The Sharjah Investment Forum (SIF), touting itself as “one of the biggest FDI events in the MENA region,” will be back bigger in 2024 for its 7th edition.
This year’s SIF will run from September 18 to 19, 2024, at the Al Jawaher Reception and Convention Center. It will be organized by the Sharjah FDI Office (Invest in Sharjah) under the patronage of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council member and ruler of Sharjah.
In its 7th year, the forum will spotlight the latest advancements in future technologies, digital-era skills, finance and banking, and environmental and renewable energy, influencing the investment landscape. The theme is “A Futuristic Vision for Smart Economies.”
Building on success
The upcoming 2024 7th edition of SIF builds on the forum’s previous successes. Since its launch in 2015, the forum has grown both in attendance and impact. From the 900 attendees of its inaugural year, the SIF saw its delegate registration hit over 2,800 in 2023. Last year’s SIF also featured over 135 expert speakers and boasted substantial networking and learning opportunities.
The 2023 SIF was held under the theme “Redefining economies making significant strides for a better future.” It tackled global economic challenges brought forth by the pandemic. Additionally, it highlighted how SIF supports partnerships among stakeholders, focusing on various opportunities for investors in the coming years.
Some of the notable speakers were Sheikha Bodour bint Sultan Al Qasimi, chairperson of Sharjah Investment and Development Authority (Shurooq), H.E. Abdullah Bin Touq, UAE cabinet member and minister of Economy; and Shark Tank fame Robert Hardajevic.
In 2023, the forum also introduced the Investors’ Lounge. This exclusive space allowed individuals and investors to hold meetings and engage with decision-makers and key government officials. It also provided attendees with a unique avenue to foster collaboration, helping various entities achieve their long-term goals.
Forging partnerships
During SIF 2023, various partnerships were also forged. For example, Invest in Sharjah and the MoIAT inked a Memorandum of Understanding (MoU), boosting the ties between the two organizations and strengthening local partnerships, with the aim of advancing the economic growth of the UAE through investment in the industrial and advanced technology sectors.
The forum also saw the signing of another agreement with the Hong Kong Trade Development Council (HKTDC), to strengthen business relations between Hong Kong and Sharjah and promote sustainable and innovative business solutions in Asian and global markets.
The 2023 SIF also honored the forum’s partners and supporters, including the UAE Ministry of Economy, MOIAT, Invest Bank, Sharjah Chamber of Commerce and Industry, Sharjah Economic Development Department, Sharjah Ports, Customs and Free Zones Authority, and Emirates Development Bank, among others.
Sharjah and UAE as investment hubs
The 2024 7th SIF also aims to highlight Sharjah and the UAE as a leading global investment hub.
According to UN Trade and Development (UNCTAD)’s World Investment Report, the UAE ranks second in terms of greenfield foreign direct investment (FDI) project announcements. Only behind the US, the country has a total of 1,323 projects, marking a 33 percent increase year-on-year (YoY). Based on the report, the economic powerhouse also attracted $30.688 billion worth of FDIs in 2023. This is 35 percent YoY from the previous year’s $22.737 billion.
Sharjah also made significant development as it advanced to become the fifth fastest-growing city in attracting FDI as of last year.
Meanwhile, Startup Genome and the Global Entrepreneurship Network’s 2024 Global Startup Ecosystem Report underscores the UAE’s thriving startup scene. According to its analysis of startup ecosystems globally, Dubai, Abu Dhabi, and Sharjah have all fared well, ranking second, fifth, and seventh, respectively, in the MENA region.
AI and smart economies
For 2024, the SIF will have the theme “A Futuristic Vision for Smart Economies.” Acknowledging the importance of artificial intelligence (AI) in shaping the economy, the forum will particularly explore the role of investments and capital in driving the AI sector and, ultimately, global growth.
The theme also reflects Sharjah and the broader UAE government’s commitment to boosting technology and digital infrastructure.
During the Digital Readiness Retreat held in May, Omar Sultan Al Olama, minister of state for artificial intelligence, digital economy, and remote work applications, noted that AI’s contribution to the UAE gross domestic product (GDP) could hit 14 percent by 2030. In the Middle East, the predicted economic returns of AI is about $320 billion.
AI in key sectors
With AI boosting productivity by as much as 50 percent, its role in fostering growth across various sectors cannot be understated. SIF 2024, in particular, is turning the limelight on key sectors, including health and wellbeing, culture and tourism, greentech, mobility and logistics, advanced manufacturing, agri-food and technology, and human capital and innovation.
In a previous statement, Mohamed Al Musharrkh, CEO of the Sharjah FDI office, underscored the vital role that AI plays.
“AI is no longer a niche concern, but a critical component for businesses of all sizes. According to the McKinsey Global Institute, approximately 70 percent of companies will adopt at least one AI program by 2030. This year’s forum will serve as a vital platform for participants from various business sectors to share and enhance their AI-related experiences and investment outcomes, and a space that will facilitate discussions on future ambitions in investment, economy, and development, united under a theme focused on prosperity,” he revealed.
Apart from the usual agenda, this year’s SIF will include events to boost skills and AI use. The program will feature workshops, panel discussions by global leaders and officials, and presentations by successful entrepreneurs. Additionally, there will be inspirational speeches to promote growth, guide start-up owners, and enhance competitiveness.
Read: 10 investment guidelines for the second half of 2024
Why attend the SIF
Sharjah is dubbed as the UAE’s cultural capital and a strategic hub for international businesses to expand globally. Now, its international airport serves as a gateway to more than 110 destinations and the emirate itself. The emirate is also home to several free economic zones, a growing manufacturing sector, and a rising number of small and medium-sized enterprises in real estate, services, mining, and energy sectors. All these create numerous business opportunities in its diverse economy.
At SIF 2024, attendees will have numerous networking opportunities. As shown in its past editions, delegates usually comprise corporate leaders, investors, and entrepreneurs from both the public and private sectors worldwide.
With the presence of various expert speakers, attendees will also have the chance to gain insights into current issues and future trends. These experts — coming from a variety of industries and sectors — engage in panel discussions that examine the outlook of global business and assess investment prospects in several sectors globally and in the UAE, particularly in Sharjah.
The SIF 2024 also features interactive industry sessions where attendees can meet with government representatives from across the globe to learn about investment opportunities in their regions. Additionally, it hosts an exhibition showcasing a wide range of participants. They highlight some of the leading projects within the UAE and beyond, providing further opportunities for networking and learning about innovative developments.
Noting how important partnerships and collaborations are, Al Musharrakh commented, “Partnership with private, public, and semi-governmental entities is a key factor in driving success for both local and international investments.”
“Economic recovery and substantial growth in domestic or foreign investments cannot be achieved without cooperation with the concerned authorities and a nurturing environment,” he further stated.
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