Sharjah registers 100% surge in FDI flow in 2017
dubai — Foreign direct investment (FDI) flow into Sharjah more than doubled in 2017 to Dh5.97 billion leading to a major jump in job creation, the investment promotion arm of the Sharjah government said on Tuesday.
Data released by Sharjah FDI (Invest in Sharjah) Office at the 8th Annual Investment Meeting in Dubai showed that cumulative international investments in Sharjah surged to Dh36 billion, with 2017 witnessing a 174 per cent surge in new jobs to 2,815.
Sharjah recorded FDI inflows worth Dh5.97 billion in 2017 as compared to Dh920 million in 2016 while more than 5,000 jobs were created in 2017 from all investments, including local, regional and international businesses.
Mohammed Juma’a Al Musharrkh, Invest in Sharjah CEO, said at a press conference organised in cooperation with the Sharjah Economic Development Department that Sharjah witnessed a qualitative growth in FDI inflows in the past year, with 18 new businesses bringing in more than double the capital that was invested by 20 projects in 2016.
Al Musharrkh said the 2017 capital investments were made by 18 new projects set up in diverse sectors, with the top 3 being architectural metal manufacturing investing $725 million; agricultural, construction and mining machinery with $356 million and real estate FDI standing at $344 million.
Invest in Sharjah identified top international investors in the emirate in 2017 as India, the UK, USA, China and Saudi Arabia and reported that $10.5 billion was invested in different businesses last year in 35 new ventures.
The UAE Federal Competitiveness Authority has revealed that as of December 2016, the total FDI stocks in Sharjah stood at Dh30 billion. “This reflects the growing investments Sharjah has been servicing across numerous sectors, most prominently its real estate sector, which has been receiving high-level interests,” he said.
High-level projects include the Azure Beach Resort project in Maryam Island, developed by Eagle Hills Sharjah Development, Al Jada by Arada, Al Mamsha by Alef Group, Tilal City by Tilal Properties and the Sharjah Waterfront City by the Sharjah Oasis Real Estate Development Company.
Mariam Nasser Al Suwaidi, Deputy Director of the Department of Industrial Affairs, pointed out that Sharjah recorded a 5 per cent increase in its GDP, with key manufacturing industries such as construction, wholesale and retail, restaurants and hotels, real estate, and business services ranging between 6 and 9 per cent in net growth.
— issacjohn@khaleejtimes.com