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Sharjah Business Licenses Surge by 4.1% in 2023, Reflecting Strong Economic Growth

Sharjah Business Licenses Surge by 4.1% in 2023, Reflecting Strong Economic Growth

In a notable indication of economic expansion, the Sharjah Economic Development Department (SEDD) reported a significant uptick in business license issuance in 2023, signaling a 4.1% growth from the previous year.

According to data released by SEDD, the total number of business licenses issued in Sharjah reached 7,738 in 2023, marking a 2% increase compared to the preceding year. Renewed licenses also experienced a robust surge, with a growth rate of 4.4%, totaling 58,627 licenses issued during the same period.

This surge in business license issuance underscores Sharjah’s attractiveness as a thriving business hub, drawing both local entrepreneurs and international investors seeking to capitalize on the emirate’s dynamic economic landscape.

Hamad Ali Abdulla Al Mahmoud, Chairman of SEDD, emphasized the department’s commitment to sustainable economic growth amidst evolving challenges. He stressed the importance of implementing strategic plans to navigate rapid changes and foster future development.

Fahad Al Khamiri, Director of the Registration and Licensing Department, highlighted the significance of the data released by SEDD, noting that various economic sectors experienced an increase in both issued and renewed licenses. Key sectors driving this growth include gas stations, money exchange shops, transportation of petroleum products, gold and jewelry trading, clinics, medical centers, and schools.

Khalfan Al Herathi, Director of SEDD Branches Department, provided insights into the geographical distribution of license issuance. The main branch in Sharjah and the Industrial Area Branch led the issuance with 6,474 licenses, followed by the Central Region Branch and the Eastern Region Branch with 659 and 605 licenses, respectively. Notably, the Khor Fakkan Branch topped the Eastern Region with 280 licenses issued.

Renewed licenses showcased a similar trend, with Sharjah City branches leading the count with 47,649 renewals, followed by the Central Region and Eastern Region Branches. The Khor Fakkan Branch demonstrated significant renewal activity, reflecting the region’s economic vitality.

As Sharjah continues to foster a conducive environment for business growth, the surge in license issuance underscores the emirate’s resilience and attractiveness as a preferred destination for entrepreneurs and investors alike.

The sustained growth in business licenses is indicative of Sharjah’s robust economic fundamentals, driven by strategic initiatives and proactive policies implemented by the government. This growth bodes well for the emirate’s future prosperity and underscores its position as a key player in the global business landscape.

The surge in business licenses also reflects Sharjah’s reputation as a business-friendly destination, offering a supportive ecosystem for startups, SMEs, and multinational corporations alike. With its strategic location, world-class infrastructure, and diverse economy, Sharjah continues to attract investment across various sectors, contributing to its sustained economic growth and prosperity.

In conclusion, the surge in business license issuance in Sharjah in 2023 highlights the emirate’s resilience and attractiveness as a dynamic business hub in the region. As Sharjah continues to pursue its economic diversification agenda and implement forward-thinking policies, it remains poised for further growth and prosperity in the years to come.

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