Page 10 - Al Tijarah - December 2019
P. 10

"Sharjah has maintained its position as an attractive destination for foreign direct investment
             (FDI) in the region, as well as the UAE's markets, which in 2018 attracted investments
                    totalling AED 38 billion, making it the No. one Arab destination in 2018."
                         Mohamad Juma Al Musharrakh:
       48   Sharjah attracted AED 4 billion investments

       BRIGHT EXAMPLES  investment inflow to the emirate indicates that its economy is growing in a balanced manner

                                      during the first half

             Mohammed Juma Al-Musharrakh, Executive Director of Sharjah Foreign Investment Office
              (Invest in Sharjah), confirmed that Sharjah's strategy in terms of FDI is to attract quality
             investments in key sectors that drive growth in the emirate. He said that the foreign direct

                    despite regional and international economic challenges. Here is the dialogue:

         What are the latest figures on foreign
         direct  investment  attracted  by                                    Development (UNCTAD).
         Sharjah?                                                             How does Sharjah enhance its
         The  latest  FDI figures in Sharjah  during                          competitive  advantages?  Which
         the  first half of this  year show that the                          countries  have direct  investments  in
         value of  invested capital reached about                             the emirate?
         AED 4 billion, including  AED 1.9 billion                            Sharjah  has  the prerequisites  to make
         for the first quarter and AED 2.1 billion                            it an ideal business  environment and a
         for the second quarter, which is a good                              strategic starting point for investors and
         indicator of the inflow of investments for                           businessmen  to expand in neighboring
         the current year.                                                    markets, in addition to lower operational
                                                                              costs and a commitment to the policy of
         Our strategy for FDI is to attract value-                            economic diversification and balanced and
         added investments  in key sectors and                                sustainable growth for all vital sectors, as
         focus on the quality rather than quantity                            Oil and gas account now for only 6% of
         of those investments, and although the                               GDP.
         growth of incoming investments  has
         declined, the average capital per project                            Sharjah is also developing eco-friendly
         has increased significantly  in  the period                          tourism, hotel and resort projects
         between 2017  and 2018,  reflecting                                  that  meet  the  emirate's  aspirations
         increased confidence in the market.  How has Sharjah been able to achieve   to strengthen its position as a major
                                           a high position among the globally   destination for  investment, tourism and
         In  view of  the FDI indicators  in 2018,   attractive countries?    culture, and is  expanding investment
         the  number of FDI-funded projects   Sharjah has maintained its position as an   opportunities in vital sectors such as
         grew  by 54%  compared  to  2017   attractive destination for foreign direct   education  and  scientific research and
         with 54 new projects, and total FDI-  investment in the region, and within the   healthcare  and taking advantage of the
         funded projects grew by 40% last year   UAE markets which in 2018  attracted   opportunities offered by new sectors such
         compared to the previous year which   investments  of  AED 38  billion, ranking   as publishing, media and innovation, there
         registered an additional 35 projects, and   first in  the Arab  world,  accounting  for   are many countries that have investments
         these investments contributed to a 38%   36% of the total foreign direct investment   in Sharjah  but most  notably the  USA,
         increase in jobs in Sharjah, with 7,000 jobs,   flowing  into the Arab countries, the   India and Spain.
         and naturally this increase contributes to   second largest in the West Asian region,
         the support of the economic movement   accounted  for  33.4%  of  total  inflows  to   What are the most attractive sectors
         and the  rise  of lifestyle  of the  emirate   the region, according to the report of the   for investments in Sharjah?
         residents.                        United Nations Conference on Trade and   Recognizing that attracting and localizing
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