Sharjah Ramadan Festival Concludes with Remarkable Success in Boosting Local Economy
The 34th edition of the Sharjah Ramadan Festival concluded last Saturday marking a significant accomplishment in revitalizing the emirate’s retail sector and commercial activities.
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Over 37 days, the festival offered exhilarating shopping experiences in a variety of malls, commercial centers, and entertainment venues across the emirate, drawing residents and visitors alike.
Festivities included enticing offers, promotions, and up to 75 percent discounts on a vast range of products showcased by local and international exhibitors. The festival, organized by the Sharjah Chamber of Commerce and Industry (SCCI), generated a remarkable AED 400 million in sales, reflecting a growth rate of 25%.
Festival Highlights
The festival’s vibrant entertainment programs and activities brought festive cheer throughout Ramadan and Eid Al Fitr, with a strong visitor turnout reported during the Eid celebrations.
Families and visitors enjoyed not only the discounts but also raffle draws offering prizes and shopping vouchers totaling AED 1 million, adding to the allure of the shopping experience.
Mohammad Ahmed Amin Al Awadi, Director-General of SCCI, reinforced the Chamber’s dedication to the festival’s success, which has established it as a premier commercial and entertainment event in the region.
The festival’s impact was further evidenced by robust sales and visitor satisfaction, which serve as a catalyst for future growth and enrichment of the event, attracting more visitors each year.
Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business at SCCI, remarked on the robust turnout and satisfaction among participating centers and retail outlets, which are indicative of the festival’s success and its positive impact on sales.
Ibrahim Rashid Al Jarwan, Director of Economic Relations and Marketing at SCCI and General Coordinator of the Festival, attributed the success to collaborative efforts with strategic partners, governmental entities, and the private sector. The involvement of local businesses, international brands, and productive local families provided a diverse and rich array of entertainment programs, including traditional activities that catered to various segments across the emirate.
The festival’s calendar from March 8th to April 13th attracted a vast number of residents and visitors who enjoyed special offers and engaging activities. The allocation of purchase vouchers, totaling around AED 1 million, distributed in two phases, AED 350,000 during Ramadan and AED 650,000 during Eid, underpinned the festival’s commitment to enriching the shopping experience.
The festival also featured the “Ramadan Nights” exhibition at the Expo Centre Sharjah and the “Souq Al Freej” market, which presented a wide range of promotional offers on local products and brands, supported by traditional and heritage activities appealing to various demographic segments.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
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