Sharjah’s Chamber of Commerce and Industry (SCCI) held an in-depth scientific seminar recently, which discussed a number of significant national and global economic issues. The gathering is part of a series of seminars and lectures held at the chamber that aims to address topical issues, through exploring the prospects of the economy - locally, regionally and internationally.

It also aims to contribute in the development of the business strategy of the chamber, as well as set the framework for the future in light of local and global economic changes.

For his part, HE Abdullah Sultan Al Owais, Chairman of SCCI, said that the chamber is working tirelessly to expand, as well as improve the economic sectors. This comes within the framework of strategic preparations following the plunge in oil prices, through adopting a new policy of income sources.

HE said this can be achieved by raising the level of awareness among the business community, as well as creating an atmosphere of knowledge in regards to the latest transformations in the region, and ways on how to address them in an efficient manner.

Al Owais added that local sustainable economic growth can only be achieved through up to date monitoring of global economic developments, and accurate periodic analysis of issues related to global financial stability and growth.

HE also pointed out that the series of seminars, organized by the chamber; are an ideal platform for a deeper understanding of the economic realities. Al Owais also added that the meetings will also address ways on how to overcome challenges that arise on the global economy, that support the interests and growth of the business community.

The seminar, held at the SCCI headquarters, and presented by economist Dr. Walid Al-Wakil, discussed several topics, most notably the compatibility between microeconomic and macroeconomic branches. It also discussed the economic and financial policies set by the UAE’s Ministry of Finance, as well as terms related to the national budget, and monetary policies implemented by the Central Bank.

Al-Wakil also discussed the issues of inflation, extra budgetary funds and their impact on the economy, as well as public resources that are not included in the annual budget, and economic plans for the future – following the drop in oil prices