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Sharjah / WAM
The fifth edition of the region’s leading FDI event, the Sharjah FDI Forum, titled “Future Trends in Foreign Direct Investment”, got underway at Sharjah’s Al Jawaher Reception and Convention Centre, inaugurated by HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.
The forum is organised by the Sharjah FDI Office (Invest in Sharjah), an affiliate of the Sharjah Investment and Development Authority, Shurooq.
The forum began on Monday with a keynote speech by Sultan bin Saeed Al Mansouri, Minister of Economy, saying that despite the 13.4 percent slide in FDI inflows globally in 2018 compared to the last three years, as per a UNCTAD Global Investment Report, the UAE has held fort due to forward-looking national economic policies.
“Capital flow increased only by a small percentage in developed economies, and even though the UAE is not isolated from these global trends, we managed to control impact. The economy attracted over $140.3 billion last year, and the UAE ranks second in Asia and 27 in the world in terms of FDI competitiveness,” he said.
Sharing more about UAE’s economic performance in 2018, Al Mansouri added the Asian continent was the top foreign direct investor in the UAE, followed by Europe, North America and Africa.
Al Mansouri concluded, “The investments climate in the UAE is shaping in the right way and is pioneering regionally. In the digital economy sector too, our plans are solid, and this forum is an example of our guided efforts.”
Marwan bin Jassim Al Sarkal, Executive Chairman, Shurooq, said, “In the UAE, we have an Artificial Intelligence, AI, Council, and a UAE 4IR Ambassador, a Minister of State for AI. We also have centres for innovation and advanced training, and the journey continues. Here in Sharjah, we are testing the construction of a tower using 3D printing technologies, testing self-driving cars, and building a hanging railway system, set to revolutionise the region’s transportation sector.”
“Governments need to be flexible,” he said, adding future FDI trends are moving extremely fast. “The speed, ease and flexibility of technology need to be harnessed to empower businesses, boost FDI, achieve sustainable growth.”
Mohammed Juma Al Musharrkh, CEO of Sharjah FDI Office, said, “There is no one solution that fits all business needs. But here in Sharjah, our efforts to diversify our economy and achieve balanced, sustainable growth by enabling mutually beneficial relationships between the government and investors, in which their business interests are aligned to our cultural values and development goals are paramount.”
Mo Gawdat, former Chief Business Officer of Google X, said, “I see the UAE is investing in technologies incrementally and I urge other nations and businesses to do the same. The game here is how many of us will capture these waves when they start breaking out. The business mindsets need to change in a big way. We need to go with radical innovation at the core.”
The opening ceremony concluded with the Sharjah Ruler honouring sponsors and partners of the Sharjah FDI Forum 2019.