The emirate of Sharjah attracted foreign direct investment worth $220 million in 24 projects last year despite the pandemic-induced economic slowdown, according to a study by market intelligence firm Wavteq.
There was a 60 per cent increase in the number of FDI projects in Sharjah between the third and fourth quarters of 2020, the study found.
The investment, channelled into e-commerce, health and medical research, and personal protective equipment, led to the creation of 1,117 new jobs in Sharjah, according to Wavteq's report for the emirate's FDI office, Invest in Sharjah.
“The Covid-19 outbreak caused global FDI to shrink between 21 per cent and 61 per cent,” Mohamed Juma Al Musharrkh, chief executive of Invest in Sharjah, said.
However, the pandemic has "taught us the competitive advantage of adaptability, which will continue to inform the manner in which IIS would leverage future investment trends", he said.
Job opportunities in the emirate's medical equipment manufacturing sector increased by 53.4 per cent, and in life sciences by 45.4 per cent, the highest since 2012, the report said. It predicts further investment in these areas in 2021, forecasting a 74 per cent FDI increase in life sciences in Sharjah over the next 12 months and a 55.6 per cent increase in the ICT sector.
Other sectors likely to attract more FDI over the next year include food and agriculture, logistics and distribution, and cleaning technology.
Mr Al Musharrkh said 2020 also taught Invest in Sharjah, part of Sharjah Investment and Development Authority, to focus on small and medium-sized enterprises, start-ups and emerging innovation-based businesses.
The investment promotion agency organised panel discussions and roundtables with businesses from South Korea, India, China, the US, Austria and Italy to explore investment prospects and challenges as well as to share stories of foreign businesses which have expanded from Sharjah to regional and global markets.
In November last year, Sharjah boosted the total value of its economic stimulus to almost Dh1 billion by rolling out a second stimulus package worth Dh512 million to help the economy cope with the fallout of the Covid-19 pandemic.
The measures included waiving, reducing or cancelling fees related to utilities, rent, business procedures, property, education, ports and shipping, SMEs, transportation and civil aviation.
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Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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- 600-seat auditorium
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Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
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The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
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A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age |
$250 a month |
$500 a month |
$1,000 a month |
|---|---|---|---|
|
25 |
$640,829 |
$1,281,657 |
$2,563,315 |
|
35 |
$303,219 |
$606,439 |
$1,212,877 |
|
45 |
$131,596 |
$263,191 |
$526,382 |
|
55 |
$44,351 |
$88,702 |
$177,403 |
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Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
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Tomorrow 2021
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War on waste
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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