Sharjah continues efforts to further diversify its economy

Marwan Bin Jassim Al Sarkal, Executive Chairman of Sharjah Investment and Development Authority (Shurooq), affirmed that Sharjah continues its efforts to further diversify its economy by attracting more tech-based companies and by building sustainable relationships with a wide range of investors and companies representing the sector.

His statement came during a visit to Sharjah-based BeyondX for Artificial Intelligence Technologies (BYNX), which specialises in robotics and automation services, and is the first-of-its-kind in the emirate.

During the visit, Al Sarkal toured the company’s facilities and was briefed on the smart solutions and products they develop for their clientele, including, robotics customisation, for instance development of robots to carry out functions like replacing car engine oil; automation of warehouses, workspaces and living spaces; data management; and automated service centres fully operated by robots and Artificial Intelligence.

On the side-lines of the visit, Al Sarkal, noted: “Tech companies are at the heart of Sharjah’s economic diversification process. Our stable, safe, and innovative economy has enabled the Emirate to steer inflow of recent investments towards projects that achieve greater socioeconomic growth, and in the process have made our economy more resilient and full of new opportunities, reinforcing Sharjah’s appeal to investors from non-traditional sectors across the globe.”

“In Sharjah, we are developing an investment environment of the future, working in harmony with stakeholders across the public and private sectors under the guidance of His Highness Sheikh Dr. Sultan Bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah to boost the inflow of investments in key emerging sectors like technology and R&D. Our vision is to support and nurture the kind of businesses that will fuel Sharjah’s and the UAE goals to become leaders in innovation,” he added.

On his part, Mohamed Al Zarooni, CEO of BeyondX, said: “Investing in Sharjah has enabled us to create and provide the latest innovation technologies across the AI & Robotics spectrums, and enabled us to tap into industries who are looking to transform their operations to tech-driven operations. As a Sharjah-based company, our goal is to contribute and grow its industrial and manufacturing sectors within the next 5 years, by digital transforming their business structures and drive innovation across a wide range of services.”

Over the past few years, there has been a remarkable growth in the number of tech-driven startups and businesses setting up shop in Sharjah, which are flouring in the emirate’s thriving business ecosystem powered by an investor-friendly climate and specialised free zone hubs and services customised for technology based companies looking to expand in the UAE and the wider region.

Meanwhile the Sharjah Investment and Development Authority, Shurooq, has shared the new developments being witnessed across its portfolio of latest large-scale real estate, tourism, commercial and hospitality projects, in line with the gradual reopening of businesses across the UAE.

“Preventative measures to curb the spread of the coronavirus will be implemented effectively across all its sites to ensure the safety of Shurooq’s staff and workers,” the Authority said in a statement. “The move reinforces the criticality of business continuity and sustainability in the construction and infrastructure sectors to ensure the strength and resilience of Sharjah’s economy,” it added.

Shurooq is developing an array of projects in strategic partnership with leading international companies that offer a range of investment opportunities. In doing so, Shurooq said it is furthering Sharjah’s economic diversification policy aimed at enhancing the investment environment across the emirate and making the most of its unique infrastructure to develop new projects in sectors like renewal energy, healthcare, logistics and hospitality.

Amongst the list of projects scheduled for completion this year and some of the signature projects that will be completed within the next two years includes the House of Wisdom, Sharjah Sustainable City and Avenues Mall Sharjah.

Al Sarkal remarked that Shurooq, together with other government entities across the emirate, contributes to the strong economic fundamentals of Sharjah’s economy with sustained infrastructural investment to create a favourable investment environment in Sharjah. He added that Shurooq’s numerous projects facilitate Sharjah’s policy of economic diversification, in line with UAE’s growth strategy.

Al Sarkal noted that the wide range of fiscal and monetary incentives launched by the Sharjah government and the UAE to support businesses through the economic setbacks caused by the pandemic outbreak has helped stimulate strategic investment sectors and protected the UAE’s economic stability. The impetus to ensure businesses continuity is reflected in the completion of projects on time, thereby safeguarding the interests of investors and clients alike, he added.