The Sharjah Chamber of Commerce & Industry, SCCI, and Sharjah Islamic Bank (SIB) recently held a virtual joint meeting to discuss the latest developments of the impact of the new coronavirus (COVID-19) on the economy and explore avenues of the mutual cooperation to stimulate businessmen, especially within the most affected sectors, as well as to learn closely about banking sector trends in finding the proper mechanisms for supporting the governmental efforts to face the repercussions of the current stage.

The meeting was held in the presence of His Excellency Abdullah Sultan Al Owais, Chairman, SCCI, the meeting was attended by His Excellency Mohammed Abdullah, CEO of Sharjah Islamic Bank, His Excellency Waleed Bu Khatir, SCCI Second Vice Chairman, His Excellency Ziad Mahmoud Khairallah Al-Hajji, SCCI Board Member, His Excellency Mohammad Ahmed Amin Al-Awadi, SCCI Director-General, and His Excellency Ahmed Saad, Deputy CEO, SIB.

The two sides underscored the importance of continuous communication and concerted efforts to provide support and address the challenges of the private sector in Sharjah and to develop innovative and effective ideas and initiatives to ensure business sustainability.

Business sustainability and stability

Abdullah Sultan Al Owais highlighted the vital role of the banking sector, as one of the most important key pillars of the economy, in enhancing the country’s GDP growth and developing different sectors, in addition to its important role in the current stage in line with the Dh100 billion stimulus package launched recently by the UAE Central Bank to ensure ample liquidity in the local banking sector and support the economy. This would help ensure businesses’ sustainability and stability and inject new investment in Sharjah and mating the existing investment.

“We are committed to our role towards the private sector by developing solutions to confront the global challenges and to enhance the competitiveness of Sharjah’s business community. This would help consolidate the SCCI’s role as a representative and support of the business community interests,”

Hailing the cooperation and effective response and role of SIB in supporting the business community in these challenging times by providing it with banking solutions and services, Al Owais underlined the need to adapt work to the interests of the private sector and SMEs owing to their role in driving the economic growth in Sharjah.

Public-Private sector integration

For his part, the CEO of Sharjah Islamic Bank, Mohammed Abdullah, said: “In order to face the repercussions of COVID-19, we have reviewed our strategies to deal with the current circumstances, by utilizing the efficiency of the policies of the government-related financial sector and reinforcing the public-private sector cooperation and integration, in addition to the economic stimulus package launched by the wise leadership which made the UAE one of the first countries in the world in this respect.”

He shed light on the recently adopted stimulus package by the SIB Board of Directors to support its customers from the companies which have been severely affected by the economic repercussions of COVID-19.

The participants also commended the economic stimulus package adopted by Sharjah’s government to support public, private, and business sectors in all fields, underlining that the initiative reflects the solidness of Sharjah’s economy in dealing with the current developments and tailoring solutions and alternatives to adapt to the global challenges. It also shows the capability of Sharjah and its government to continue the process of sustainable development.