Sharjah FDI introduces US Business to promising opportunities

  • Wednesday 18, September 2019 01:21 PM
Sharjah24: 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 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 Marwan bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority (Shurooq), 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.

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.