Sharjah's the best bet for new businesses

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Sharjahs the best bet for new businesses

Published: Mon 17 Apr 2017, 7:48 PM

Last updated: Tue 18 Apr 2017, 10:31 AM

Companies looking to open a business in the UAE should consider Sharjah as the base of their operations, due to its excellent infrastructure, access to nearby free zones and rich array of business facilities, experts at a business roundtable discussed on Monday.
Organised by Invest in Sharjah, the foreign direct investment (FDI) office operating under the government of Sharjah, the event brought together several officials from across the GCC.
Speaking to Khaleej Times on the sidelines of the event, Mohamed Al Musharrakh, director of Invest in Sharjah, spoke about the emirate's attractive business scene and how its free zones have played a key role in attracting foreign investors.
"There are many factors that make Sharjah such an attractive investment destination," he said. "The first is how easy it is for foreign companies to open businesses here. Many are drawn by the infrastructure and excellent facilities. Also, Sharjah's free zones and airport have played a very important role in drawing investors from across the world."
Al Musharrakh also spoke about how the emirate has seen an increase in FDI in recent years. Sharjah, he said, has a target to draw Dh1 billion in FDI this year, an anticipated growth of 15 per cent on 2016. One of the ways that government authorities are looking to meet the mark is by focusing on the emirate's free zones and several sectors that have seen a wealth of new initiatives.
"Looking ahead, there are several sectors that will play a vital role in Sharjah's development. These include the renewable energy sector, waste management, transportation, healthcare, tourism, manufacturing and education," he said.
Speaking about Sharjah's healthcare sector, Dr Abdulaziz Saeed Al Muhairi, director of the Sharjah Health Authority, said it was worth approximately $2 billion in 2016, with the overall UAE healthcare sector forecast to grow at seven per cent annually to 2020. He pointed out that the forthcoming Sharjah Healthcare City will be one of the region's largest healthcare free zonesand that Sharjah had been named as the first Healthy City in the Middle East by the World Health Organisation.
Speaking on the real estate investment opportunities available in the emirate, Humaid Al Abbar, a consultant at the Sharjah Real Estate Registration Department, said: "The total market size for the buying and selling of land in Sharjah in 2016 was worth Dh24 billion. Arab investors are always looking for easy regulations and strong market penetration, which is why Sharjah has always been a primary choice for Arabs investing in the UAE." Investor confidence in the emirate is very high because of this."
"We have 13,053 Arab companies registered with the Sharjah Chamber of Commerce and Industry operating in mainland Sharjah and 3,422 Arab companies working out of the emirate's free zones - a figure equating to 26 per cent of all free zone companies being Arab national organisations. Our role at Invest in Sharjah is to ensure that all entities wishing to invest in the emirate - Arab and international - are given every opportunity and assistance to get their businesses up and running. Once established, we work to ensure that their operations return a healthy profit," Al Musharrakh added.
- rohma@khaleejtimes.com
 

by

Rohma Sadaqat

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