Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
Related Articles
The Sharjah FDI Office (Invest in Sharjah) has announced substantial progress in strengthening the emirate’s status as a leading industrial centre in the region. In 2023, Sharjah’s manufacturing sector attracted USD 18.9 million in foreign direct investment (FDI), which reflects the ongoing growth supported by economic diversification policies and the strategic allocation of local and foreign capital, enhancing the resilience and efficiency of Sharjah’s industrial landscape.
They also reported that Sharjah has witnessed considerable development in its markets, industrial zones, and free zones, resulting in the issuance and renewal of 3,079 industrial licences in 2023 alone, with a growth rate of 10% compared to the same period in 2022, according to Sharjah Economic Development Department (SEDD).
This was revealed during Invest in Sharjah’s participation in the third edition of the Make it in the Emirates Forum, held on 27-28 May 2024 at the Abu Dhabi Energy Center. The event was organised by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.
The Invest in Sharjah delegation, spearheaded by Marwan Saleh Alichla, Director of Investment Promotion and Support, comprised Hamad Al Shamsi, Regional Director of Investment Promotion, Salim Al Musharrekh, and Fatima Al Shamsi from the Investment Promotion Department. At the forum, Invest in Sharjah’s booth presented the emirate’s commitment to economic diversification and its ability to attract foreign investment, as well as how the establishment of new factories and the issuance of industrial licences demonstrate the confidence of investors in Sharjah’s business-friendly environment and the opportunities it offers for industrial growth.
During its participation, Invest in Sharjah delivered a presentation on the emirate’s investment advantages, outlining the office’s vision and the range of services it provides to support investors in their growth and expansion.
Industrial sector’s contribution to Sharjah’s GDP
Marwan Alichla emphasised that economic diversification and a balanced approach between sectors, particularly focusing on the industrial sector, are central to Invest in Sharjah’s policies and strategies. This focus is driven by the sector’s critical role in sustaining growth and advancing the overall economic structure’s resilience. Alichla noted that the industrial sector is the second-largest contributor to the emirate’s GDP at 16.7%, and the emirate is home to 35% of the factories in the country.
Adding to this, he said: “There is significant interest from investors in Sharjah’s industrial and free zones due to the comprehensive and flexible business environment, the emirate’s strategic location, and its suitable infrastructure for SMEs and heavy industries. We continuously develop our programmes and strategies to support the emirate’s vision of achieving global competitiveness, positioning Sharjah as the 5th fastest-growing city globally in attracting FDI in 2023.”
The forum serves as an annual platform for decision-makers, officials, and investors to exchange knowledge and insights on Industry and Advanced Technology in the UAE.
