Sharjah Economic Ramadan Majlis to focus on advancing UAE economy

The Sharjah Investment and Development Authority (Shurooq) in collaboration with the Sharjah Chamber of Commerce and Industry (SCCI) and Sharjah FDI Office (Invest in Sharjah) are organising the seventh edition of the Sharjah Economic Ramadan Majlis on Wednesday, April 21, at Sharjah Research Technology and Innovation Park (SRTIP).

Held under the title, ‘The role of the New Industrial Strategy and Commercial Companies Law in developing the national economy and enhancing its competitiveness,’ the Majlis will bring together a host of government representatives, diplomats, investors and prominent business leaders to discuss the impact of the new economic legislations that have come into effect recently in response to mitigate the impact of Covid-19, stimulate the local economy and bolster its competitiveness.

The discussion will focus on The UAE Industrial Strategy “Operation 300bn” - a 10-year comprehensive strategy that aims to empower and expand the industrial sector to become the driving force of a sustainable national economy, increasing its contribution to the GDP from the current Dhs133 billion to Dhs300 billion by 2031.

Speakers will also shed light on the Unified Industrial Brand Identity, launched under the slogan, ‘Make it in the Emirates’, that seeks to promote the diversification of the national industrial base and position the country as an incubator of innovation and creativity by enabling local and global investors and innovators to benefit from the facilities and incentives offered by the UAE’s industrial sector.

The agenda includes a discussion on the amended legislation granting Emirati passports to investors, entrepreneurs, creative talents and researchers, and its impact on investments. Speakers will analyse the intended impact of the golden visa and the multiple-entry tourist visa for all nationalities in bolstering the tourism sector’s competitiveness to support the economy.

The discussions will also centre on the newly amended law that allows foreign investors 100 per cent ownership of businesses without the need for an Emirati sponsor.

Emphasising the significance of the 7th edition of the Sharjah Economic Ramadan Majlis, HE Marwan Bin Jassim Al Sarkal, Executive Chairman of Shurooq, affirmed that the UAE is keeping pace with economic, investment and technological developments at regional and international levels through an agile legislative system that is steering forward the economy’s competitiveness level. He pointed out that the Majlis would discuss the immediate and long-term impacts of the newly announced economic policies and legislations in the country and their role in fostering an environment that enables businesses to grow, and advance the development of locally made industrial products.

Mohammad Ahmed Amin Al Awadi, SCCI Director General, said the 2021 edition of the Majlis will highlight UAE’s strategic initiatives designed to stimulate the economy and recover from the current global economic crisis which will see the country’s resurgence as an industrial powerhouse over the coming decade and boost stability and increase its appeal for foreign direct investments.

Commenting on the event, Mohammad Juma Al Musharrkh, CEO of Invest in Sharjah, said: “Together with representatives from the public and private sectors, we are keen on discussing the impact of the UAE’s economic regulations unveiled in recent months that are advancing the national economic system and enhancing its competitiveness. The newly amended legislations are attracting increased foreign direct investments, especially since the country has made significant strides in recovery following its broad-scale pandemic response, furthering its robustness and expansion in vital sectors.”

The sixth edition of the Sharjah Economic Ramadan Majlis was held virtually via Zoom platform in May 2020 under the theme, ‘Impact of the UAE Stimulus Plan on Economic Stability and Growth’. It convened a leading state representatives, prominent business professionals, investors and the media.

The Sharjah Investment and Development Authority (Shurooq) is currently leading a diversified portfolio of infrastructure projects, with a total value of more than Dhs10 billion ($2 billion) and covering a total land space of more than 12.4 million sqm across Sharjah’s western, central and eastern regions.

Shurooq’s portfolio of projects reflects its mission to enhance long-term investment prospects offered by Sharjah to businesses, SMEs and startups across a wide range of sectors. Furthering this goal, the authority has been driving Sharjah’s Public Private Partnerships (PPPs) through joint ventures with key local and global brands.

Through each of its focus sectors, Shurooq takes the responsibility of driving investments and creating new partnerships that effectively boost Sharjah’s economy and FDI growth, working closely in partnership with numerous state and federal entities contributing Sharjah and UAE’s economic standing and development.