$220 million FDI attracted by Sharjah in 2020
In the United Arab Emirates, the Sharjah Emirate has attracted over 24 foreign direct investments (FDI) projects. These are over worth $220 million, which is AED 808.6 million.
There has been an increase of 60% in the amount of FDI schemes between Q4 and Q3.
The productions that have shown the most potential for opportunities in investment within the last year include medical and health research, e-commerce, and protective gear.
Furthermore, approximately 1,117 jobs were created within Sharjah in 2020.
The office of Sharjah FDI (Invest in Sharjah), the Development Authority (Shurooq), and the office of investment promotion that is functioning under the Sharjah Investment, have worked hard towards boosting the economic flow in the UAE.
The outbreak of Covid-19 has caused much instability on a global level. This has decreased the FDI to 21-61%. Opportunities for jobs in the field of medicine have amplified by 53.4%. Moreover, in life science, it has increased by 45.4%, which is the maximum since the year 2012. Furthermore, the job opportunities in financial technologies, e-commerce, and logistics have grown at a steady pace as well.
In 2021, it has been forecasted that there will be an upsurge in FDI. It has estimated a rise of 74% in life sciences, 49.4% in agriculture and food, 55.6% in ICT, Information and Communications Technology, 46.2% in distribution and logistics, and 30.2% increase in cleaning technology production.
It is further expected that secondary sectors will be bringing high-class investment opportunities for small businesses (SMEs). These sectors include cybersecurity, e-commerce, financial technology, medical technology, smart logistics, and education technology.
Investors are also offered with an all-in-one business facility through the Sharjah Investors Services Centre. In order to make sure that the highest quality services are delivered, the headquarters has made a partnership network that has increased strong communication with all government offices related to the scheme. This includes the Notary Public, Tasheel, the General Directorate of Residency and Foreigners Affairs and the Emirates ID Authority.
In November, AED 512 million stimulus has been approved that will help businesses in the Emirate.