Despite the recent COVID-19 Pandemic impact, the Emirate has lured in 24 foreign direct investment projects that is worth around $220 Million.
It has been finally announced that the overall net worth of Foreign Direct Investment (FDI) in Sharjah has given space to in excess of 1,100 jobs within the preceding year 2020.
As per the Wavteq study, within the close of the preceding year, the Emirates have lured in around 24 Foreign Direct Investment (FDI) projects that is valued in excess of $220 million.
It as well as witnessed that there was an expectant surge of around 60 percent within the number of FDI projects within the Q3 as well as Q4 as Sharjah commenced its overall recovery mode from the overall Impact of global COVID-19 Pandemic.
It further stated that the bolstering up of the economic activity within the Newer as well as emerging arena straight away for the creation up of 1,117 direct employment in Sharjah.
The report stated further that: “While few arenas were impacted other sectors witnessed a remarkable expansion, providing significant investment prospects for trades in the area of E-Commerce, health and the medical research, as well as individual protective gear.”
The CEO Mohamed Juma Al Musharrkh stated that: “Sharjah FDI Office, also known as Invest in Sharjah, the investment promotion office functioning under the Sharjah Investment and Development Authority (Shurooq), constantly to bolster investment activity in Sharjah.”
He added that the report estimates an upsurge in FDI in numerous vital chief sectors in the forthcoming 12 months, forecasting a 74 percent upsurge in life sciences, 55.6 percent in Information and Communications Technology (ICT), 49.7 percent in food and agriculture industries, 46.2 percent in logistics and distribution.
He stated that 2020 had “taught us the competitive advantage of adaptability, which will continue to inform the manner in which IIS would leverage future investment trends.”
Al Musharrkh also further added that: “Apart from the necessity to increase investment in future industries, 2020 taught us that we must focus on SMEs, start-ups and emerging innovation-based businesses which are the backbone of social capital and economy and have a direct impact on microeconomic indicators.”
It also added that including E-commerce, medical technology, education technology, cybersecurity, financial technology, and smart logistics, are anticipated to bring high-yield investment prospects for innovation-powered SMEs.
Invest in Sharjah stated that it contributed in 14 major native and global events and webinars during 2020, covering an extensive range of sectors such as investments in real estate, technology, trade, entrepreneurship, industrial manufacturing, health-tech, agriculture and technology.