In the first quarter, Sharjah witnessed a significant increase in the number of licenses issued and renewed

The number of licenses issued and renewed in Sharjah increased significantly in the first quarter of 2022 compared to the same period last year, according to the Sharjah Economic Development Department (SEDD).

A total of 17,059 licenses were issued. Over the same period in 2021, the growth rate was 7%, resulting in an increase of 1,139 licenses. A total of 1,979 licenses were issued, with 15,080 licenses being renewed.

This data is one of the most important economic indicators used by the department to assess the Emirate's economic position.

Sharjah Economic Development Department (SEDD)- The Prime Objective

SEDD's primary goal is to build a comprehensive plan to boost the Emirate's economic development by developing services that meet the highest international quality standards regarding delivery speed, access to financial sector dealers and investors, and the ability to conclude transactions quickly.

The department aims to streamline services and procedures to make business registration, issue business licenses, and give greater flexibility to investors and dealers so that they may get their firms up and running quickly.

The Substantial Growth in the Number of Licenses Issued

• During the first quarter of 2022, the number of industrial licenses issued climbed by 20%.
• The number of professional licenses issued increased by 18% compared to the same period in 2021.
• In contrast, the total number of renewed licenses (commercial, professional, industrial, Eitimad, and e-commerce) climbed by 8%, 5%, 13%, 28%, and 525 percent, respectively, in the first quarter of this year compared to the first quarter of 2021.

Key Takeaways to Consider

• The rise of licenses in the first quarter of this year confirms the local economy's strength and the Emirate's appeal as an investment destination.
• The Department conducted 41,641 inspection campaigns in the Emirate's various economic establishments.
• The Commercial Control and Protection Department's employees constantly work to guarantee that the Emirate's economic operations are safe.

Consumer Protection Complaints Scenario

It's also worth noting that consumer protection complaints were dispersed throughout various industries. The automotive and spare parts sector accounted for 23% of all consumer protection complaints. In contrast, complaints about mobile phones and electronics accounted for 13%, furniture and curtains accounted for 9%, and personal services activities accounted for 8%. Complaints about electrical appliances and building materials accounted for 7%.

In addition, 6% of complaints came from the tourist, travel, and shipping industries. SEDD aims to educate consumers and investors on their rights and responsibilities.

The Concluding Statement

The strength of the local economy, the attractiveness of the investment climate, the Emirate's strategic location in the region and modern infrastructure, and other important economic and social components are all confirmed by the ongoing increase of company licenses. It also demonstrates that opportunities exist in broad-ranging areas and economic activities.

The mobility of investment in existing projects has increased noticeably. These figures illustrate Sharjah's economy's long-term growth. Besides, they also indicate the business community's confidence in the Emirate's investment potential.