Fujairah's economy is based on subsidies and federal government grants distributed by the government of Abu Dhabi (the seat of power in the UAE). Local industry consists of cement, stone crushing and mining. A resurgence in the construction activity helped the local industry. There is a flourishing free trade zone, mimicking the success of the Dubai Free Zone Authority which was established around Jebel Ali Port.
The federal government employs the majority of the native, local workforce, with few opening businesses of their own. Many of the locals work in the service sector. The Fujairah government prohibits foreigners from owning more than 49% of any business. The free zones have flourished, partly due to the relaxation of such prohibition within the zones, as full foreign ownership is allowed there. Shaikh Saleh Al Sharqi, younger brother to the ruler, is widely recognized as the driving force behind the commercialization of the economy.
Fujairah is a major bunkering port with large scale shipping operations taking place every day. Shipping & ship related services are thriving businesses of the city. Due to the business friendly environment and ease of logistic support, ships trading from Persian gulf anchor here for provisions, bunkers, repair & technical support, spares & stores before proceeding on long voyages. The city is also geographically well suited for such ship service related activities.
Government of Fujairah is major shareholder in National Bank of Fujairah, an UAE local bank, incorporated in 1982. NBF is in the areas of corporate and commercial banking, trade finance and treasury
