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Sharjah eyes creation of offshore financial centre

Sharjah eyes creation of offshore financial centre

An offshore zone could form part of the emirate’s diversification strategy

UAE northern emirate Sharjah is planning to establish itself as an offshore financial centre, according to reports.

Forbes quoted Sharjah Investment & Development Authority chief executive Marwan Al Sarkal as saying the idea was as the design stage.

“Until now it is at the study stage. We have not yet decided if were going for it or not going for it. We have not yet finished the study,” he was quoted as saying.

The move could place Sharjah in competition with Dubai International Financial Centre and the new Abu Dhabi Global Market to host financial companies in the UAE.

Sharjah has sought to diversify its economy in recent years through the development of new sector-specific economic zones.

The emirate’s ruler has issued a decree to establish a media city free zone in the emirate to attract media businesses.

In October 2015, Sharjah also launched Al Saja’a Industrial Oasis, an industrial zone with 353 plots stretching across 14 million square feet of land.

In addition, the emirate has established Hamriyah Freezone and Sharjah Airport International Freezone, offering a cheaper alternative to Dubai.

As part of its diversification plans, the emirate will open its first international office in London later this year and launch a new advertising campaign, Shurooq told Forbes.

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