SHARJAH — FDI inflows into Sharjah in 2017 may grow by 15 percent, increasing the total value of FDI into the emirate by AED 1 billion, said Miss Khadra from CNBC Arabia.

She was presenting a topic titled “Foreign Direct Investments” at Sharjah FDI Forum which was opened Tuesday at Al Jawaher Reception & Convention Centre by Dr. Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah. The Ruler also toured the gallery of the exhibition after the opening ceremony.

The two-day event, themed ‘The Fourth Industrial Revolution,’ is organized by Sharjah Investment and Development Authority (Shurooq) and Sharjah FDI Office (Invest in Sharjah).

More than 30 senior economists from the public and private sectors are participating in the Forum.

“Information, transparency, government support, and competitive advantage are key to attracting FDI,” said Marwan bin Jassim Al Sarkal, CEO of Shurooq.

“Sharjah has put into place laws and regulations that have supported foreign investors, protected big and small businesses, encouraged healthy competition, introduced free zones to empower business owners, embraced new technologies, pushed startups and venture capitalists knowing they involve higher risk, in its efforts to diversify its economy, and keep advancing towards its goal of innovation and sustainability,” Al Sarkal added while participating in the discussion.

Professor Dott. Giovanni Bozzetti, Founder and President, EFG Consulting; Deepak C. Khanna, CEO, International Finance Corporation (IFC) Investment Office; and Phillippe Yvergniaux, Executive Director, International Cooperation Business France, also participated in the discussion.

“France has had the attraction of FDI on top priority, especially in the past 10 to 15 years. What foreign investors want, based on our experience, is stability, long-term visibility and safety, to ensure that their investment in a country will be profitable and safe in the long term,” said Phillippe Yvergniaux.

IFC CEO Khanna reiterated Yvergniaux’s remarks, saying FDI inflows require de-risking mechanisms such as economic or political stability to be attractive, and the UAE and Sharjah are doing quite well on that front. “According to the World Economic Forum’s Global Competitive Index, the UAE ranks #16 out of 138 countries, and these calculations are derived using a diverse portfolio of metrics,” he said.

“FDI, now more than ever, is a major area of interest for Italians,” said Prof Giovanni Bozzetti, noting that since the economic slowdown in Europe, Italy has been exploring international markets more actively and exporting their products globally. Sharjah aims to become first zero-waste emirate in the Middle East.”

‘Green Economy for Sustainable Development’ was the highlight of the second panel discussion, where the question of why the UAE requires a green economy to grow and prosper, steps that public and private sectors have taken, and challenges that have been faced in the way.

Khaled Eisa Al Huraimel, Group CEO, Bee’ah, said: “Bee’ah today is a leading waste management company and has the highest diversion rate in the Middle East. What this means is that we can recycle 70 percent of the waste we collect in Sharjah. Only 30 percent goes to landfill. From waste collection, to cleaning, segregation and recycling, Bee’ah has integrated every step involved in waste management. We operate across the UAE, and have offices in Saudi Arabia and Oman.”

He added: “We are already building a waste processing plant in Sharjah that will recycle the remaining 30 percent of the waste that the city generates, and in the next three years we aim to become the first zero-waste emirate in the Middle East.”

Dr Engineer Rashid Obaid Al Leem, Chairman of Sharjah Electricity and Water Authority (SEWA) highlighted the need for community engagement to achieve sustainability and a green economy.

He said: “A plan without an engagement strategy is that file, which sits and collects dust in an office. Through a diploma scholarship, SEWA has been engaging students from schools and universities in Sharjah in designing innovative solutions in the field of energy conservation. We feel great about engaging the society in our strategy for the energy markets in years to come.” — SG