Sharjah-Russia Business roundtable highlights thriving investment ties

Inayat-ur-Rahman, Business Editor

In order to enhance the bilateral investment and trade relationships between Sharjah and Russia, Sharjah FDI Office (Invest in Sharjah) in collaboration with the Russian Business Council hosted the ‘Sharjah-Russia Business Roundtable’ on Wednesday at the House of Wisdom.

The event was held in the presence of Ahmed Obaid Al Qaseer, Chief Executive Officer  of Sharjah Investment and Development Authority (Shurooq) and Oleg Fomin, Consul General of the Russian Federation in Dubai and Northern Emirates and, along with notable government officials from Sharjah, business leaders, and Russian investors in the emirate.

Invest in Sharjah organised “Investment Opportunities in Sharjah” panel featuring prominent speakers including   Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, Dr. Khalid Al Midfa, Chairman of Sharjah Media City (SHAMS); Ahmed Mohamed Al Naqbi, CEO, Emirates Development Bank (EDB), Najla Al Midfa, CEO of Sharjah Entrepreneurship Center (Sheraa); Mariam Bin Al Shaikh, Director of Sharjah Business Women Council; and distinguished guests had the opportunity to highlight the the business-friendly investment environment, support services available for foreign investors, and the ease of doing business in Sharjah.

This strategic partnership is reinforced by compelling statistical data that highlights the robust investment relations between Sharjah and Russia. Sharjah serves as a pivotal investment hub for Russian companies in the UAE, boasting a total of 777 Russian entities spanning diverse sectors, including industry, services, and trade.

Ahmed Obaid Al Qaseer, CEO of Shurooq, emphasised: “The UAE has consistently been a favoured destination for Russians, with recent years witnessing a substantial upswing in interest. To provide some perspective, the UAE hosted a notable number of Russian companies in 2022. Today, that figure has significantly expanded. Furthermore, a considerable number of Russians visited the UAE in 2022, marking a substantial increase from 2021, and it’s important to note that these visitors were not exclusively tourists.”

The growing trend of Russian nationals relocating their businesses to Sharjah was the focus of today’s roundtable, reflecting the surge in interest towards our diverse economic landscape. Sharjah is now home to numerous Russian firms in our six specialised free zones and on the mainland, making significant contributions across sectors like real estate, technology, agriculture, and hospitality,” he concluded.

Commenting on the roundtable, Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, remarked, “The emirate serves as an ideal destination for Russian companies seeking to expand into regional and global markets, thanks to its strategic geographical location, advanced infrastructure, and an investment-friendly environment. Additionally, the emirate’s comprehensive facilities and incentive packages have significantly contributed to the growth of trade and exports between our two countries, exceeding Dhs 40 million in 2023.”

During his participation in the roundtable,  Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City ‘Shams’ emphasised that the media sector in Sharjah benefits from a diverse investment environment. This is largely due to the economic vitality and availability of various attractive commercial resources in the Emirate.

Dr. Al Midfa cordially invited Russian investors to invest ‘Shams’, highlighting its world-class infrastructure and range of incentives and services for foreign investors. Among these incentives is the ability for Russian investors to own their projects 100%, He further added that ‘Shams’ provides a set of supportive services for establishing businesses, such as company registration, licenses and visa acquisition among other comprehensive services.

Ahmed Mohamed Al Naqbi, CEO, Emirates Development Bank (EDB), said: “As the key financial engine of UAE economic diversification and industrial transformation, EDB remains dedicated to driving investments in national priority sectors across the seven emirates. Sharjah is an important hub for investments in several key non-oil sectors that EDB prioritizes for financing such as healthcare, renewables, advanced manufacturing, and agri-food technology.”

Najla Al Midfa, CEO of Sharjah Entrepreneurship Center, noted: Through our participation in this roundtable, Sheraa aims to amplify expertise exchange between both sides and ignite the entrepreneurial spirit in the younger generation, empowering them to seize global opportunities leveraging Sharjah’s status as a hub for innovation and creativity. The emirate has asserted that entrepreneurship is the foundation for development and prosperity and not merely an economic endeavour; it is a formidable mindset, an unwavering commitment, and dealing with global businesses that enable us to create a brighter and more prosperous future for our nation.

Mariam Bin Al Shaikh, Director of Sharjah Business Women Council said that ““SBWC provides female entrepreneurs and business professionals from a diverse range of nations an unparalleled opportunity to thrive in Sharjah’s dynamic business landscape, specifically those from Russia, in context with today’s proactive discussions during Invest in Sharjah’s Roundtable. We recognise the importance of empowering women in business and with over two decades of dedicated efforts and a membership exceeding 2,200 members across multiple sectors, industries, and nationalities; SBWC aims to epitomise success and entrepreneurship.