Sajjad Ahmad, Staff Reporter

The emirate of Sharjah has attracted more than 35 new FDI projects from different countries across the globe last year and is expecting to increase the number of FDI projects by 20 per cent in 2019, said Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah on the sidelines of the Annual Investment Meeting 2019, which opened in Dubai on Monday.

He said, “The total value of the FDI in the emirate currently stands at $1.6 billion and we are expecting that it will reach around $2 billion in 2019. Healthcare, renewable energy, tourism and education are the main sectors to attract foreign investment.”

He added, “The decree of UAE President His Highness Sheikh Khalifa Bin Zayed Al Nahyan on 100 per cent ownership and the introduction of long-term visas for investors will drive the growth of FDI in the country.”

Leading Sharjah government entities are leveraging their presence at the ninth Annual Investment Meeting (AIM 2019) to showcase the emirate’s diverse sectors and competitive advantages on offer to foreign investors seeking opportunities for expansion.

Mohamed Juma Al Musharrkh said, “AIM 2019 presented Sharjah an excellent opportunity to shine light on the existing and emerging investment prospects in key sectors of healthcare, real estate, environmental technology, tourism, media, renewable energy and logistics. He also said that Sharjah’s flexible government and commercial procedures, the incorporation of smart services, and its stable and transparent investment climate make these opportunities more lucrative and attainable.”  

Showcasing Sharjah’s strategic location, investment-friendly business landscape, transparency and flexibility of procedures, which adds to the UAE’s profile among top investment destinations globally, participating entities have revealed that they are working towards boosting these qualities by launching smart technologies, which will drive growth in all sectors, particularity boosting the role of technology and innovation sector.

Sharjah Chamber of Commerce and Industry (SCCI), Sharjah Economic Development Department (SEDD), Sharjah Research, Technology and Innovation Park (SRTIP), Sharjah Entrepreneurship Center (Sheraa) and Sharjah Media City (SHAMS), are among the participating entities in the Sharjah stand along with the Sharjah FDI Office (Invest in Sharjah).

Abdallah Sultan Al Owais, Chairman of SCCI, said AIM represents a great opportunity for the Chamber to reach out to key investors in the world and establish new partnerships with them. “We make the best use of our relationships with several overseas markets to support foreign trade, attract foreign investment and highlight the competitive advantages Sharjah is equipped to offer at various levels.”

He said, “SCCI’s keenness to harness the latest technologies to achieve excellence in its work system, specifically in terms of the digital and smart transformation and providing modern and innovative services, are aligned with Sharjah’s vision to build a knowledge-based society and economy.”  Sultan Bin Haddah Al Suwaidi, Chairman of SEDD, said: “The Annual Investment Forum 2019 is a valuable opportunity for the department to introduce investors to our latest services and facilities, especially those that can be accessed from anywhere around the world on our smart application.

He noted that SEDD has been successful in regulating licensing procedures and stimulated Sharjah’s rapidly diversifying economic sectors with new benefits for investors, which have seen a rise in both local and international investments. “SEDD is working to simplify its services to streamline business registrations, issue business licences in a day, and provide the greatest possible degree of flexibility to both investors and customers.”

Khalid Omar Al Midfa, Chairman of Shams, said the media free zone strives to cement Sharjah’s status as a media hub for entrepreneurs and start-up businesses seeking to establish a presence and grow in the UAE’s thriving media industry. “Shams attracts media companies by supporting and inspiring the launch of a variety media projects with an aim to advance the media industry in Sharjah and the UAE.  

Hussein Mohammed Al Mahmoudi, the Sharjah RTI Park CEO said, “Sharjah RTI Park is working to build a scientific technological base to promote the development of water technologies, renewable energy, environmental and transport technology, IT and digitisation, production design and architecture,” Al Mahmoudi noted.

From Sharjah Entrepreneurship Center (Sheraa), Najla Al Midfa, CEO of Sheraa, said: “The Sharjah Entrepreneurship Center (Sheraa) is honoured to be part of the Sharjah Pavilion at AIM 2019. Sharjah is a rapidly growing hub for business and entrepreneurship, and key events such as AIM 2019 provide Sheraa with the opportunity to showcase the talent emerging from Sharjah to international investors, as well as offer our support to the high-potential startups looking to grow their ventures.”