The UAE is standing as an integrated economic entity in the face of economic crisis, Sheikh Sultan bin Ahmed Al Qassimi, chairman of the Sharjah Commerce and Tourism Development Authority (SCTDA), said. He stressed the importance of Sharjah's investor-friendly climate, which transformed the emirate into an attractive investment destination in only a few years, luring a large number of industrial and trading activities to its state-of-the-art free zones and industrial areas. Al Qassimi addressed the attendees at the two-day Special Economic Zones Forum held in Sharjah which ended on Monday. He presented the investment features in the emirate of Sharjah and the growth achieved in various economic sectors. He said that Sharjah's decision to host this forum reflects the added value of the emirate's industrial sector as a significant contributor to economic growth, with a multitude of small and medium industrial enterprises that collectively help stimulate the emirate's economy and serve the goals of total economic growth. “By hosting this important event, the emirate of Sharjah will present all the measures taken by the government corporations and bodies - including a host of incentives and facilities, as well as improved infrastructure and modern legal systems - that all aim to further boost the industrial sector's contribution to the gross domestic product,” he said. At the forum entitled “Sharjah's Economic Strategy and Plans to Develop Special Economic Zones,” Al Qassimi said: “Sharjah is the third largest emirate in the UAE and has, in the past, been a hub of trade in the region, due to its strategic geographical location at the crossroads of major trade routes linking east and west. Straddling the Arabian Gulf and the Indian Ocean, Sharjah is the gateway to the Arabian Gulf and the Gulf of Oman. Sharjah's reputation as the cultural capital of the UAE was reaffirmed by UNESCO when it declared the emirate the ‘Cultural Capital of the Arab World' in 1998. Since that landmark date, the emirate has built on this recognition, attracting hosts of people who come to witness, experience, explore and discover the secrets of a unique Arabian lifestyle and Islamic culture.” “Today, with 19 industrial areas, Sharjah is one of the UAE's major industrial centres, accounting for almost 48 per cent of the country's industrial GDP. With its modern, world-class facilities, its investor-friendly climate and its modern infrastructure, Sharjah presents an ideal option for investors. Sharjah has grown exponentially to become a vital hub for manufacturing, tourism, real estate, retail, construction, financial services and other sectors that help position it to prosper in the UAE's hyper-competitive economic landscape.” Al Qassimi said the emirate's industrial sector grew significantly in 2008, further enhancing its position as an important hub for several industries, with field surveys showing that the cost of industrial production in Sharjah is 35 percent lower than in other emirates, as the Sharjah government shoulders 70 percent of the actual costs of energy and water production. “The government also supports local industry, giving priority to local products when purchasing, with a price advantage of up to 10 percent of the value of orders.”
