The Sharjah FDI Office, the investment promotion arm of the Sharjah government, has unveiled the emirate’s performance in attracting foreign direct investment (FDI) in various economic sectors.
Growth has seen a sharp increase of 102 percent between 2016 and 2017, with FDI inflows worth $1.622 billion last year as compared to $808 million in 2016.
Invest in Sharjah, along with five other state-run entities in the emirate, brought the forum’s exhibitors and global participants up to speed about their growth trajectories in 2017, offering key market insights into new and emerging business opportunities.
Stocks are at an all-time high
The UAE Federal Competitiveness Authority has revealed that as of December 2016, the total FDI stocks in Sharjah stood at $8 billion.
These announcements were made by the Invest in Sharjah CEO, Mohammed Juma’a Al Musharrkh, at a press conference organized on April 10 in cooperation with the Sharjah Economic Development Department.
He added that this reflects the growing investments Sharjah that has been servicing across numerous sectors, most prominently its real-estate and property sector, which has been receiving high-level interests contributing to the emirate’s competitive advantage when it comes to residential and commercial projects.
The Invest in Sharjah CEO revealed that the 2017 capital investments were made by 18 new projects that were set up in diverse sectors with the top three being architectural metal manufacturing investing $725 million; agricultural, construction and mining machinery with $356 million; and real estate FDI standing at $344 million.
Mariam Nasser Al Suwaidi, Deputy Director of the Department of Industrial Affairs, highlighted during the conference that in 2017, Sharjah underwent a 5% increase in its GDP.
Key manufacturing industries such as construction, wholesale and retail, restaurants and hotels, real estate, and business services ranging between 6% and 9% in net growth.
1 trillion AED!
The value of foreign investments in the UAE exceeded $273 billion for the first time.
Reaching $274 billion at the end of 2016 compared to $226 billion in 2015, a growth of 25.4%, the figures announced by the Federal Authority exceed the objectives of the UAE Vision 2021, which aims to achieve an annual increase of 5% in domestic FDI flows and is in line with the nation’s efforts to reach 5% yearly growth in non-oil GDP.