The sovereign credit rating of the Sharjah Emirate, UAE, at the level of BBB + / A-2 was predicted by Standard & Poor’s (S & P) international rating agency. In the opinion of the emirate’s influential ranks and according to S & P, the opportunities of Sharjah’s economy will remain favorable in the short and long term.
The firm financial position of the emirate and a low level of risk ensure the ratings of Sharjah, in accordance with S & P. The economic growth of the emirate in the coming years will be 2% per year, according to the forecasts of the rating agency. In comparison with other economies of the region, S & P notes a high level in the economic structure of Sharjah. Up to 17% of the GDP of the emirate is the industrial sector, followed by real estate, retail, wholesale and financial services. The rating agency believes that Expo 2020, which will be held in Dubai, will be useful for Sharjah.
Head of the Economic Development Department of Sharjah, expressed the hope that favorable credit ratings of the emirate will be able to attract local, regional and international investments and contribute to improving the level of confidence of the business community and finance. “The emirate adheres to a reasonable economic approach based on a sound financial position with minimal risk, which increases investor confidence in the local economy and increases its attractiveness for foreign capital,” said Director General of Direct Investments of Sharjah.
The leadership of the emirate makes active efforts to strengthen the social and economic situation, including investing in such spheres of the economy as infrastructure, education, real estate.
Over the past few years, the Sharjah authorities have initiated a number of ambitious projects that are extremely attractive for foreign investors.
The strategic plan for tourism development of Sharjah “Vision 2021” provides for the phased transformation of the emirate into an international cultural center and attracting more than ten million tourists.