Sharjah attracted $220m FDI in 2020

The emirate of Sharjah in the UAE attracted 24 foreign direct investment (FDI) projects worth $220m (Dhs808.6m) in 2020, a Wavteq study has noted.

There was a 60 per cent increase in the number of FDI projects between Q3 and Q4.

The industries that showed most promise for investment opportunities in the emirate last year included e-commerce, health and medical research, and personal protective equipment, among others.

Wavteq added that 1,117 new jobs were also created in Sharjah last year.

The Sharjah FDI Office (Invest in Sharjah), the investment promotion office operating under the Sharjah Investment and Development Authority (Shurooq), has worked towards boosting economic activity in the emirate.

“The Covid-19 outbreak caused global foreign direct investment (FDI) to shrink by 21-61 per cent, according to a Wavteq’s report. It also states that job opportunities in the medical equipment manufacturing sector increased by 53.4 per cent, and in life sciences by 45.4 per cent, the highest since 2012. Jobs in e-commerce, financial technologies and logistics also grew at a quick pace during 2020,” said Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah (IIS).

Furthermore, in 2021 Wavteq has forecast an increase in FDI in several vital primary sectors. It predicted a 74 per cent rise in life sciences, 55.6 increase in Information and Communications Technology (ICT), 49.7 per cent hike in food and agriculture industries, 46.2 per cent in logistics and distribution, while the cleaning technology industry is expected to grow at a rate of 30.2 per cent, reported news agency WAM.

Secondary sectors, including e-commerce, medical technology, education technology, cybersecurity, financial technology, and smart logistics, is expected to bring high-yield investment opportunities for SMEs.

Through the Sharjah Investors Services Centre (Saeed), the office offers investors a one-stop business facility with fully integrated services to help them set up their businesses in less than 60 minutes.

To ensure the delivery of quality services, the office has also built a strong communication and partnership network with all related government entities, including Tasheel, the Notary Public, Emirates ID Authority and the General Directorate of Residency and Foreigners Affairs.

In November, the Sharjah’ s Crown Prince, Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, approved a Dhs512m stimulus package to aid businesses within the emirate, following a similar Dhs481m package, which was unveiled earlier in 2020.

Read: Sharjah announces new Dhs512m economic stimulus package