Invest in Sharjah turns spotlight on emirate’s impressive advancements

Gulf Today, Staff Reporter

The Sharjah FDI Office (Invest in Sharjah) has emphasised to businesses, countries and regions represented at the 12th Annual Investment Meeting (AIM) that with impressive advancements in diversity, innovation and advancement across traditional, emerging and talent-based economic sectors, Sharjah is continuing its role as a regional powerhouse committed to empowering the global economy.

Seven key sectors in particular, namely, Health and Well-being, Mobility and Logistics, Culture and Tourism, Agri-Food Technology, GreenTech, Human Capital and Innovation, and Advanced Manufacturing, have witnessed further growth and integration, are powering Sharjah’s sustainable growth by attracting top regional and global investors who are benefitting from the emirate’s offerings as one of the region’s leading incubators for long-term strategic investments.

Sharjah participated in the key annual international event with a pavilion led by Invest in Sharjah, with the participation of Sharjah Media City (Shams), the Sharjah Chamber of Commerce and Industry (SCCI), and the Sharjah Investors Services Centre (SAEED), to offer regional and global players a comprehensive overview of the new developments in the emirate’s dynamic and innovation-driven economy highlight what the emirate has done to made to make its investor-friendly infrastructure and services more seamless and intuitive to their needs.

The emirate’s announcement of new legislative policies, particularly in the past three years in response to rapidly changing needs of global markets, maximise the potential of every business and fuel economic diversification has reaped tremendous results. The emirate attracted FDI worth US$ 220 million (Dhs 808 million) in 2020, including a 60 percent growth in FDI projects in Q3 and Q4 compared to 2019, which led to the creation of 1,117 new jobs, according to an Invest in Sharjah - PwC report FDI Future Trends & Sector Potential published last year.

This strong trajectory of growth was enabled by the following high-performing sectors: the ICT sector which recorded 55.6 percent growth, followed by Food & Agriculture Industries at 49.7 percent, and Life Sciences sector, which grew by 47 percent, and finally, Logistics and Distribution, which registered a 46.2 percent growth.

During the event, the Sharjah pavilion welcomed VIPs, officials and experts, including  Dr Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; Ahmed Jassim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development; and Abdulla Al Saleh, Under Secretary of the Foreign Trade and Industry at the UAE Ministry of Economy, and briefed them on the new opportunities in Sharjah’s diversified market sectors aligned with realising the UAE’s vision to establishing itself as a leading knowledge economy.

Mohamed Juma Al Musharrkh, CEO of Sharjah FDI Office (Invest in Sharjah), emphasised that investment talk is no longer limited to addressing short-term challenges and solutions but has become focused on the vital role of FDI in finding faster ways to build a modern, forward-looking economy with greater agility to cope with rapid economic changes. He also noted that the past three years had shown significant growth in new sectors that have emerged from the needs of societies, indicating that investment options today are based on modern scientific foundations that rely on data analysis, trend monitoring, and the development of appropriate plans.

He said: “In Sharjah, we have learned that the starting point for the success of any business or investment is building and empowering human capital with science and technology to address development challenges. All indicators confirm that the future economy relies on innovative ideas, talents and skilled human resources”.

“Therefore, Sharjah considers investing in education and science as a foundation for sustainable investment in future generations. This enhances the emirate’s attractiveness in the current investment scene, which is focused on local markets’ talents and competencies. This is backed by Sharjah’s GDP returns in investing in education in 2021, which reached about AED 3.5 billion with a growth rate of 4.8%, in addition to the Life and Sciences sector growth that reached 47 per cent in 2020.”

Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams) highlighted that Shams’s participation in AIM Global was a valuable opportunity to meet with entrepreneurs, investors, government representatives and specialised institutions from different countries. “We have presented innovative investment opportunities in the media sector offered by Shams, including the comprehensive services, world-class facilities, business packages and hassle-free set up at our free zone. Through our approach, we seek to help establish a new entrepreneurial culture for creative industries.”