5% in 2022. Such thing reflected in the growth of important sectors in the emirate that achieved significant output, led by the wholesale and retail trade sector, whose size exceeded 31 billion dirhams, the manufacturing sector, which exceeded the value of 22 billion dirhams and 17% of the gross domestic product, and the construction sector, whose size exceeded 12 billion dirham in 2022, which was reflected in the growth of the emirate’s GDP.
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