Page 12 - Al Tijarah - June 2021
P. 12

The meeting elected a new board of   a shareholder’s question about arrears   Meeting that the performance of Dana
         directors comprising 11 members   owed to the company from local     Gas during the year 2020 proved the
         for a period of three years, and it   electricity and water authorities and   company’s flexibility at the financial and
         included three new members: Younis   institutions, Patrick Allman Ward, CEO   operational levels, despite the difficult
       50  Al Khoury, Undersecretary of the   of  the company,  said  that  there  are   global  economic  conditions  and  the
         Ministry of Finance, Najla Al Midfa,   arrears owed to Dana Gas amounting   unprecedented fluctuations in global
         CEO of the Sharjah Entrepreneurship   to 168.82 million dirhams, stressing   crude oil prices that resulted from the
         Center (Sheraa), and Ajit Joshi,   that the company is seeking an amicable   Covid-19 pandemic.
         General Manager, Head of the Public   solution to the issue of the arrears.
         and Private Markets Division in Shuaa                                The company had recorded profits that
         Capital Company.                  Hamid Jaafar, Chairman of the      reached 131 million dirhams before
                                           Company’s Board of Directors, said in   accounting for provisions and other
         During the meeting, and in response to   his opening speech during the General   sources of income in 2020.

                      “S & P” confirms Sharjah's rating and

                              expects 4% growth for 2021

         The  Global Credit Rating Agency (S&P)   reflects its confidence in stabilizing the   predicted that it would rise to AED 82.85
         has confirmed Sharjah’s credit rating at   emirate's government debt level at a level   thousand this year and continue to rise to
         BBB-/A-3  with a stable outlook. The   of no more than 60% of GDP by the end   AED 89.92 thousand by 2024.
         agency expects  Sharjah's  economy  to   of 2024.
         grow by 4% this year and then continue                               Sharjah's economy maintained a current
         to grow steadily  with  real  GDP growth   The  agency said that  Sharjah's  nominal   account surplus of 1.4% of GDP last
         of about 2.5% next year and about 2%   GDP  reached  113 billion dirhams  last   year, despite the consequences of
         for  2023  and 2024,  pointing out that   year, and is expected to rise to 119 billion   the pandemic, and predicted that the
         this is due to the good  diversity in the   dirhams this year and continue to rise to   surplus would rise strongly this year to
         emirate's economic sectors and continued   134 billion dirhams by 2024.  5.9% of GDP, rise to 7.4% of GDP next
         government investment in the economy.                                year, and is likely to record a surplus
                                           The agency estimated Sharjah's per capita   of about 5.5% of GDP in the next two
         The agency said that the stable outlook   GDP at AED 79.64 thousand in 2020 and   years.
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