According to the new budget, salaries would account for 43 per cent, with 23 per cent going to the development of infrastructure in Sharjah. Jeff Topping / The National
According to the new budget, salaries would account for 43 per cent, with 23 per cent going to the development of infrastructure in Sharjah. Jeff Topping / The National
According to the new budget, salaries would account for 43 per cent, with 23 per cent going to the development of infrastructure in Sharjah. Jeff Topping / The National
According to the new budget, salaries would account for 43 per cent, with 23 per cent going to the development of infrastructure in Sharjah. Jeff Topping / The National

Sharjah GDP to grow 2.9% in 2019 on higher oil prices and spending


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Sharjah’s economy, the third largest in the UAE, is forecast to grow 2.7 per cent this year and 2.9 per cent in 2019 thanks to an uptick in capital expenditure and higher oil prices, according to a Moody’s Investors Service report.

Moody’s, which has given Sharjah an A3 stable rating, said the emirate’s economy is supported by its membership in the UAE, relatively high GDP per capita and low, albeit rising, government debt.

"Gradual institutional improvements and a recovery in the state utility company's financial performance support our current assessment, offsetting the impact of a rising debt burden on the overall credit profile,” said Thaddeus Best, a Moody's Analyst and co-author of the report. "The outlook also reflects our expectation that new government revenue-raising measures will lead to a stabilisation in the debt burden."

Sharjah’s economy is expected to benefit from overall growth in the UAE economy, particularly in neighbouring Dubai, and increased government income from the 5 per cent VAT that was introduced in January this year.

Moody’s is projecting the UAE’s overall gross domestic product will grow 2.2 per cent this year and 2.9 per cent in 2019, up from 0.8 per cent expansion in 2017.

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“Sharjah's moderate economic strength reflects its strong growth dynamics, high GDP per capita and strong competitiveness, balanced against the economy's relatively small nominal size,” the Moody’s report said.

“Despite the absence of formal monetary transfers to the emirates, Sharjah benefits from being a member of the UAE. The Federal government funds some public services for UAE nationals directly from its own budget, including defence and a basic level of education and healthcare; this spending is then supplemented by the government of Sharjah.”

Sharjah’s fiscal deficit, which narrowed to 2.8 per cent of GDP in 2017, will dip further in 2018 thanks to VAT revenue and implementation of other measures.

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Age 26

Born May 17, 1991

Height 1.80 metres

Birthplace Sydney, Australia

Residence Eastbourne, England

Plays Right-handed

WTA titles 3

Prize money US$5,761,870 (Dh21,162,343.75)

Wins / losses 312 / 181

UAE currency: the story behind the money in your pockets
The specs

Engine: 2.0-litre four-cylinder turbo

Power: 178hp at 5,500rpm

Torque: 280Nm at 1,350-4,200rpm

Transmission: seven-speed dual-clutch auto

Price: from Dh209,000 

On sale: now

Racecard

6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m 

7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m 

7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m 

8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D) 

8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m 

9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m 

10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m  

UAE currency: the story behind the money in your pockets
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%3Cp%3E%0D%3Cstrong%3E5pm%3A%3C%2Fstrong%3E%20Al%20Rabi%20Tower%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400%0D%3Cbr%3E%3Cstrong%3E5.30pm%3A%3C%2Fstrong%3E%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Championship%20%E2%80%93%20Listed%20(PA)%20Dh180%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E6.30pm%3A%3C%2Fstrong%3E%20Hili%20Tower%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%202%2C200m%0D%3Cbr%3E%3Cstrong%3E7pm%3A%20%3C%2Fstrong%3EUAE%20Arabian%20Derby%20%E2%80%93%20Prestige%20(PA)%20Dh150%2C000%20(T)%202%2C200m%0D%3Cbr%3E%3Cstrong%3E7.30pm%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Championship%20%E2%80%93%20Listed%20(TB)%20Dh380%2C000%20(T)%202%2C200m%3C%2Fp%3E%0A
Results

Light Flyweight (49kg): Mirzakhmedov Nodirjon (UZB) beat Daniyal Sabit (KAZ) by points 5-0.

Flyweight (52kg): Zoirov Shakhobidin (UZB) beat Amit Panghol (IND) 3-2.

Bantamweight (56kg): Kharkhuu Enkh-Amar (MGL) beat Mirazizbek Mirzahalilov (UZB) 3-2.

Lightweight (60kg): Erdenebat Tsendbaatar (MGL) beat Daniyal Shahbakhsh (IRI) 5-0.

Light Welterweight (64kg): Baatarsukh Chinzorig (MGL) beat Shiva Thapa (IND) 3-2.

Welterweight (69kg): Bobo-Usmon Baturov (UZB) beat Ablaikhan Zhussupov (KAZ) RSC round-1.

Middleweight (75kg): Jafarov Saidjamshid (UZB) beat Abilkhan Amankul (KAZ) 4-1.

Light Heavyweight (81kg): Ruzmetov Dilshodbek (UZB) beat Meysam Gheshlaghi (IRI) 3-2.

Heavyweight (91kg): Sanjeet (IND) beat Vassiliy Levit (KAZ) 4-1.

Super Heavyweight ( 91kg): Jalolov Bakhodir (UZB) beat Kamshibek Kunkabayev (KAZ) 5-0.

If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).