Sajjad Ahmed, Senior Reporter

The fifth edition of the region’s leading FDI event, the Sharjah FDI Forum, titled ‘Future Trends in Foreign Direct Investment’, got underway at Sharjah’s Al Jawaher Reception and Convention Centre (JRCC), inaugurated by His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah. The Forum is organised by the Sharjah FDI Office (Invest in Sharjah), an affiliate of the Sharjah Investment and Development Authority (Shurooq).

 The forum started on Monday, with optimistic comments by the UAE Minister of Economy and the Sharjah Investment and Development Authority (Shurooq) Executive Chairman about the UAE’s consistent economic performance despite the global slowdown, owing to forward-looking policies focused on the creation of a digital economy based on sustainable growth principles.

The forum opened with a keynote speech by Eng. Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, saying that despite the 13.4 per cent slide in FDI inflows globally in 2018 compared to the last three years as per an UNCTAD Global Investment Report, the UAE has held fort due to forward-looking national economic policies, and mentioned the important role of the Sharjah FDI Forum in having a positive impact on Sharjah’s and the UAE’s foreign investment climate.

“Capital flow increased only by a small percentage in developed economies, and even though the UAE not isolated form these global trends but we have managed to control impact. The UAE ranks second in Asia and 27 in the world in terms of FDI competitiveness”.

Sharing more about the UAE’s economic performance in 2018, the Al Mansouri added that the Asian continent was the top foreign direct investor in the UAE, followed by Europe, North America and Africa. He added that the UAE ranked second globally for entering into international bilateral investment agreements, and was the third in the world to announce new FDI projects announcements.

Going back to the theme of the forum, the minister highlighted that advancing the UAE’s digital economy was among the top KPIs for UAE Vision 2021 as well as 2071. “The 2018 FDI law offered us a big jump in FDI inflows. We attracted more than 122 foreign direct investments in a variety of sectors including agriculture, renewable energy, and others. Also, federal initiatives like the new permanent residency law and the introduction of the golden card have really boosted investor confidence in the UAE”.

“We have a clear roadmap about the UAE’s digital revolution. Be it education, healthcare, transportation or other sectors, 4IR, robotics, smart cities, blockchain are all “technologies are all integrated in our future economic strategies.”

Al Mansouri concluded saying: “Our vision for the future is clear, and we are guiding the nation towards becoming responsive to the needs of foreign investors. The atmosphere of investments in the UAE is shaping in the right way and is pioneering regionally. In the digital economy sector too, our plans are solid, and this forum is an example of our guided efforts.”

Marwan bin Jassim Al Sarkal, Executive Chairman, Sharjah Investment and Development Authority (Shurooq), said that in view of rapid digital disruptions in economy and society, the future will belong to those who prepare for it today.

He noted: “In the past 20 years, we have seen transportation, retail, construction and services sectors being completely overhauled by technology. The changes continue, and at a faster rate than ever, there needs to be speed and flexibility in legislation, regulations and infrastructure to capitalise on them.”

“Artificial Intelligence reviews a legal contract in 26 seconds, with an accuracy rate of 94 percent, while humans do it in 92 minutes with an accuracy rate that doesn’t exceed 85 percent. AI augmentation will generate business worth  $2.9 trillion and 6.2 billion hours of worker productivity globally, according to Gartner”, Al Sarkal added.

Bringing the focus to local developments, he said: “In the UAE, we have an AI Council, and a UAE Fourth Industrial Revolution (4IR) Ambassador, a Minister of State for AI. We also have centres for innovation and advanced training, and the journey continues. Here in Sharjah, we are testing the construction a tower using 3D printing technologies, testing self-driving cars, and building a hanging railway system, set to revolutionise the region’s transportation sector.”

“Governments need to be flexible”, he added Al Sarkal, emphasising that future FDI trends are moving extremely fast. “The speed, ease and flexibility of technology need to be harnessed to empower businesses, boost FDI and achieve sustainable growth”.

He concluded saying, “Also, we need to further stimulate our FDI environment for a stronger uptake of investments in innovation and educate, train and attract talent who will lead us into the future.”

Mohammed Juma Al Musharrkh, CEO of Sharjah FDI Office (Invest In Sharjah) was on stage next, and began by thanking His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi for his continued support to and trust in Sharjah institutions taking the emirate’s economy forward.

 “There is no one solution that fits all business needs. But here in Sharjah, our efforts to diversify our economy and achieve balanced, sustainable growth by enabling mutually beneficial relationships between the government and investors, in which their business interests are aligned to our cultural values and development goals – are paramount”.