Sharjah Chamber: Positive Indicators on the Economic Growth in the Emirate during the Last Two Months

March 18, 2019 - Dubai, UAE:

Sharjah Chamber of Commerce & Industry (SCCI) has revealed positive indicators on the economic growth in the Emirate of Sharjah despite the global and regional business environment challenges. 

The chamber said: “The beginning of the year 2019 witnessed a remarkable growth in terms of the number of the new memberships, certificates of origin and transactions. The matter that reflects the investor confidence in the investment environment in the Emirate of Sharjah, as well as the rewarding opportunities availed by the Emirate for the working companies in it.”

Sharjah Chamber stated that January 2019 recorded a growth of 28% in the numbers of the new memberships, compared to the same month of the year 2018, where the new memberships were 513. While this month recorded 5236 memberships, with a growth rate of 7% compared to the same time as the last year. The overall new and renewed memberships have reached 5749 during January with a notable growth rate of 10%.

“The number of certificates of origin issued by the chamber last January was 7630 certificates, with a growth rate of 3%, compared to January 2018. This reflects growth sustainability in the trade sector and the expansion of Sharjah merchants in their commercial activities to the promising markets,” Sharjah Chamber added.

In the same context, Sharjah Chamber’s statistics showed an increasing growth during February 2019, in an ascending pattern that apparently reflects the global position of the business environment in the Emirate of Sharjah, especially in terms of attracting the direct foreign investments. 

The number of new memberships in February 2019 was 437 with a growth rate of 16% compared to February 2018. While the renewed memberships in February 2019 was 4885, with a growth rate of 8% compared to February 2018. The overall new and renewed memberships have reached 5322 in last February with a growth rate of 9%.

Furthermore, the chamber’s statistics showed a hike in the transaction number of the eastern and central regions, with a growth rate of 3%, compared to February 2018. Generally speaking, the number of transactions of Sharjah Chamber has notably increased during the first two months of this year.

His Excellency Mohamed Ahmed Amin, Acting Director-General of the Sharjah Chamber of Commerce and Industry (SCCI) said: “These recent statistics of memberships and transactions form a positive indicator that presages a promising start of this year at all levels. The rise of the new and renewed memberships, and certificates of origin is an additional proof on the efforts exerted by Sharjah Chamber to boost business environment and to ease the procedures and business practices in accordance with the best global practices, and to be consistent with the wise vision of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah, to consolidate Sharjah’s position as a regional and global spot for business.”

In turn, Abdulaziz Shattaf, Assistant Director-General for Members Services at the SCCI said: “The increase of the new and renewed memberships comes as part of the efforts exerted by the chamber to attract new investments, through comprehensive plans and strategies that facilitated membership procedures and its renewal as well. Those strategies also provided competitive advantages to the members to ease their business practice, in addition to giving a value added to their activities.

Al Shattaf also pointed out that the rise of the number of certificates of origin issued by the chamber during the last two months emphasizes the Emirate’s attraction as an essential center within the global and regional trade system.

On the other hand, Mr. Medhat Munir Ibrahim The Head of the Attestation and Membership Services Department said: “Sharjah Chamber is well-determined, during the upcoming stage, to maintain this ascending growth pattern, in particular, that the joining of 950 new firms to the membership of Sharjah Chamber during the first two months, encourages the chamber to pursue the provision of best services and to launch valuable initiatives to strengthen the private sector competitiveness in the Emirate, so as to continue its role in enhancing the sustainable march of Sharjah economy.”