Foreign direct investment (FDI) in Sharjah created more than 1,100 jobs during 2020, it has been announced.
By the end of last year, the emirate attracted 24 foreign direct investment (FDI) projects worth $220 million, according to a Wavteq study.
It also showed that there was a 60 percent increase in the number of FDI projects between Q3 and Q4 as Sharjah started its recovery from the impact of the global coronavirus pandemic.
While certain sectors were impacted, others witnessed remarkable growth, offering substantial investment opportunities for businesses in the fields of e-commerce, health and medical research, and personal protective equipment, the report said.
This boost in economic activity in new and emerging sectors led to the creation of 1,117 new jobs in Sharjah, it added.
Sharjah FDI Office, also known as Invest in Sharjah, the investment promotion office operating under the Sharjah Investment and Development Authority (Shurooq), continued to bolster investment activity in Sharjah, said CEO Mohamed Juma Al Musharrkh.
He said 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”.
He added that the report forecasts an increase in FDI in various vital primary sectors in the next 12 months, predicting a 74 percent hike 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.
It added that including e-commerce, medical technology, education technology, cybersecurity, financial technology, and smart logistics, are expected to bring high-yield investment opportunities for innovation-driven SMEs.
“Apart from the need 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,” Al Musharrkh said.
Invest in Sharjah said it participated in 14 major local and international events and webinars during 2020, covering a wide range of sectors such as investments in real estate, technology, trade, entrepreneurship, industrial manufacturing, health-tech, agriculture and technology.
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