The Future of Business in Sharjah - Trends and Predictions
5 - 07 - 2023
Sharjah boasts a thriving business landscape, housing over 60,000 SMEs and continually attracting robust Foreign Direct Investment. Its strategic location, well-developed business ecosystem, and supportive government policies make it an attractive destination for businesses looking to establish and expand their presence. Moreover, the emirate's unwavering support for creative entrepreneurial projects further enhances its appeal. Notably, technology investments in Sharjah currently outstrip every other sector.
Here are some trends and predictions shaping the business landscape in Sharjah.
As global consciousness shifts towards sustainability, GreenTech has emerged as a high-growth sector in Sharjah. The emirate is witnessing a surge in businesses dedicated to renewable energy, waste management, and eco-friendly solutions. Sharjah's commitment to promoting sustainability, coupled with its investments in green initiatives, positions the emirate as a key player in the GreenTech revolution. In fact, the city's potential in the sector is one of the highest in the region.
Sharjah holds the title of 'zero landfill city' in the Middle East and is home to a solar park and waste-to-energy plant that power 67,000 homes. With favorable government policies, incentives, and infrastructure for GreenTech businesses, Sharjah provides fertile ground for sustainable ventures to flourish and contribute to the UAE's sustainable development goals.
2) Human Capital and Innovation:
Recognizing that human capital is the backbone of a thriving economy, Sharjah places a strong emphasis on fostering innovation and nurturing talent. The emirate makes significant investments in educational institutions and research centres (around USD 1.5 billion per annum), producing a skilled and diverse workforce and an ecosystem poised for growth.
As businesses seek to stay competitive and agile in the rapidly changing digital era, Sharjah's focus on innovation and nurturing talent becomes a driving force behind its growing appeal as a business destination. Entrepreneurs and companies can leverage the diverse pool of talent to drive innovation and spearhead technological advancements in various industries.
3) Culture & Tourism:
Sharjah's rich cultural heritage and growing focus on promoting tourism have paved the way for businesses in the culture and tourism sectors to flourish. By 2027, Sharjah’s media and tourism sectors are expected to be worth USD 20.3 billion. From eco and adventure tourism to world-class business and cultural events, Sharjah is attracting investments in the sector from both local and international players.
With a thriving arts and cultural scene, Sharjah has become a vibrant destination for tourists seeking an authentic experience. Businesses in the culture and tourism sectors can tap into the emirate's cultural diversity and heritage to create unique and immersive experiences for travellers.
For startups and creative ventures, Shams (Sharjah Media City Free Zone) offers a unique platform that provides a range of services and facilities designed to support business growth and success. Entrepreneurs can benefit from Shams' state-of-the-art infrastructure, cost-effectiveness, and strategic location, enabling them to tap into the exciting trends and opportunities shaping the future of business in Sharjah.
With the high-growth sectors gaining momentum, Sharjah's future as a thriving business hub is promising. The emirate's commitment to sustainability, innovation, and cultural preservation sets the stage for a prosperous and dynamic business landscape. As entrepreneurs and businesses explore the limitless possibilities in Sharjah, the emirate continues to solidify its position as a driving force in the UAE's economic transformation.