Socially-conservative Sharjah, the third largest economy in the United Arab Emirates, is showing a bit of leg – financially speaking.
The emirate bans alcohol and enforces a modest dress code, marking Sharjah out from its flashier neighbour, bling-tastic tourist magnet Dubai. But the education- and culture-focused emirate has stepped out, opening its books to credit agencies. Paving the way for a potential sovereign bond, Standard & Poor’s and Moody’s on Wednesday issued it long-term sovereign credit ratings of A and A3, respectively. Continue reading »