Sharjah to make most of Fourth Industrial Revolution

The UAE looks to international FDI as a key pillar of development, said Sultan bin Saeed Al Mansouri, the UAE Minister of Economy.

The Fourth Industrial Revolution will present several unique opportunities across various sectors that Sharjah is well positioned to make the most of, experts at the Sharjah FDI Forum 2017 said on Tuesday.
Organised by the Sharjah Investment and Development Authority (Shurooq) and the Sharjah FDI Office (Invest in Sharjah), the two-day event featured an elite group of local and international experts who explored the impact of the Fourth Industrial Revolution across various industries.
"The Fourth Industrial Revolution presents a qualitative change that will impact all aspects of life," noted Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq, on the first day of the event.
"It will bring about radical changes at an increasingly accelerating rate that will present us with several economic opportunities in various fields such as entrepreneurship," she said.
"We are being presented with innovative solutions such as virtual reality, artificial intelligence, and 3D printing. Sharjah is well poised to play a key role in the coming years in this new landscape."
She also noted that the new age revolution would play a key role on bringing about valuable opportunities in the education sector across the UAE.
"Various industries across the UAE will be directly impacted as businesses get the opportunity to boost sustainable development, as the UAE transforms itself from an oil-based economy towards a more diversified economy. We will see more opportunities opening up across the sustainable energy sector including solar energy. I would encourage everyone to explore what the Fourth Industrial Revolution offers humanity," she said.
Sultan bin Saeed Al Mansouri, the UAE Minister of Economy, also noted that public and private businesses should seek out opportunities that directly influence the inflow of international foreign direct investment (FDI).
"It is important to look at FDI especially in light of the impact of the recent developments across the UAE. The UAE looks to international FDI as a key pillar of development. We should continue to focus on the various sectors that will continue to attract FDI," he said in his keynote speech.
"In addition to real estate, that has been critical in attracting foreign FDI, we should look at investment partnerships at the global level," he added.
"Studies show that the UAE boasts a friendly and secure business environment that has placed it at the top amongst the Arab nations, and 12th worldwide in terms of attractiveness."
Al Mansouri also advised businesses to look at the opportunities that will be presented to them with the advent of new technologies such as the Internet of Things, 3D printing, and blockchain.
- rohma@khaleejtimes.com