Hamad Al Mahmoud “Ruler of Sharjah lays Solid Foundations for Sustainable Economic Model”

71,318 issued and renewed licenses in Sharjah during 2024 with a growth of 7% 23% growth rate of foreign ownership licenses last year 16,136 commercial protection complaints solved during 2024

HE Hamad Ali Abdalla Al Mahmoud, Chairman of Sharjah Economic Development Department “SEDD”, said that the emirate of Sharjah has many economic components that effectively contribute to improve the economic growth in the emirate and attract local and foreign investments. Likely, HE stressed that the sustainable development trends and economic development plans in Sharjah at various levels enjoy the support of HH Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, and Chairman of the Executive Council, whom laid solid foundations for a sustainable economic development model and a diverse competitive economy that is unique and outstanding.

Balanced Economic Performance

Commenting on the studies done to indicate economic performance in Sharjah, Al Mahmoud said that the SEDD issued the business results for the past year 2024. He clarified that the data included the most important developments and events witnessed by the economic sectors and the procedures and efforts taken by the Department in all sectors and activities in order to provide a comprehensive tool for those dealing with the economic sectors in Sharjah and to introduce them to the most important results it has achieved. Such thing confirms SEDD’s efforts aimed at achieving balanced and sustainable economic performance, and enhancing business continuity in various fields.

71,318 Total number of Issued and Renewed Licenses in Sharjah with a Growth of 7% during 2024

Al Mahmoud revealed that the indicators in the emirate achieved remarkable growth, as the total number of issued business licenses grew by 5.7% to 8,183 licenses. On the other hand, the renewed licenses reached 63,135 licenses during the year 2024, with a growth rate of 6.8%. Such thing resulted in bringing the total number of issued and renewed licenses in Sharjah during the past year to 71,318ones, with a growth rate of 7%.

HE added that SEDD worked on issuing the best and most comprehensive annual reports, with the aim of documenting the economic development achievements of the Department. Also, he pointed out that the statistics and data reflect the extent of the efforts made by the Department in advancing its tasks. In addition, HE emphasized that the Department is concerned about adopting the continuous development process in accordance with its strategic objectives and aspirations to provide distinguished economic services.

71,318 Economic establishment in Sharjah

Al Mahmoud confirmed that there are about 71,318 economic establishments in Sharjah, pointing out that the emirate focuses on achieving the targeted economic diversity through government laws and legislation that support and encourage economic development. He carried on that Sharjah seeks to provide many incentives that contribute to enhancing the continuity of development in various fields, which has strengthened the status of economic and industrial sectors. Likely, the Economic Department in Sharjah work on a number of development sectors, not just economic activities, through the continuous expansion of the business environment through business reconciliation processes and the use of the latest systems and technologies such as the smart investor as well as the continued adoption of quality systems to manage business continuity. This all will ensure the quality of digital services performance in the business environment, and the development in the areas of human capital in building innovative capabilities and investing in national competencies in universities.

The report also recorded an increase in the growth rate of issued licenses according to the type, “commercial, professional, industrial, Eitimad and e-commerce”, by rates reaching 4%, 8%, 11%, 7% and 10%, respectively, in 2024.

Additionally, HE explained that the issued licenses according to the branches were distributed as Sharjah City branches ranked first with 6787 issued licenses, whereas the Central Region Branch ranked second with 753 ones. Then, the Eastern Region branches (Khor Fakkan, Kalba and Dibba Al Hisn Branches) hit 643 licenses.

Balanced growth

In terms of renewed licenses by type during 2024, the commercial licenses grew by 6%, the professional licenses by 7%, and the industrial licenses by 10%, while “Eitimad” licenses increased by 18%, whereas e-commerce licenses grew by 58%.

Also, the renewed licenses by branches in the emirate recorded equivalent growth during the past year, as the branches of Sharjah City came in first place with 51,793 renewed licenses. On the other hand, the Central Region Branch was ranked second with 6,324 licenses, then the branches of the Eastern Region accomplished 5,018 renewed licenses.

Furthermore, Al Mahmoud confirmed that the growth rate of foreign ownership licenses in 2024 increased by 23%, while the total growth rate of e-commerce licenses hit by 31% in the same year. In addition, the total number of Eitimad domestic licenses grew by 15%, and the rate of national licenses issued touched around 4%. It is worth mentioning that the renewed national licenses also increased by 6% for the same period, as national licenses represent 21% of the total business licenses during 2024.

157,312 Inspection Campaigns during 2024

SEDD Chairman confirmed that the Department conducted more than 157,312 inspection campaigns during 2024, noting that the Economic Department in Sharjah dealt with 16,136 commercial protection complaints. These complaints were distributed with consumer protection complaints reaching 14,446 complaints, service agent complaints hitting 801 ones, and commercial fraud complaints reaching 889 complaints. Thus, the Department completed about 99% of these complaints.

Digital Transformation Efficiency

HE pointed out that the Department will carry on its improvement processes that adopts the directives of the wise leadership and the digital transformation strategy implemented by the emirate and the country, which contributed to achieving the highest levels of efficiency, flexibility and effectiveness in providing government services and making them available to customers around the clock through smart channels and easy steps. This will positively reflect in the economic activities that witnessed great demand, which indicates the economic and investment environment that stimulates business and project owners and diversity in various commercial activities.

Notably, the year 2024 witnessed a major development in updating and developing the digital services of the Department, which had pivotal repercussions and results. Therefore, the index of visits to SEDD website and digital services rose to more than 11 million visits, while the percentage of smart investor participation in the total transactions completed increased to hit 21.9%. Likewise, SEDD took great steps towards linking and integrating with various entities, which indicated the efficiency of linking and integration operations, shared services, and promoting the single window initiative.

Financing 14 Projects, with Worth of AED 3 million

As for “RUWAD” Foundation, Al Mahmoud stressed that the Department is constantly seeking to support SMEs in Sharjah, as the financing value of “RUWAD” projects during the past year amounted to 2.96 million dirhams, with 14 funded projects. Also, the number of projects obtaining the membership from the Foundation reached 1950 ones, and the number of training and professional diploma programs reached about 57 programs with 1414 trainees. Additionally, the value of purchases by government agencies from “RUWAD” members reached around 3.5 million dirhams.

97% Emiratization Rate

HE Al Mahmoud emphasized that SEDD works extensively to increase the Emiratization rate in the Department through attracting national competencies and cadres. This falls within its plan to improve and lead to comprehensive economic development in the emirate by improving and developing the efficiency of human resources, and in confirmation of this, the Emiratisation rate in the Department reached 97% in 2024. Thus, SEDD works to implement the directives of the wise leadership to provide an ideal environment to support citizens, develop young leaders capable of anticipating the future, and innovate the necessary tools for the future. This comes in continuation of the Department’s approach toward striving to provide the best possible service to customers, believing in the importance of nonstop development to reach the highest levels of satisfaction with the services provided to the customers.

93% Customer Satisfaction Rate

Al Mahmoud explained that SEDD achieved 93% customer satisfaction rate towards its services, according to the Department’s surveys for measuring the extent of customer satisfaction with the services provided to them. Such thing reflects SEDD’s keenness to develop the level of its services provided to the public, investors and partners.

Likely, HE added that the Department works toward its sustainable goals, in which it pays attention to the challenges and changes that require the existence of well-studied methodologies and work plans that foresees the future in economic and development processes. This goes in line with the vision of HH Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and meets aspirations towards the highest level of excellence and leadership, to ensure achieving global competitiveness and raising performance indicators in various fields.