Economy Sharjah’s economy increased to $37bn in 2022 By Pramod Kumar May 9, 2023, 7:26 AM WAM Sharjah Department of Statistics and Community Development chairman says the preliminary estimates for 2022 indicate a positive economic performance Sharjah’s economy grew by 5.2 percent to AED136.9 billion ($37.28 billion) in 2022, compared to AED130.1 billion in 2021, according to preliminary estimates by the Department of Statistics and Community Development. The emirate’s non-oil sector rose 5.2 percent to AED133.4 billion last year, compared to AED126.8 billion in 2021. Preliminary estimates are based on comprehensive economic survey results from 2017-2021, which include all independent bodies and the public sector, the department said in a statement. Sheikh Mohammed bin Humaid Al Qasimi, chairman of Sharjah Department of Statistics and Community Development, said that the preliminary estimates for 2022 indicate a positive economic performance in the emirate. “The emirate’s economic diversification has been a driving force behind the growth that we are currently witnessing, which aligns with the its development plans,” he said. Wholesale and retail trade; repair of motor vehicles and motorcycles achieved the highest growth in the emirate’s economy, reaching AED32.9 billion, or 24 percent to the gross domestic product (GDP). Manufacturing contributed 16.7 percent, or AED22.9 billion, to GDP. Real estate activities came third with a 9.7 percent addition to GDP, highlighting the sector’s role in providing investment opportunities. The construction sector added 9 percent to the emirate’s economy, the statement said.
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 38 mins ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 47 mins ago
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