The Sharjah Economic Development Department (SEDD) unveiled its 2023 annual report, showcasing a year marked by steady economic progress. The report serves as a comprehensive overview of the department's initiatives and achievements, highlighting its commitment to fostering a vibrant and sustainable business environment in the emirate.
SEDD Chairman, H.E. Hamad Ali Abdullah Al Mahmoud, emphasized the department's unwavering focus on achieving balanced and sustainable economic growth. He acknowledged the challenges of a rapidly evolving economic landscape but stressed the importance of well-defined strategies and action plans to navigate these complexities.
The report underlines SEDD's dedication to aligning its vision with the broader directives of the Sharjah government and the UAE's national aspirations for economic excellence and global competitiveness.
A key takeaway from the report is the growth in business licenses issued and renewed during 2023. The total number reached 66,365, reflecting a 4.1% increase compared to the previous year. This rise was driven by a 2% increase in newly issued licenses (7,738) and a 4.4% growth in renewals (58,627).
Furthermore, the report highlights a significant qualitative leap in specific license categories. Notably, commercial and industrial licenses witnessed a 6% and 15% growth, respectively.
The "Eitimad" licensing scheme, designed to attract and retain high-value businesses, saw a remarkable 21% surge. This program caters to companies with a proven track record of innovation and economic contribution.
The burgeoning e-commerce sector also reflected a positive trend, with a 19% increase in licenses issued in 2023. This growth underscores Sharjah's commitment to embracing digital transformation and fostering a thriving online marketplace.
SEDD's dedication to fostering a well-regulated business environment is another key aspect highlighted in the report. The department implemented various policies, standards, and regulations to ensure fair competition and protect consumer interests.
These measures aim to enhance market confidence and attract investors seeking a stable and transparent business landscape. Additionally, the report details SEDD's commitment to continuous improvement by outlining its focus on developing and implementing strategic objectives that will further enhance Sharjah's economic performance.