Foreign investment in Sharjah doubles to AED 5.9 billion
Sharjah attracted more than AED 5.9 billion in Foreign Direct Investment (FDI) in 2017, which is a sharp increase of 102 per cent year-on-year.
Industrial machinery, metal manufacturing and real estate were the most active sectors.
The bulk of investments came from India, UK, US, China and Saudi Arabia.
Sharjah’s GDP expanded by 5 per cent last year with growth in key sectors like construction, wholesale, retail and real estate ranging between 6 and 9 per cent.
The enhanced foreign investments also boosted the emirate’s job market, which reported a 174 per cent growth in 2017 with the creation of 2,815 new jobs compared to 1,025 the year before.
Meanwhile, the number of new and renewed business licenses surged to 73,000, indicating a 2 per cent growth since 2016.
The figures were revealed by the Sharjah FDI Office (Invest in Sharjah) on the sidelines of the Annual Investment Meeting in Dubai.