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Sharjah’s dynamic role as an economic visionary over the past decades has elevated its status to an international investment destination to rival many others across the region. The emirate has embraced an integrated diversification strategy, highlighting both its sophistication as an economy and its ambition as a market leader.
In keeping with achieving those goals, the Sharjah Investment and Development Authority (Shurooq) has emerged as the driving force dedicated to reshaping the emirate’s economic landscape, supporting its march of development without compromising its authentic cultural character.
Since it was established in 2009, Shurooq has embraced a clear strategic plan aimed to promote Sharjah regionally and globally and strengthen its position on the global finance and business map, in order to draw foreign investment into the emirate and boost growth across its various economic sectors.
Shurooq has continuously built relationships and formed alliances with international policy makers, industry leaders and senior executives at home and abroad, organising and hosting forums, delegations, conferences and events to highlight Sharjah and its unique attractions. One of these is the increasingly influential Sharjah FDI Forum.
A Strong Beginning
In February 2015, Sharjah hosted the first edition of the Sharjah FDI Forum, inaugurated by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council Ruler of Sharjah. The initial event, at the time named the ‘World Forum for FDI’, was attended by of a host of experts, economists, policy makers, investment promotion agencies and economic and development organisations from across the world.
The forum was held under the theme ‘Where East Meets West’, a motto that reflects the true image of the UAE as home to expatriate residents from more than 200 nationalities of various cultural backgrounds and the thousands of companies, businesses and multi-national projects.
It featured six panel discussions that highlighted the main factors influencing FDI inflows worldwide, including the role of diplomacy in international financing options, global demand for talent, the ‘brain drain’, seaports and airports and global infrastructure. The forum also underlined the importance of enhancing partnerships between eastern and western companies, while offering the participating speakers and delegates the opportunity to explore Sharjah and become acquainted with the phenomenal growth it has experienced over recent years.
Second FDI Forum
Building on the success of the first event, the second edition was held in September 2016, under the new banner of ‘Sharjah FDI Forum’ in the presence of His Highness the Ruler of Sharjah.
Organised by Shurooq in collaboration with the UK’s Financial Times and fDi Magazine, the two-day forum was held under the theme ‘The Gateway to the Middle East, North Africa and South Asia’. It brought together an elite group of policy makers, officials, business leaders and CEOs who highlighted investment prospects available in the UAE in general and Sharjah in particular, in a variety of economic sectors.
The event at Al Jawaher Reception & Convention Centre, featured 15 sessions that involved 30 speakers, with the attendance of more than 300 delegates. It covered a range of important topics such as FDI inflows, challenges facing cross-border capital flow and ways to overcome them, how to benefit from potential investment opportunities and achieving growth in various global markets.
Industry-led panel discussions addressed the role of Sharjah as a gateway for international expansion, ways of harnessing non-oil investment in the UAE and the importance of strengthening trade links between the UK and the UAE, especially after the Brexit referendum. Other topics discussed included investment potential in the UAE’s transportation and logistics sector to meet expanding trade demands, the importance of global connectedness for SMEs and financing cross-border expansion.
The speakers also highlighted the UAE’s prospects and challenges of a post-oil economic development model and the growing trade links between the UAE and India, among other key topics.
The Future Lies in the Fourth Industrial Revolution
Building on the resounding success of the previous two forums, the third edition will begin today under the patronage of His Highness the Ruler of Sharjah.
Themed ‘The Fourth Industrial Revolution’, Sharjah FDI Forum 2017 is organised by Shurooq and the Sharjah FDI Office (Invest in Sharjah) in a strategic partnership with CNBC Arabia. The two-day event will include nine panel discussions featuring an elite group of local and international experts to share their opinions and views on a wide range of key topics.
The panellists will examine the direct impact of the Fourth Industrial Revolution (4IR) on investment, knowledge economy, industries, innovation and local and regional development. They will also address the current dominant economic trends, sustainable economies, the impact of technology on education, small enterprises and the UAE’s plans for the future.
According to the World Economic Forum, 4IR will be a sweeping digital revolution and the most rapid and radical change in modern history. It is characterised by three key factors that distinguish it from previous revolutions: speed; scale; and the level of complexity. There are key technological drivers for 4IR, including artificial intelligence, robotics, autonomous vehicles, 3D printing, big data, virtual currencies, the internet of things, nanotechnology, biotechnology, energy storage, materials science and quantum computing.
The first years of the 21st century have seen the beginnings of the Fourth Industrial Revolution, especially with the widespread use of the internet, mobile phones and smart devices, plus implantable technology such as sensors, artificial intelligence and machine learning techniques. This has helped support the decision making process and dramatically reduce the margin of error.
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