As the global economy still comes to terms with the new normal of a pandemic, some cities have fared better than others.One of these is Sharjah, the UAE’s third-largest emirate.
Thanks to a sizeable government stimulus package, substantial investment into a number of specialised free zones – which rolled out a range of measures to sustain activity over the course of the pandemic – and an investor- and FDI-friendly regulatory framework, Sharjah has positioned itself well for a post-coronavirus future.
Over the five years since its inception, the Sharjah FDI office (Invest in Sharjah) has worked to amplify the emirate’s appeal as a destination of choice for foreign investors.
Operating under the auspices of the Sharjah Investment and Development Authority (Shurooq), figures released by the FDI body point to the continued growth of investor confidence in the emirate over 2020, with 24 new investment projects worth $220m launched over the course of the year.
“Apart from the need to increase investment in future industries, 2020 taught us that we must focus on SMEs, start-ups and emerging innovation-based businesses,” says Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah. “Such sectors are the backbone of social capital and economy and have a direct impact on microeconomic indicators.”
Free zones to the fore
Al Musharrkh also points to Sharjah’s six specialised free zones as a key attractiveness factor for FDI. “Sharjah enjoys one of the world-leading free zone infrastructures, with each one offering a wide range of industry-focused benefits and opportunities.”
While the two most established ones, Hamriyah Free Zone and Sharjah Airport International Free Zone, are focused on industry, the emirate also has free zones specialised in a range of non-industrial sectors: Creative industries (Sharjah Media City), publishing and printing (Sharjah Publishing City), R&D (Sharjah Research Technology and Innovation Park) and healthcare (Sharjah Healthcare City).
“As Sharjah’s global role becomes increasingly open, innovative and outward-looking, we are now looking to create ecosystems for specific sectors.”
Between them, Sharjah’s free zones host 12,675 companies of the 61,200 registered with the emirate’s economic development department.
Over the course of the pandemic, Sharjah’s free zones rolled out a number of measures to support the resilience of the companies operating in them, while also making it easier to start.
Media City organised exhibitions for their start-ups to help them reach potential clients, partners and investors; Hamriyah Free Zone launched a range of discounted packages for businesses and investors, while slashing fees, fines and extending visa validity; and, despite the economic challenges, Publishing City still saw 100 new companies from 23 countries come in over 2020, including five higher education institutions.
Invest in Sharjah launched the Sharjah Investors Services Centre (Saeed) in partnership with Injazat Services in November 2019
Start your business in under an hour
Invest in Sharjah launched the Sharjah Investors Services Centre (Saeed) in partnership with Injazat Services in November 2019. Managed by Invest in Sharjah, Saeed facilitates investor services as a key part of its mission and vision to provide strategic and innovative solutions to support global as well as local investors. It is a one-stop high-end business facility offering fully integrated 360-degree government solutions to enable investors set up their business with ease.
Al Musharrkh says, “Saeed is part of our endeavour to boost foreign investors’ ease of entry into our markets. It is a fully tech-driven, one-window service that will help clients set up a business in less than 60 minutes.”
Meanwhile, he is keen to see how the new Commercial Companies Law will help Invest in Sharjah build on positive momentum. “This will trigger new investments not only in the popular sectors of retail, tourism, technology and healthcare but also in 10 additional sectors of strategic importance to Sharjah’s and the UAE’s socioeconomic future.
“The law also paves the way for those operating in strategic sectors to enter Sharjah’s resilient economic landscape, which is continually enriched by world-class infrastructural developments in numerous sectors led by Shurooq and other entities in Sharjah.”
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