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Sun 4 Aug 2019 11:13 AM

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Video: Sharjah's new $150m worth technology hub to boost the emirate's GDP

Sharjah Research, Technology and Innovation Park has managed to attract more than $100 million worth of investment in just months.

With the aim to become the education and innovation capital of the UAE, the SRTI Park has been allocated a budget of $150 million for the first phase, which is scheduled to be completed by Q1 of 2020.

“We are proud to say that we have already attracted more than $100 million worth of investment in new technology in this park in a span of 6 months. So far the project has been allocated $150 million for the 1st phase, which includes the main building of the project in addition to the infrastructure, which we are due to inaugurate in Q1 of next year”, said Hussain Al Mahmoudi, CEO of Sharjah Research, Technology and Innovation Park.

The park already has plans to unveil the first 3D printed house by the end of September, a new futuristic train to accelerate transport and logistics, and advanced hydroponics, aquaponics, and vertical farming projects.

Sharjah already spends $1bn annually on education and this project is an extension to Sharjah government’s work in developing itself as a knowledge economy base, according to Al Mahmoudi.

“There are studies that suggest that cities with education institutions like universities and technology parks around perform better in terms of GDP than cities without. So we believe that this project will really bring an economic impact to the emirates of Sharjah and the UAE”, he said.

(Source: Arabianbusiness.com YouTube channel)