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23 April 2024

Sharjah GDP grows 8%, eyes growth in industrial and retail sectors

By Staff

As part of its diversification driver, Sharjah is looking to substantially increase contribution of retail and industrial sectors in the economy over the next few years, said a senior government official.

Mariam Al Suwaidi, Deputy Director of Industrial Affairs Section at Sharjah Economic Development Department (Sedd), said the department wants to improve contribution of industrial sector due to its impact at the emirates GDP.

Industrial sector now makes up more than 14% and it is predicted to go up to 25% by 2025 through expanding the innovative industries, Al Suwaidi said.

Sultan Abdullah bin Hadda Al Suwaidi, Chairman of Sedd, emphasised that the department is focused over the past few years on directing huge investment to diversify economy as the emirate recorded more than eight per cent growth in GDP last year.

Amal Jassim Habash, Deputy Director of Commercial Affairs Department at Sedd, said the department aims to diversify knowledge economy also in order to achieve sustainable growth.

She pointed out that the most important economic sectors that the department pays great attention to are retail, shopping centers, industrial and trade in the eastern areas, incubators, academic centers as well as the nutrition sector that are related to the domestic enterprises.