Sharjah has continued to build on its foreign director investments (FDI) despite the crisis by allowing global investors leverage opportunities offered by its diverse economy, business-friendly environment and low operating costs, among other competitive advantages.
By the end of 2020, the emirate recieved 24 FDI projects worth USD220 million (Dhs808.6 million), as per a WAVTEQ study on Sharjah’s FDI annual performance.
There has been a 60% increase in the number of FDI projects between Q3 and Q4. 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.
Over the year, Sharjah FDI Office (Invest in Sharjah), the investment promotion office operating under the Sharjah Investment and Development Authority (Shurooq), 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.
Reflecting on how IIS quickly adapted to the volatility that characterised the year, Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah (IIS), said that 2020 had, “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 FDI to shrink by 21%-61%. Job opportunities in the medical equipment manufacturing sector increased by 53.4%, and in life sciences by 45.4%, the highest since 2012, according to the WAVTEQ report. Jobs in e-commerce, financial technologies and logistics also grew at a quick pace during 2020,” he added.
IIS participated in 14 major local and international events and webinars during 2020, covering a wide range of sectors such as investments in real estate, technology, trade, entrepreneurship, industrial manufacturing, health-tech, agriculture and technology.
The entity kicked off 2020 with the Sharjah – Korea Business Roundtable in February, and subsequently organised 11 virtual discussions throughout the year to explore potential investment opportunities that would leverage markets in the future, in keeping with the UAE government’s efforts to curb the spread of COVID-19.