The Sharjah Investment Forum (SIF) 2024 delved into the challenges and opportunities nations encounter in developing technologically advanced economies, offering practical insights to navigate the rapidly evolving global landscape. The panel, titled ‘Building Smart Economies,’ brought together leading Emirati experts from critical sectors, WAM reported.
Importance of agility in smart economies
Sheikh Fahim Al Qasimi, chairman of the Department of Government Relations (DGR) in Sharjah, highlighted the importance of agility as a fundamental aspect of a smart economy. He pointed out that despite global disruptions such as the 2008 recession and the Covid-19 pandemic, the UAE has continued to experience healthy growth in FDI and GDP, attributing this success to the nation’s ability to navigate a technologically advanced world. He emphasized that the UAE’s economy is deeply integrated into global financial and logistics supply chains, and maintaining investments in this infrastructure is essential for staying prepared for future changes.
Public-private collaboration for economic development
Regarding government support for the development of smart economies, Sheikh Fahim underscored the value of feedback loops between the public and private sectors. He acknowledged that while governments typically adopt technologies more slowly than the private sector, the UAE’s openness to feedback from businesses is a significant advantage. This willingness to adapt regulatory frameworks based on input from the private sector is seen as crucial to building a smart economy.
Sustainability as a pillar of smart economies
Khaled Al Huraimel, group CEO of BEEAH Group, emphasized the crucial role of sustainability in the development of smart economies. He noted that BEEAH has successfully reduced Sharjah’s landfill waste to less than 10 percent, a milestone achieved through significant investments in technology, including AI-powered systems that monitor waste management practices. He also highlighted BEEAH’s online re.life market, which facilitates the buying and selling of recovered commodities, demonstrating the industry’s shift towards more efficient and sustainable methods of trading recyclables. Such initiatives, according to Al Huraimel, are vital for building a sustainable, smart economy.
Additionally, Al Huraimel recognized the importance of public-private partnerships, crediting them as a key factor in BEEAH’s success in extending its sustainability model to countries like Saudi Arabia and Egypt.
Nurturing human capital for a smart economy
Also during SIF 2024, Hussain Al Mahmoudi, CEO of the Sharjah Research, Technology, and Innovation Park (SRTIP), stressed the importance of developing smart, mature, and skilled human capital as a foundation for achieving a smart economy. He noted that the UAE’s diverse population, representing more than 200 nationalities, offers the diversity and global exposure necessary for maintaining competitiveness on a global scale. Al Mahmoudi emphasized the need to focus on nurturing human capital to fully harness technological advancements. He also highlighted Sharjah’s ambitions to become a hub of innovation, underscoring the critical role that educational institutions play in driving digital transformation.
Read more: Sharjah launches first AI-powered trade license in partnership with Microsoft
Localization and economic resilience
Ahmed Al Naqbi, CEO of Emirates Development Bank (EDB), reflected on the COVID-19 pandemic as a pivotal moment that highlighted the necessity of transitioning from centralized to localized production models. He praised the UAE’s response to such challenges, noting that a smart economy is one that can diversify effectively and seize emerging opportunities. Al Naqbi pointed out that the pandemic underscored the risks of over-reliance on a single producer, like China, and emphasized that the UAE is now strategically positioned to become a significant player in the MENA region.
Additionally, Al Naqbi mentioned during SIF 2024 initiatives such as EDB’s soon-to-be-launched accounts for entrepreneurs, which can be established in under 15 minutes, as examples of how the UAE’s financial sector is actively promoting business development and enhancing economic resilience.
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