Inteview: Mohamed Al Musharrkh
How do you evaluate the global investment climate, and what factors position Sharjah as an attractive investment destination against this backdrop?
MOHAMED AL MUSHARRKH: In evaluating the global investment climate for 2023-24, we see a landscape of resilience and gradual post-Covid-19 pandemic recovery, with foreign direct investment (FDI) flows rebounding. However, developing countries face a slower recovery due to geopolitical and economic uncertainties.
The UAE – particularly Sharjah – stands out in this context. The country’s economy has rapidly recovered from the effects of the pandemic, driven by higher oil prices and diverse economic strategies. Sharjah has harnessed this momentum effectively, implementing investor-friendly policies such as 100% foreign company ownership, strong intellectual property laws, and initiatives to both attract talent and foster creativity and innovation. These efforts position Sharjah as a particularly attractive destination for FDI.
The emirate’s focus on innovation, technological advancement and the development of a skilled workforce enhances its appeal to global investors. A commitment to sustainable and green initiatives aligns with the growing investor preference for environmentally conscious and future-forward opportunities.
Which attributes could help the emirate capitalise on strategic investment in the UAE and the GCC?
AL MUSHARRKH: Sharjah’s effectiveness as a longterm incubator for strategic investment in the UAE and the GCC is defined by several key attributes. Its economic diversity, encompassing multiple sectors, offers a wide range of investment opportunities and reduces the risks associated with economic change. A strategic location at a significant trade crossroads gives Sharjah a unique advantage for regional trade, providing access to both UAE and GCC markets. A welcoming business environment, supported by favourable regulatory frameworks and the ease of doing business, further enhances Sharjah’s appeal. The region’s advanced infrastructure, including ports and digital connectivity, supports efficient business operations as well as global economic integration. An emphasis on innovation, research and technological advancement positions Sharjah as an attractive destination for forward-thinking investment.
The region’s rich cultural heritage and focus on sustainability resonate with investors prioritising social responsibility. Supportive government policies offering various incentives create a stable investment climate. Additionally, Sharjah’s high quality of life, marked by safety and cultural richness, attracts investors seeking long-term engagement in the region. These factors make Sharjah a conducive and strategic location for sustainable investment and development.
With the UAE having hosted the COP28 UN Conference on Climate Change, where do you foresee related investment opportunities in the emirate?
AL MUSHARRKH: The UAE’s hosting of COP28 presented a significant opportunity for Sharjah to catalyse investment in green technology, which is likely to positively influence FDI in this area over the short to medium term. Hosting such a prestigious global environmental event elevated the awareness and visibility of the emirate’s commitment to sustainability.
This heightened profile is an invaluable asset in attracting investment. It puts Sharjah on the map as a leading destination for green technology initiatives, appealing to a global audience of potential investors and collaborators keen to be part of a forward-thinking, eco-conscious landscape. The event has also opened up lucrative business opportunities for innovative companies and environmentally friendly enterprises in the emirate. These stand to benefit from the increased focus and investment in this segment, spurred by the international attention brought by COP28 amid a global shift towards green investment.
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