The Finance World Magazine| Edition: March 2023

Last year was a significant success. MoIAT
issued 263 industrial production licences
in 2022, 20% more than the previous
year. We also reduced fees for 14 of the
ministry’s services to help boost ease of
doing business and stimulate the growth
of small and medium companies.
“The ministry supports efforts to create
an attractive business environment for
investors in the industrial sector to
support the growth and competitiveness
of national products especially in the
priority and advanced technologies
sectors, in line with Make it in the
Emirates and in partnership with federal
and local government entities as well as
the private sector.”
He also mentioned the National In-Country
Value Program’s accomplishments, which
was started as one of the Projects of the
50. In 2022, the initiative brought more
than AED 53B back into the economy,
a 25% increase over 2021. Additionally,
1,987 Emiratis were hired by the private
sector as a result. Large, small, and
medium-sized industrial firms as well
as independent business owners can
flourish thanks to the programme.
According to Omar Al Suwaidi, “In 2022,
the UAE recorded an increase in industrial
exports amounting to about AED 174B,”
which represents “a strong opportunity
for industrial companies keen to leverage
the UAE’s unique value proposition to
achieve growth and expansion.”
Ahmed Obaid Yousef Al Qaseer,
Executive Director of Shurooq said,
“The collaboration between Sharjah
FDI Office and the Ministry of Industry
and Advanced Technology represents a
strategic step forward in advancing the
economic growth of the UAE through
investment in the industrial and advanced
technology sectors.”
He added, “By taking advantage of each
of the parties’ resources, the MoU will
strengthen Sharjah’s position as a leading
centre for innovation, entrepreneurship
and investment in the rapidly developing
industrial sector. This in turn contributes
to attracting new investments and
creating a competitive and innovative
environment that attracts the best talents
and companies.”
Mohammed Juma Al Musharrkh,
CEO of Sharjah FDI Office (Invest in
Sharjah), said that MoU “represents
a strong commitment from both sides
to the development of industry and
investment in the UAE,” and added that
it “will expand investment horizons and
enhance the growth of sectors in industry
and advanced technology,” boosting
“Sharjah’s and the UAE’s position as an
ideal destination for international and
local industrial investors.”
Speaking about the strategic investment
partnership with Hong Kong, Al Musharrakh
said, “Hosting representatives from Hong
Signing the MoU will boost Sharjah’s and the
UAE’s position as an ideal destination for
international and local industrial investors.
Kong is an exciting moment for Invest in
Sharjah and underscores our commitment
to building strong partnerships with key
players in the global business community.
We believe that this cooperation will
help us to better understand the needs
of businesses in both regions and provide
tailored support to help succeed mutually.”
Thirty company leaders from Hong Kong
attended SIF 2023, according to Johann
Wong Chung Yan, acting commissioner
for the Belt and Road. They were there to
look into potential future collaborations.
“With over 9,000 foreign companies
based in Hong Kong, including over
1,500 regional headquarters, the region
is an unrivalled gateway to the Asia and
Pacific region,” he said. “The partnership
between Sharjah and Hong Kong has
already delivered impressive results. In
2021, the two regions achieved a bilateral
trade of AED 47B, with 10% of Chinese
trade routed through Hong Kong,” he
added. According to Johann, the new
collaboration will increase investment
via Hong Kong while focusing on crossborder
commerce and market integration
and using the advantages of both areas.
H.E. Mohammed Ahmed Amin Al-Awadi,
SCCI’s Director-General, said: “The
Chamber’s participation and sponsorship
of the Forum is an objective and part of
its endeavour to promote the Emirate of
Sharjah as a distinctive regional hub for
international companies and investments,
thus enhancing Sharjah’s prominence on
the global investment map and beefing
up trade and investment in the Emirate.”
Al-Awadi also emphasised the benefits of
the SCCI’s participation in the significant
event, as it assisted in developing
strategic alliances with the organisations
and government authorities in order to
exchange ideas and proposals on the
most crucial economic issues that will
improve the emirate’s economy and its
efforts to strengthen integration between
the public and private sectors. Al-Awadi
also highlighted the Forum’s themes and
sessions, which featured 50 speakers
chosen from among eminent international
investors, businesses, and local, Arab,
and international decision-makers.
As a complement to the SCCI’s efforts
to advance the national economy and push
it forward with investment incentives
packaged with the existing and future
projects, Al-Awadi also stressed the
importance of creating innovative plans
and programmes that fulfil the ambitions
of the new Emirati economic scene
and support the targeted vital sectors,
strengthening Sharjah’s position as a key
regional hub for business establishment
and operation.
H.E. Haleema Ali Al-Owais, a chamber
board member who attended the session
on “The Future of Family Businesses and
Their Impact in the Region,” attended
the event on behalf of the SCCI. The
SCCI’s special pavilion did a great job
of showcasing the unique services
and support the chamber offers to the
business community and investors to
help them grow their commercial and
industrial activities, as well as to attract
more industries and investments that
contribute to enhancing the sustainable
economic development in the Emirate of
Sharjah and expanding the investment
base locally and nationally.
March 2023 www.thefinanceworld.com 75