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Sharjah Attracts $220Mn in Direct Foreign Investments

A general view of Sharqah, UAE. (WAM)
A general view of Sharqah, UAE. (WAM)
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Sharjah Attracts $220Mn in Direct Foreign Investments

A general view of Sharqah, UAE. (WAM)
A general view of Sharqah, UAE. (WAM)

The Sharjah Emirate has attracted 24 foreign direct investment (FDI) projects worth $220 million (AED808.6 million) during 2020, according to a Wavteq study on Sharjah’s FDI annual performance.

This boost in the economic activity in new and emerging sectors has led to the creation of 1,117 new jobs in the emirate, it said.

It forecast an increase in the FDI in various vital primary sectors during 2021, predicting a 74 percent hike in life sciences, 55.6 percent in Information and Communications Technology (ICT), 49.7 percent in food and agriculture industries and 46.2 percent in logistics and distribution, while the cleaning technology industry is expected to grow at a rate of 30.2 percent.

Secondary sectors, including e-commerce, medical technology, education technology, cybersecurity, financial technology and smart logistics are expected to bring high-yield investment opportunities for innovation-driven SMEs.

There has been a 60 percent increase in the number of FDI projects in H2 2020, compared to the first half, the study showed.

It indicated that the coronavirus pandemic has affected some sectors and revealed the importance of several others, which contributed to advancing the economic activity in the emirate within some emerging sectors.

The study stressed that the pandemic has revealed the resilience of cities like Sharjah, which continued to grow amid crisis by allowing global investors to benefit from the opportunities offered by its diverse economy, business-friendly environment and low operating costs, among other competitive advantages.

During the pandemic, job opportunities in the medical equipment manufacturing sector increased by 53.4 percent, and in life sciences by 45.4 percent, the highest since 2012, said the CEO of Invest in Sharjah (IIS), Mohamed Al Musharrkh.

Jobs in e-commerce, financial technologies and logistics also grew at a quick pace during 2020, he added.

Apart from the need to increase investment in future industries, Al Musharrkh noted that 2020 “taught us that we must focus on SMEs, start-ups and emerging innovation-based businesses, which are the backbone of social capital and economy and have a direct impact on microeconomic indicators.”

An analysis of The Global Entrepreneurship Index showed that countries with high per capita GDP have a higher share of entrepreneurial enterprises, he explained.

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Türkiye Central Bank Raises End-2026 Inflation Forecast to 28%, Leaves Target Unchanged

Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)
Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)
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Türkiye Central Bank Raises End-2026 Inflation Forecast to 28%, Leaves Target Unchanged

Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)
Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)

Türkiye's central bank raised its inflation forecast for the end of 2026 to 28% from 26% but left its interim inflation target for the same period at 24%, Governor Fatih Karahan said on Thursday.

Presenting the central bank's quarterly inflation report ‌in Istanbul, Karahan said ‌the bank kept ‌its ⁠interim inflation target for ⁠end-2027 steady at 15% and the interim target for end-2028 stayed at 9%.

"The CBRT will ensure the tightness required by the projected disinflation path in line with ⁠the interim targets," Karahan said.

He said ‌the upward ‌revision of the end-2026 forecast was "driven ‌by the increase in the ‌assumption for Turkish lira-denominated import prices in view of the developments in prices of diesel oil, natural gas, and some ‌other commodities".

Last month, the central bank left its key interest ⁠rate ⁠at 37%, as expected, keeping borrowing costs unchanged for a fourth consecutive meeting as it monitors the inflationary impact of the Iran war.

Turkish consumer price inflation rose to 1.78% month-on-month in July while annual inflation dipped slightly from a month earlier to 31.75%.

Business

UK Economy Slows Amid Political Unrest, Middle East War

A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)
A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)
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UK Economy Slows Amid Political Unrest, Middle East War

A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)
A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)

Britain's economy slowed in the second quarter, the national statistics office reported Thursday, saying that output remained "robust" despite domestic political unrest and fallout from the US-Iran war.

Gross domestic product increased 0.4 percent in the April-June period after GDP expansion of 0.6 percent in the first quarter, the Office for National Statistics (ONS) said in a statement.

