Make way for innovators
sharjah — Innovative thinkers will feel right at home in Sharjah, as the emirate strives to provide a welcoming environment for small and medium sized enterprises (SMEs) and serve as a launchpad for them to bring their businesses to the table of major investors, officials said.
Speaking on the second day of the Euromoney Emirates Conference, officials said that Sharjah has succeeded in grabbing the attention of the world, and is well on its way to becoming one of the most progressive markets in the region, marking a major milestone in its economic history. As a result, investors are extremely interested in what the emirate has to offer, especially when it comes to startups, said Adil Al Zarooni, CEO of Al Zarooni Emirates Investments.
While some investments might prove to be a success, more needs to be done when it comes to having a long-term approach, he cautioned. “You have to be very selective and very hands-on. It’s hard work to build a business, but you have to keep investing time and money that’s when you’ll see real growth. Again, here in Sharjah is an excellent investment destination.”
In his keynote interview, Marwan bin Jassim Al Sarkal, CEO of Shurooq, revealed that Sharjah is home to more than 55,000 small and medium sized enterprises today. One of its success stories includes Air Arabia, which grew from a Dh50 million company to an almost Dh3 billion organisation.
“Our economy is very accepting of new businesses and allows companies to grow,” he said, pointing out that Lufthansa has the biggest operations in Sharjah outside of Germany.
Dr Obaid Saif Hamad Al Zaabi, acting CEO of the Securities and Commodities Authority (SCA), said that the UAE markets will continue to remain attractive for foreign as well as local investors; and that the SCA’s main focus is on new technologies that are being introduced to financial markets in the UAE with a view to implement a suitable regulatory approach that will benefit both the market and the investor.
“The national agenda seeks to place the UAE among the top 10 countries in the world in the Global Competitiveness Index. All government institutions, including the SCA, have joined efforts towards reaching this goal,” he said.
Craig Moore, CEO of Beehive UAE, said that the opportunity for the UAE to become a regional frontrunner in fintech is now. He also noted that banks are embracing new financial enablers in the market, and see a collaborative journey when they see a disrupter like Beehive.
— rohma@khaleejtimes.com