Sharjah elucidates benefits of stimulus package for businesses

Business Bureau, Gulf Today

Sharjah Government’s financial stimulus packages for businesses affected by the Coronavirus pandemic has been hailed as one of the most strategically planned and optimally released by business circles across the UAE.

The Sharjah FDI Office (Invest in Sharjah), an affiliate of the Sharjah Investment and Development Authority (Shurooq), organised a webinar, titled ‘Understanding the Government’s Stimulus Plan and Incentives for Businesses’, in association with the Chinese Business Council in UAE, in a bid to educate Chinese businesses based in Sharjah as well as the large number of potential Chinese investors in attendance, on ways they can best leverage these incentives along with the full range of services offered by the emirate’s government departments to continue being successful in the UAE’s post Covid-19 economy.

The webinar received key inputs from UAE Ambassador to China Dr Ali Obaid Al Dhaheri, Marwan Bin Jassim Al Sarkal, Executive Chairman, Shurooq; Mohamed Juma Al Musharrkh, CEO, Invest in Sharjah; Ahmed Saif Binsaeed Al Suwaidi, Head of Commercial Investments Section, Sharjah Economic Development Department (SEDD); Yi Wu, Commercial Counsellor, Chinese Consulate in Dubai; and Frank Zhang, General Manager, XCMG UAE. Daniel Xu, Partner, King and Wood Mallesons Mena, moderated the panel.

Robust UAE - China trade relations will help both nations overcome Covid-19 crisis

Recounting the strong bilateral relations between the two nations, Dr Al Dhaheri remarked: “Last year, UAE and China celebrated their 35th anniversary of successful relations. In these years, trade between us has increased 800-fold, with non-oil trade surpassing $50 billion in 2019.”

“China considers the UAE an ideal base for their businesses due to the sound infrastructure, logistics and connectivity we offer. Every day, new opportunities are added the horizon of bilateral trade between the UAE and China, and we are confident that our comprehensive and strategic partnership will result in trade in excess of US$ 200 billion by 2030. This robust relationship, I am confident, will play a key role in helping both nations rise above the economic challenges Covid-19 has thrown at us,” he added.

Speaking about the support mechanisms for businesses in the Covid-19 aftermath, Marwan Bin Jassim Al Sarkal noted: “The UAE Government created an Dhs100 billion stimulus package for businesses affected by the pandemic. Sharjah has created its own comprehensive Dhs4 billion stimulus programme for all businesses, including SMEs and startups.”

We have been very transparent about this and benefited every business based on the extent of the damage they suffered. Since industries like tourism, airline, hospitality industries were among the worst hit, the Executive Council of the Sharjah Government created 47 points of stimulus plans to cover seaports to airports, retail to hospitality and healthcare. These lent an economic lifeline to affected sectors in Sharjah, and helped them recover quicker.”