Keir Starmer resigned as British prime minister in late June and was replaced around one month later by Andy Burnham, as the Labour government was overtaken in opinion polls by the hard-right party Reform UK.

Following Thursday's data, the country's new finance minister, John Healey, said that under Burnham, Labour was a "hands-on government, putting British interests first -- giving breathing space to those feeling the strain, making our country more resilient and bringing hope back".

Struggling already with elevated inflation, millions of Britons have seen their situation worsen after the US-Iran war sent energy costs soaring.

"I know people are worried about the impact of the conflict in the Middle East on their cost of living, which has been too high for too long and it has added pressure on British businesses," Healey added in a statement.

- World Cup boost -

The latest GDP data showed that output from the services sector grew 0.5 percent in the second quarter, and construction also expanded while production flattened.

"Growth (overall) slowed in the second quarter of the year, following a strong start to 2026, but remained relatively robust," said ONS director of economic statistics, Liz McKeown.

"Services were once again the main driver of growth," she added.

The second quarter had a strong finish, growing 0.3 percent in June after zero expansion in May and a slight dip in April, the ONS said.

It cited the recent football World Cup "as a reason for an increase in turnover in June... by businesses in industries such as wholesale, food and beverage serving activities, publishing activities, television production and advertising".

But Stuart Morrison, research manager at the British Chambers of Commerce, said in a statement that "the headline figures shouldn't disguise the cocktail of cost pressures choking long-term business growth".

He said Healey's first budget, due October 28, "must be a game changer for stronger, sustainable growth", adding that Britain needed "measures that boost trade, investment and productivity".

Burnham has so far concentrated on easing the cost of living for households, with tax on their electricity bills set to be removed this winter.

The Bank of England recently warned that British inflation was set to rise as the Middle East war keeps energy prices high.

Business

Gold Off Two-month Peak as Traders Seek Inflation Cues

Gold bars and 'sovereign pounds' coins at Bird & Co. in Hatton Garden, London (Reuters)
Gold bars and 'sovereign pounds' coins at Bird & Co. in Hatton Garden, London (Reuters)
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Gold Off Two-month Peak as Traders Seek Inflation Cues

Gold bars and 'sovereign pounds' coins at Bird & Co. in Hatton Garden, London (Reuters)
Gold bars and 'sovereign pounds' coins at Bird & Co. in Hatton Garden, London (Reuters)

Gold edged lower on Thursday, after touching a more than two-month high earlier in the session, as traders paused after a rally fueled by cooling US inflation, with attention turning to an upcoming producer price report for clues to prospects of near-term Federal Reserve rate hikes.

Spot gold fell 0.5% to $4,383.53 per ounce ‌by 0601 GMT, after ‌jumping about 1% to its highest since ‌June ⁠5. US gold futures ⁠for December delivery fell 0.6% at $4,440.80.

"Gold is in consolidation mode today after its post-CPI gains, with near-term expectations of a Fed rate hike being dialed back another notch," said Tim Waterer, chief market analyst at KCM Trade.

"Traders appear content to wait for confirmation from the upcoming PPI data before committing to the next leg higher."

Prices have ⁠risen over 8% so far this month, ‌as traders scale back US interest rate ‌hikes bets amid recent softer economic data.

On the geopolitical front, Iran and ‌the US remain at loggerheads over efforts to agree on a ‌permanent end to the war, according to a senior Iranian source, who said there had been no progress in talks to revive the interim deal agreed in June.

On monetary policy, Fed policymakers are likely ‌to feel little fresh urgency to raise interest rates next month after data on Wednesday showed inflation ⁠cooled on ⁠a year-over-year basis for a second straight month.

The consumer price index rose 3.4% in the 12 months through July, down from 3.5% in June, in line with economists' expectations. Traders are now pricing in only a 40% chance of a hike at the September meeting, down from about 54% seen a week before, according to the CME FedWatch Tool.

Lower rates tend to support gold by lowering the opportunity cost of holding the non-yielding asset.

In other metals, spot silver lost about 0.3% to $65.09 per ounce, having climbed to its highest since June 22 in the previous session.

Platinum lost 0.8% at $1,741.96, and palladium fell 0.9% at $1,357.29.