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Industrial Investment in Sharjah sees Dh249 million increase

posted on 19/02/2009: 2415 views

Industrial investment has enjoyed huge growth in the UAE, lead by Abu Dhabi, followed by the emirates of Dubai, Sharjah, Ajman, Ras Al Khaimah, Umm Al Quwain, and lastly Fujairah, despite having taken big steps itself regarding industrial improvements.

Recent statistics recorded an 8% growth rate for industrial facilities in 2008, with an increase of 90 industrial companies compared to 2007, thus raising the number of companies in the emirate of Sharjah to a total of 1210 in 2008, compared to 1120 in 2007.

Sheikh Abdullah bin Fahid Al Shakrah, Chairman of Al Hanoo Holding and Emirates Industrial Cities Company said, "Recently, investors have been keen to invest in new areas. A lot of these investors have chosen the industrial sector, increasing the number of licenses, industrial facilities, workers, and types of industrial facilities. This clearly shows that the UAE is not exclusive to real estate investment, but is also active in all sectors".

Al Shakrah, whose company is developing "Emirates Industrial City", a project aspiring to facilitate investors' industrial activities, said "The country has been very supportive of investors through the many facilities the country offers, as well as the country's continuous efforts to overcome any obstacles with sound legislations that make the UAE a safe haven for investments".

Statistics, issued last year, reported an increase in industrial activities of Dh 249 million in the emirate of Sharjah by the end of 2008, compared to 2007's figure of Dh 4.039 billion. Therefore industrial activities amount to a total of Dh 4.288 billion, with an annual growth of 6.2%.

The annual number of workers in the industrial sector has also increased by 3,940 to 77,564 workers, compared to 73, 624 in 2007, with a growth rate of 5.4%. The number of workers is expected to increase further due to the current fluctuations of the property market, with investors going for new types of investments in the industrial sector. – Emirates News Agency, WAM


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