The Sharjah Economic Development Department, SEDD, has issued its seventh annual report for 2017, which highlighted its efforts throughout the year.

The report included the services, activities, initiatives and policies implemented by the department in the context of its economic vision to achieve economic well-being in the emirate at the local and federal levels.

This edition is a development version of previous publications, during which the department was keen to provide details of the economic planning and strategic performance for 2017 at the level of the department and the emirate.

Sultan Abdullah bin Hadda Al Suwaidi, SEDD Chairman, stated that the report reflects the vision and direction of H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, in achieving sustainable development of the economy through steps taken by the department in 2017.

He added that the department has succeeded in designing and implementing a number of economic initiatives and policies that have reached the customers from major investors and businessmen. In addition, SEDD has concentrated on working with customers using the digital and technological environment, since the department achieved 100 percent digitisation working with several local and federal departments and agencies to facilitate procedures. Al Suwaidi pointed out that "Amaal" service centres completed more than 54,351 transactions during 2017, which was 10 percent more than 2016.

In addition, the SEDD Chairman stressed that the UAE’s economy in general and Sharjah’s, in particular, are growing fast, despite the global economic challenges, changes and the global market volatility. He pointed out that there is a high per capita share of GDP in the emirate and diversified economy structure that doubles foreign direct investment. Such things are driven by the tremendous achievements of the Ruler of Sharjah, which has strengthened the emirate's economy and maintained its high competitiveness as the third largest economy in the country.

Al Suwaidi explained that the department has followed the application of value added tax through campaigns and meetings preceding the tax legislation and implementation. A comprehensive field control plan was also organised to ensure that all economic establishments in the emirate comply with tax laws. In 2017, a fraud complaint service through smartphones was also launched.

He stated that it was easy for parties to review the annual report and develop the prospects and future of development in the emirate. Such a report documents the economic progress of the emirate by monitoring and recording all developments and changes achieved annually and reflects the efforts to promote economic and social development in implementation of the directives of the Ruler of Sharjah.

The department also released a booklet titled "The Central Region of Sharjah" which covers the central region as a treasure of investment and for its enjoyment of environmental, social and economic richness. SEDD has also increased the number of workers in the central region to accelerate the process of facilitating transactions and increased the number of commercial officers by 100 percent in 2016. It also held regular meetings with investors in order to deepen the investment and trade relations with them.

The chairman stated that the central region witnessed an unprecedented boom in the total number of licences issued and renewed during the past years, jumping from 3,447 licenses to 6,305 ones in 2016 with an average growth rate of 23 percent.

In addition, SEDD issued the fourth version of the licences report, which includes the movement of business licences in the emirate, the economic anatomy of geographical regions and the relative weight of the sectors and main activities.

Thus, the total number of registered active licences reached 73,111 ones in 2017, as compared to 71,660 last year or a 2 percent rise. Commercial licences rose to 47,705 in 2017 with a growth rate of 2 percent compared to 2016.