Sharjah economy increased 8% in 2013

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Sharjah’s economy increased by 8%t last year, its fastest rate in five years, according to latest information from the Ministry of Economy.

Sharjah economy increased 8% in 2013

Sharjah economy increased 8% in 2013

The information proved that the emirates’ economy exceeded Dh70 billion in 2012 and is approximated to surpass Dh80 billion in 2014. No figures were given for 2013.

Over the past ten years the UAE’s third-largest emirate has developed at an average rate of 11%. Nonetheless, in the fall out of the international fiscal crisis the emirates economy dropped by 5% and then bounced back to increase by 4% in 2010.

The economy of Sharjah, which is the Islamic Culture Capital this year, rose by 7% in 2011 and 5% in 2012.

Sharjah is the only economy in the Middle East with no single sector contributing more than 20% of its GDP, according to publicly-owned investment arm Shurooq.

It was reported that in September, demand for Sharjah’s 10-year $750 million (Dh275 billion) sukuk topped $7.85 billion.

Meanwhile, the economy of Dubai increased by 4.6% which was also its quickest development rate since 2007 and the GDP enlarged to Dh325.7 billion, up from Dh311 billion a year before.

The Abu Dhabi’s economy climbed by 4.8% to make Dh953.2 billion in 2013, according to report. Oil accounted for 55% of economy of the largest emirate.

The United Arab Emirates generally gross domestic product (GDP) enlarged by 4.8% in 2013 to make Dh1.54 trillion, according to the Ministry of Economy, with non-oil divisions giving 61%. The UAE’s economy is approximated to amplify to Dh2 trillion in 2019. The Ministry also stated that the foreign currency reserves in the UAE are approximated at Dh293 billion and are estimated to get Dh690 billion by the end of 2019.

Mohamed Dekkak