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Sharjah FDI Office showcases investment trends at UNCTAD’s 8th World Investment Forum
Providing attendees of the United Nations Conference on Trade and Development a valuable perspective, the Sharjah FDI Office highlighted the emirate’s journey in sustainable investment
Sharjah, October 19, 2023
During the Sharjah FDI Office’s (Invest in Sharjah) participation in UNCTAD’s 8th World Investment Forum in Abu Dhabi, the agency’s delegation underscored the vital importance of smart technologies and digital solutions in empowering investors to make well-informed decisions regarding their investment choices. This empowerment is made possible by harnessing the extensive data and real-world insights offered by investment agencies such as Invest in Sharjah.
Sharjah has solidified its global standing as a preferred investment destination by dedicating 35% of its 2023 budget to bolstering infrastructure development. This commitment enhances Sharjah’s appeal and solidifies the UAE’s position as a prominent global investment hub, especially in the fields of telecommunications, information technology, and industrial sectors.
The delegation was led by HE Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, and Marwan Saleh Alichla, Director of Investment Promotion and Support. At the event, Invest in Sharjah’s booth presented a comprehensive overview of the features and services available to investors in the emirate, highlighting investment opportunities, government incentives, and the competitive advantages that make Sharjah an ideal destination for foreign direct investment.
AI as an investment tool
At the forum, Al Musharrkh participated in a session organised by the Ministry of Economy in partnership with the Abu Dhabi Department of Economic Development. This session, titled ‘The New Economy: The Role of IPAs,’ was part of the UAE 2031: Growing Beyond Borders session. It provided valuable insights into various aspects, including global trade and investment development, sustainable economic policies, and the UAE’s proactive endeavours to expedite global trade growth.
Al Musharrkh emphasised that investors can gain a comprehensive understanding of their preferred destinations in the era of artificial intelligence technologies. This includes access to analyses, reports, and statistics related to the market, sectors, and companies, aiding them in assessing risks and opportunities for more informed investment decisions. However, he acknowledged that challenges remain, particularly in bridging the gap between current skills and those required to fully leverage AI technologies, in addition to addressing ethical considerations in ensuring unbiased information generated by these technologies.
The CEO said, “Invest in Sharjah is a key component of the leading local initiatives in the emirate, aiming to attract the world’s foremost companies to contribute to the UAE’s economic landscape. Given its substantial importance in the global investment sector, the UAE prioritises telecommunications and information technology, ranking as the third-largest sector attracting direct foreign investment into the country. In Sharjah, the software and information technology services sector is a prominent leader in the market, following the industrial sector.”
He continued, “Sharjah’s government’s efforts to strengthen its global status as a preferred investment destination are evident in allocating up to 35% of its 2023 budget to infrastructure development. As part of its vision for promoting sustainable investment, the emirate has established a free zone for technology and innovation, bringing together the ‘Sharjah Oasis for Technology and Innovation’(SOTI) with the ‘Sharjah Research, Technology, and Innovation Park (SRTIP).’ This reinforces our commitment to advancing innovation and technology development while fostering an innovative environment and entrepreneurial spirit in the emirate.”
Sharjah achieves massive leaps in sustainability
Marwan Saleh Alichla was a prominent participant in the session titled ‘Investing in the UAE: Unlocking Opportunities for Sustainable Prosperity,’ which was a pivotal part of the event held by the Ministry of Industry and Advanced Technology (MoIAT) and AIM Congress.
In his address, Alichla underscored Sharjah’s proactive role in fostering sustainable projects integral to its economic growth and environmental stewardship vision. He pointed out that Sharjah’s strategic vision places a strong emphasis on attracting investments that harmonise seamlessly with the emirate’s pursuit of a sustainable and prosperous future.
“The Emirate has made significant strides in sustainability, with the ‘Sharjah Sustainable City’ successfully creating the first integrated community with zero emissions. This community treats 100% of wastewater to irrigate green spaces. The emirate also takes pride in the Sharjah Waste to Energy plant, the first of its kind in the region, designed to reduce greenhouse gas emissions and mitigate climate change effects. This facility provides energy to 2,000 homes annually while offsetting 150,000 tons of carbon dioxide emissions,” Alichla stated
He added, “Beeah Group has increased the waste-to-energy conversion rate in the emirate from 76% to over 90% through the Sharjah Waste to Energy plant. Additionally, the Sharjah National Oil Corporation (SNOC) announced a joint project with Masdar and EDF Group to establish a 60-megawatt solar energy project, which is expected to reduce carbon dioxide emissions by approximately 66,000 tons annually, equivalent to removing over 14,600 cars from the road.”
Speaking on attracting national and foreign investments in the industrial sector, he said, “Invest in Sharjah has signed a Memorandum of Understanding (MoU) with the Ministry of Industry and Advanced Technology to strengthen investment opportunities and provide incentives to boost the investment environment in the industrial and advanced technology sector in Sharjah. It also collaborates closely with the Emirates Development Bank to raise the industrial sector’s contribution to the GDP from AED 133 billion to AED 300 billion by 2031.”
Attached images from the sessions with the participation of HE Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, and Marwan Saleh Alichla, Director of Investment Promotion and Support.