Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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SHARJAH, 10th February, 2023 (WAM) — The Ministry of Industry and Advanced Technology (MoIAT) and the Sharjah Foreign Direct Investment Office (Invest in Sharjah) signed a Memorandum of Understanding (MoU) at the 6th Sharjah Investment Forum to promote investment opportunities.
Held under the theme ‘Redefining Economies: Making Significant Strides for a Better Future’, the forum aims to promote and attract investments from local and international investors. Its aim is to support sustainable economic growth within a supportive economic environment that provides enablers, incentives, and financial solutions to investors.
The MoU was signed by Osama Amir Fadhel, Assistant Undersecretary for the Industrial Accelerators Sector at the MoIAT, and Mohammed Juma Al Musharrkh, CEO of Sharjah FDI Office (Invest in Sharjah), in the presence of Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology and Ahmed Obaid Yousef Al Qaseer, Executive Director of the Sharjah Investment and Development Authority (Shurooq).
The MoU enhances cooperation between MoIAT and the Sharjah Foreign Direct Investment Office (Invest in Sharjah), through work and partnerships to promote the Make it in the Emirates initiative. The MoU will promote investment opportunities and provide incentives and enablers to enhance the investment environment in Sharjah’s industrial and advanced technology sector.
Omar Al Suwaidi, Undersecretary of the MoIAT, said, “The memorandum of understanding is aligned with the ministry’s commitment to strengthening local partnerships, in line with the objectives of the National Strategy for Industry and Advanced Technology, which aims to enhance the UAE’s investment environment, particularly in priority sectors through Make it in the Emirates and National In-Country Value Program. Last year was a significant success. MoIAT issued 263 industrial production licences in 2022, 20 percent more than the previous year. We also reduced fees for 14 of the ministry’s services to help boost ease of doing business and stimulate the growth of small and medium companies.
“The ministry supports efforts to create an attractive business environment for investors in the industrial sector to support the growth and competitiveness of national products especially in the priority and advanced technologies sectors, in line with Make it in the Emirates and in partnership with federal and local government entities as well as the private sector.”
He referred to the success of the National In-Country Value Program, which was launched as part of the Projects of the 50. The program redirected more than AED 53 billion into the economy in 2022, an increase of 25% compared to 2021. It also led to the employment of 1,987 Emiratis in the private sector. The program supports the growth of large, small and medium industrial companies and entrepreneurs.
He added, “The ministry continues to provide incentives and enablers that attract foreign industrial investments, as well as promote national investments, and facilitate the provision of various financing solutions in co
operation with strategic partners such as the Emirates Development Bank. In 2022, the UAE recorded an increase in industrial exports amounting to about AED 174 billion. These results represent a strong opportunity for industrial companies keen to leverage the UAE’s unique value proposition to achieve growth and expansion.”
Ahmed Obaid Yousef Al Qaseer, Executive Director of Shurooq said, “The collaboration between Sharjah FDI Office and the Ministry of Industry and Advanced Technology represents a strategic step forward in advancing the economic growth of the UAE through investment in the industrial and advanced technology sectors. The Make it in the Emirates initiative offers incentives to create new opportunities and attract foreign investment. The MoU between both parties lays down a framework for joint efforts to enhance investment opportunities and provide an enabling environment for investors.”
He added, “By taking advantage of each of the parties’ resources, the MoU will strengthen Sharjah’s position as a leading centre for innovation, entrepreneurship and investment in the rapidly developing industrial sector. This in turn contributes to attracting new investments and creating a competitive and innovative environment that attracts the best talents and companies. The MoU also serves as a model for promoting economic development through strategic partnerships and reflects the UAE’s efforts to create a dynamic and sustainable economy.”
Mohammed Juma Al Musharrkh, CEO of Sharjah FDI Office (Invest in Sharjah), said, “The MoU between Sharjah FDI Office and MoIAT represents a strong commitment from both sides to the development of industry and investment in the UAE. This cooperation will expand investment horizons and enhance the growth of sectors in industry and advanced technology. It will boost Sharjah’s and the UAE’s position as an ideal destination for international and local industrial investors.”
The MoU includes integration and cooperation in providing benefits and exemptions for industrial facilities in Sharjah.
