Souq Al Haraj in Sharjah is experiencing a demand for electric cars and cars with small engines

Souq Al Haraj in Sharjah is experiencing a demand for electric cars and cars with small engines

Souq Al Haraj in Sharjah, a project of Sharjah Asset Management, investment arm of the Government of Sharjah, is experiencing a demand for electric and hybrid vehicles with small and economic engines by car dealers and clients, both within and outside of the UAE. These eco-friendly vehicles consume less gasoline compared to larger vehicles.

Engineer Saeed Matar Al Suwaidi, Senior Manager of Souq Al Haraj, said: “There is a demand for new hybrid vehicles, which are economical and more environmentally friendly, as they save fuel consumption while reducing emissions of harmful carbon gases. Electric cars with smaller, more economic engines are readily entering the market and gaining increasing interest from consumers. Car dealers are looking to switch from internal combustion engine vehicles to electric cars with hybrid engines, which provide an excellent middle-ground solution. We anticipate a greater demand for hybrid electric vehicles in the upcoming period.”

Al Suwaidi added: “Souq Al Haraj in Sharjah is a prominent destination for dealers, shoppers and car enthusiasts. The occupancy rate in Souq Al Haraj in Sharjah reached 99% during the first quarter of this year, confirming its position as one of the region’s most important and largest markets. Its strategic location contributes to supporting the car trade sector, revitalizing the economic movement in the emirate, in line with its strategic plans to establish facilities and services to meet the needs of those interested in the car market.”

About Sharjah Asset Management

Sharjah Asset Management Company, the investment arm of the Government of Sharjah, is a company with a global reputation for building wealth and was established exclusively by the Government of Sharjah. Sharjah Asset Management strives to build a solid strategy for the future of the Emirate of Sharjah, developing a competitive economy and promoting economic development. Sharjah Asset Management leads the way to achieve economic diversification, accomplished through expanding the scope of multiple industries and developing world-class facilities to create sustainable investment opportunities.