A new economic report has identified seven high-potential sectors in Sharjah that are powering qualitative and sustainable strategic investments into the emirate and strengthening its competitiveness on the global economic and investment landscape.
The Sharjah FDI Office (Invest in Sharjah)’s report named the sectors as health and wellbeing, mobility and logistics, culture and tourism, agri-food technology, greentech, human capital and innovation, and advanced manufacturing.
The report, titled Future Trends and Sector Potential, was developed in collaboration with numerous government departments and private sector entities in the emirate and in partnership with PricewaterhouseCoopers (PwC) Middle East.
Sharjah and the UAE’s business-friendly environment backed by modern legislation, future-ready infrastructure, a highly talented workforce and more than 60,000 SMEs and startups have been stated by the report as key factors that boost their FDI attractiveness.
It pointed to the six specialized free zones and 33 industrial zones in Sharjah, as well as strategic location and global connectivity via sea and air routes and ports on both Gulf of Oman and the Arabian Gulf that have yet again proved the emirate’s appeal as a gateway to the GCC and the wider region with a GDP of $1.6 trillion (AED5.88 trillion).
The report also underlined that the UAE is one of the world’s most open and investor-friendly economies which has attracted high volumes of foreign investments in the past few years, noting that Sharjah leverages UAE’s global reputation to build on its status as a go-to FDI destination in the region.
Against the backdrop of a devastating pandemic that swept the world, the report showed that Sharjah minimized its financial impact on its economy by successfully attracting FDI worth $220 million (AED808 million), including a 60 percent growth in FDI projects in Q3 and Q4 compared to 2019, which led to the creation of 1,117 new jobs.
“This strong trajectory of growth during the pandemic is a reflection of the high performance of the ICT sector which recorded 55.6 percent growth, followed by Food and Agriculture Industries at 49.7 percent, and Life Sciences sector, which grew by 47 percent, and finally, Logistics and Distribution, which registered a 46.2 percent growth.”
Ahmed Obaid al-Qaseer, Acting CEO of Sharjah Investment and Development Authority, said: “Today, Sharjah is home to many investment opportunities in various fields, especially in the new economy sectors, advanced industries, tourism, agriculture, innovation and others, with advanced infrastructure and agile legislation.”
For his part, Mohamed al-Musharrkh, CEO of Sharjah FDI Office, said that in the post-COVID world, investments in technology have outpaced all other sectors.
He added that Sharjah’s unveiling of the first 3D printing house in the region signals its competitiveness in advanced manufacturing.
“Invest in Sharjah is keen on attracting and facilitating investments seeking growth in the emirate’s secure and stable environment,” Musharrkh noted.
