Sharjah FDI Office (Invest in Sharjah), the investment promotion office operating under the Sharjah Investment and Development Authority (Shurooq), has announced that it had attracted 24 foreign direct investment (FDI) projects into the northern emirate last year.
As per a Wavteq study on Sharjah’s FDI annual performance, the projects value hit $220 million. There has been a 60 per cent increase in the number of FDI projects between Q3 and Q4, it stated.
While certain sectors were impacted, others witnessed remarkable growth, offering substantial investment opportunities for businesses in the fields of e-commerce, health and medical research, and personal protective equipment, among others.
This boost in economic activity in new and emerging sectors led to the creation of 1,117 new jobs in Sharjah, it added.
Over the year, Sharjah FDI Office continued to bolster investment activity in Sharjah with a wide range of services and facilities, including a real-time analysis of local markets, which helped incoming businesses identify suitable opportunities.
Investor confidence in Sharjah continued to grow in 2020, with 24 new investment projects despite it being one of the most challenging years in human history. The onset of Covid-19 strapped the global economy on a roller-coaster ride, affecting both lives and livelihoods of people worldwide.
On the business side particularly, the pandemic has revealed the resilience of cities like Sharjah, which continued to grow amid crisis by allowing global investors leverage opportunities offered by its diverse economy, business-friendly environment and low operating costs, among other competitive advantages.
Reflecting on how IIS quickly adapted to the volatility that characterised the year, Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah (IIS), said: "2020 has taught us the competitive advantage of adaptability, which will continue to inform the manner in which IIS would leverage future investment trends."
"The Covid-19 outbreak caused global foreign direct investment (FDI) to shrink by 21 to 61%, according to a Wavteq’s report. It also states that job opportunities in the medical equipment manufacturing sector increased by 53.4%, and in life sciences by 45.4%, the highest since 2012. Jobs in e-commerce, financial technologies and logistics also grew at a quick pace during 2020," he added.
Al Musharrkh pointed out that Wavteq had forecast an increase in FDI in various vital primary sectors in the next 12 months, predicting a 74% hike in life sciences, 55.6% in Information and Communications Technology (ICT), 49.7% in food and agriculture industries, 46.2% in logistics and distribution, while the cleaning technology industry is expected to grow at a rate of 30.2%.
Secondary sectors, including e-commerce, medical technology, education technology, cybersecurity, financial technology, and smart logistics, is expected to bring high-yield investment opportunities for innovation-driven SMEs.-TradeArabia News Service
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