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- 558 American companies already based in Sharjah
Sharjah: Sharjah FDI Office (Invest in Sharjah), operating under the Sharjah Investment and Development Authority (Shurooq) has collaborated with the US–UAE Business Council to organise business seminars in Durham, North Carolina, and Pittsburgh, Pennsylvania. The objective of the seminars was to shine light on lucrative commercial opportunities Sharjah has on offer for American investors.
These events were part of a business visit facilitated by the US–UAE Business Council to the USA which concluded yesterday (Wednesday) and aimed to expand Sharjah’s network of strategic partners by opening new communication channels with the US business community. At present, the emirate is home to 558 American companies operating both onshore and offshore, with a projection for further growth in the foreseeable future.
The fast-growing investment opportunities in education, technology and SME sectors in Sharjah were highlighted to the American attendees, and the emirate’s investment services in trade and real estate sectors were presented.
The seminars were attended by HE Marwan bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority (Shurooq), HE Hussain Mohamed Al Mahmoudi, CEO of Sharjah Research, Technology and Innovation (SRTI) Park, Mohammed Juma Al Musharrkh, CEO of Invest in Sharjah; and Dr. Amina Mohammed Almarzouqi, acting Dean of the Health Sciences College at the University of Sharjah (UoS). Both events witnessed a strong turnout of American businessmen and women, and senior officials and business leaders from both cities, including William Peduto, Mayor of Pittsburgh, PA.
The Executive Chairman of Shurooq said: “This visit was planned to further our bilateral ties in economy, investments and present the numerous emerging opportunities in Sharjah’s stable, diversified, and profitable economy – aspects that have continued to promote a healthy business relationship between major US cities and Sharjah.”
He added: “According to WAVTEQ, Q1 2019 recorded US investments as the top source for Sharjah’s FDI growth, and a rise in average capital per project which all reflects a continued growth in confidence for Sharjah’s diversified market. Through sectors such as education, manufacturing, construction, technology and trade, we see a substantial number of common business goals between Sharjah and the two targeted cities, Pittsburgh and Durham.”
Al Sarkal pointed out that the business-friendly climate in Sharjah, characterised by flexible legislations, a robust infrastructure, the emirate’s strategic location, ports on the Arabian Gulf in the west and the Gulf of Oman in the East, air connections to 280 international destinations, as well as the industrial and free zones offering world-class facilities and services, positions the emirate as a gateway for international investors to tap into the region’s commercial potential.
HE Hussain Mohammed Al Mahmoudi, CEO of Sharjah Research, Technology and Innovation Park, said: “The SRTI Park offers diverse investment opportunities to American investors. The Park is currently exploring collaboration with educational institutions and innovative companies in Pennsylvania and North Carolina. Prospects are great for cooperation in fields of technology, research and development, sustainability, renewable energy, agriculture and transportation. We also seek to continue fostering innovation in Sharjah by attracting skills and expertise from Pennsylvania to the SRTI Park.”
The highlight of the seminars was a presentation made by the CEO of Invest in Sharjah, Al Musharrkh, that spotlighted the key investment partnerships and incentives offered by Sharjah to international investors and businessmen, as well as the latest development in the emirate’s vital sectors, including healthcare, education, renewable energy and light industries.
Al Musharrkh added: “We look forward to partnering with companies from Pittsburgh – a leading business hub with 300 manufacturing companies, and a key contributor to the US economy. Durham is home to fast-growing businesses in health care, education, manufacturing and trading, which opens several promising opportunities for strategic partnerships in these sectors.”
Al Musharrkh has invited American investors to participate in the fifth edition of the Sharjah FDI Forum, which will be held on November 11 – 12, 2019, and focus on the forces driving FDI globally; the expected impact on emerging and developed economies resulting from the US-China trade war; and latest financial innovations and technologies driving businesses.
For her part, Dr. Amina Mohammed Almarzouqi said: “UoS’s new five-year strategic plan from 2019–24, allows universities and research institutions in the US to look into the fast-growing opportunities in education and research. The Sharjah Oasis for Technology & Innovation (SOTI) also offers US investors exciting prospects to bring in investments into the UoS research ecosystem’s new products, startups and licensing”.
The UAE and US have enjoyed strong economic and trade relations based on strategic and growing investment partnerships. American residents are one of the largest expatriate communities in the UAE, with 50,000 to 60,000 Americans living and working across the country. The UAE hosts 1,500 American companies working in various industries and sectors.
‘Invest in Sharjah’ is committed to highlight Sharjah’s business-friendly environment and attractive investment opportunities in all local and international forums. Since its inception by Sharjah Investment and Development Authority (Shurooq) during the Sharjah FDI Forum in September 2016, the Office brings together local and international investors, guiding them to the tremendous opportunities and potential that Sharjah offers. The Office’s efforts contributed to cement the emirate's position as a leading investment destination regionally and globally.
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About Invest in Sharjah
Established in 2016, the Sharjah FDI Office (Invest in Sharjah) is the investment promotion agency of the Emirate of Sharjah, launched by the Sharjah Investment and Development Authority (Shurooq). It also functions as a key facilitator to investors, servicing them with a 360-degree informative and physical support, allowing them to fully understand processes, investment advantages and insights on key sectors that fit their business profiles in Sharjah.
As one of the emirate’s key economic growth drivers, Invest in Sharjah is dedicated to the continued transformation and economic diversification of the emirate, and is committed to guiding foreign investors to the unique opportunities and potentials that Sharjah offers to global markets. Its mission is to work collectively with the emirate’s public and private sectors, to guide investors towards strategic and personalised opportunities, promoting collaborations for bilateral growth and update investors on Sharjah’s unique business culture, modern facilities, latest regulations and policies as well as business platforms and free zones that incentivise new prospects.
Invest in Sharjah also works in close partnerships with numerous state entities in the emirate, and has hosted numerous business roundtables and seminars in Sharjah and across the world, attracting unique investments and future ventures with business leaders from The Americas, Europe, Middle East, Gulf Region, Asia and the wider Asia-Pacific Region.
Invest in Sharjah has organised and participated in numerous leading business and investment conferences and seminar in Sharjah and the rest of the world. It is responsible for organising / hosting the Euromoney Conference Sharjah, the Sharjah FDI Forum, the Sharjah Ramadan Majlis and a number of high-level businesses conferences.
For more information, please visit www.investinsharjah.ae or you can contact +971 6 556 0444. For the latest news on Invest in Sharjah on social media, follow @investinsharjah on Twitter and Instagram.
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