The past history of 5000 years proves that Sharjah city has remained as one of the wealthiest towns in the Gulf region. When the population of Sharjah was very low, the income sources were associated with the economic activities such as trading, farming, hunting, fishing and peal farming.
In the 17the century, Europeans preferred the areas of the Gulf and Red sea as principal routes of communication between the Mediterranean region and India. During this period, the city started to flourish with the help of coastal trading and pearling.
In the 19th century, the city became a staging point for the activities between Europe and Asia. On the 2nd December, 1971, Sharjah became part of United Arab Emirates as a founder member and in 1972, His Highness Dr. Sultan bin Mohammed Al Qasimi succeeded as the ruler of Sharjah. In the same year, oil was found in the Mubarak oilfield situated 80 kms offshore and close to the Abu Mousa Island. The production of oil began two years later and also gas drilling was started in 1990.
Since the discovery of oil, Sharjah city has hugely developed by utilizing the availability of natural wealth and the wisdom provided by the Sharjah ruler H.H. Sheikh Sultan bin Mohammed Al Qasimi.
The government of Sharjah has recognized the importance of private sectors as a foundation of a strong economy. It has been providing basic infrastructure facilities and high quality services to welcome foreign investment in various sectors like manufacturing, trade and services. Currently, Sharjah has trade relations with 126 countries and it is also playing a key role in the global investment scenario.
The actions taken for the developments in the economy have been resulted from vibrant growth in the commerce sector of the city. With the help of local and foreign banks, quality communication systems and other essential modernized services, the city has provided faithful and continuous positive trends in the business climate. Also, the Government of Sharjah has implemented some ambitious schemes to keep ahead in the process of industrialization in the UAE.
The city has developed an ideal platform for an economical growth. The city authorities always keep an eye on some important factors such as the implementation and improvements to the road infrastructure, the redevelopment and expansion of Sharjah International Airport and the upgrading of power and water facilities. Also, some specialized industrial zones are established in the west of the city and they are well linked with the sea ports and airports of the Emirate.
The Government of Sharjah is always working hard and taking initiative for the process of building a strong economy and the development of new business sectors. Apart from oil, gas and the flourishing real estate sector, the city is proving itself as a major destination for tourism, logistics, education and the hydrocarbons sector. As compared to the GDP of 2005, the emirate of Sharjah achieved a 19% increase in 2006. The proper business environment provided by Supreme Council Member and Sharjah Ruler Sheikh Dr. Sultan Bin Mohammed Al Qassimi has generated a big momentum for the continuous economic growth of Sharjah city as well as the entire emirate.
The primary economical resources of Sharjah are Crude oil and gas. Still, a large number of the population work in other sectors that include chemical, tourism, logistics, plastics and fibreglass, pipe and many more short scale industries. Now a days, Sharjah has claimed the position as a main industrial hub, as it currently represents 48% of the UAE’s total Industrial Sector.