UAE youth’s role key in shaping up country’s economic future

The UAE youth play key role in the country’s economic future and the government fully support young economists through various initiatives to strengthen their abilities and skills to prepare them for

the future challenges and opportunities, this was observed during a panel discussion in Sharjah.

Sharjah FDI office (Invest in Sharjah), operating under the Sharjah Investment and Development Authority (Shurooq) held a discussion panel recently to highlight the role of young economists in the UAE’s economic growth and discuss Shurooq’s efforts in spearheading Sharjah’s sustainable economic development.

The panel session by Invest in Sharjah was in-line with UAE’s mission to support and develop young economists’ abilities and skills in shaping UAE’s economic future.

Panelists included Marwan Bin Jassim Al Sarkal, Executive Chairman of Shurooq, Mohamad Juma Al Musharrkh, CEO of Invest in Sharjah, and was attended by 50 members of the Young Economist Programme, an initiative launched in July 2020 by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council through the Federal Youth Authority.

The three-month programme aims to equip 50 young men and women with the most advanced economic knowledge and global expertise to jump-start their careers in international and national economics organisations, and enable them to create innovative economic visions for the development of vital sectors in preparation for the next 50 years, as part of the UAE Centennial Plan 2071.

The discussion panel shed light on Shurooq’s prominent role in driving forward the economic transformation of the emirate in line with principles of sustainable development. It also showcased the entity’s efforts in protecting the national identity and the environment and building a tech-based modern economy with advanced services. Attendees discussed the impact of FDI on economies, the role of FDI agencies and offices in attracting FDI, and the efforts of Invest in Sharjah to implement a strategic distribution of capital and investments across all sectors. The role of young economists in the national economic development was also discussed.

Marwan Bin Jassim Al Sarkal, Executive Chairman of Shurooq, shed light on its economic diversification strategy, which is fostering more robust, resilient growth over the long term.

Al Sarkal said: “The strong partnerships Shurooq has built with international leading companies, entrepreneurs and investors has brought to the table the diverse strengths and weaknesses of varied economic experiences and has enriched our experiences.”

Al Sarkal also called for focusing more on building human capacities to reap higher economic returns. “New ideas lead to new products and new services, increased productivity and excellence, and greatly improves competitiveness between businesses and between economies,” he said.

He added that the UAE’s strategic plan to build the capabilities of the country’s human capital has seen the launch of a wide range of initiatives and programmes including the Young Economist Programme.

The global economic challenges created by the coronavirus pandemic has highlighted the need to prioritise innovation to unlock post-crisis growth, said the Executive Chairman of Shurooq.

“Every crisis serves as a catalyst for innovation as consumer needs evolve rapidly, driving change in new and diverse sectors. With every change comes the opportunity to drive up growth, employment, and socio-economic values across a cross-spectrum of industries,” he said.

Mohamad Juma Al Musharrkh, CEO of Invest in Sharjah, emphasised the role of FDI in driving national economic growth and development and in supporting diverse sectors that contribute to Sharjah’s and the national GDP. He also cited its role in bringing nations together, strengthening mutual ties and facilitating exchange of expertise. He further highlighted the impact of FDI on policies, legislation, and the need to create unified global work systems.

Emphasising the role of FDI offices and agencies in building productive capacities and international competitiveness in promising sectors, Al Musharrkh highlighted how this integrated policy approach influences the strategic distribution of investment capital across sectors to ensure even and parallel growth.

Citing Sharjah’s resilient investment strategy, he said that it is in alignment with the national objectives to boost the non-oil economy with a renewed focus now on developing the emerging sectors of health, education, technology, and digital services.