Sharjah FDI Office reports a 7% increase in industrial license renewals for 2022.
Sharjah, known for its thriving industrial sector in the United Arab Emirates, has experienced a remarkable upswing with a 7 percent increase in the renewal of industrial licenses in 2022, as announced by the Sharjah FDI Office (Invest in Sharjah). The announcement was made during the second annual ‘Make it in the Emirates Forum.’ The surge in license renewals across diverse industries highlights the states’s enduring appeal to businesses, reaffirming its status as a preferred destination for ongoing operations and future expansions.
Last year witnessed the renewal of a total of 2,401 licenses across various industries, indicating a robust growth rate in the city’s manufacturing sector. Industries such as petrochemicals, plastics, metal manufacturing, textiles, printing, packaging, food processing, and automotive components all contributed to the significant increase. With the industrial sector accounting for 16.7 percent of Sharj’s GDP, this growth solidifies the emirate’s position as a major investment hub in the region.
Invest in city seized the opportunity at the forum to shed light on the emerging opportunities in city’s manufacturing sector, particularly in future-focused areas such as 3D printing technologies, industrial automation projects, robotics, and drone aircraft. They provided valuable insights to prospective business owners and investors, highlighting the ways Invest in city can support their commercial goals by connecting them with relevant prospects, facilitating networking opportunities, and offering strategic consultancy and advice.
During the forum, Invest in city officials emphasized the diverse investment opportunities available in the emirate for both local and foreign players. They highlighted city’s favorable legislative and regulatory frameworks, which adapt to the evolving market needs. Other advantages include Sharjah’s strategic location with multiple ports on the Arabian Gulf and Gulf of Oman, six specialized free zones, 33 industrial zones, and state-of-the-art complexes dedicated to innovation, research, and technology. These factors have contributed to the emirate hosting 35 percent of the nation’s manufacturing operations.
Invest in Sharjah underscored that the emirate’s strong industrial foundation and capabilities in 3D printing position it as a leading regional destination for manufacturing businesses aiming to leverage automation, IoT, robotics, and other advanced technologies. The GCC market, estimated to reach US$10.3 billion (AED 37.8 billion) by 2023, offers significant growth opportunities for these businesses. Additionally, the advanced manufacturing sector, projected to reach US$599 million (AED 2.2 billion) by 2025, holds immense potential for Sharjah and the UAE as a whole. The CEO of Invest in Sharjah, Mohamed Juma Al Musharakh, highlighted the importance of manufacturing as a driver of sustainable growth in regional and global economies, while emphasizing the organization’s commitment to attracting new investments in the sector.
Al Musharakh elaborated on the strategies and efforts that have positioned Sharjah as the leading manufacturing hub in the Middle East. He highlighted the importance of attracting new investments in manufacturing by supporting the emirate’s flexibility, efficiency, and forward-looking approach. Collaborating with various stakeholders, Invest in Sharjah continues to enhance the emirate’s industrial infrastructure to meet global standards and generate new demand for Emirati-made products both regionally and globally. Sharjah’s investor-first policies, competitive operating costs, world-class incentives, and modern infrastructure create a conducive environment for businesses to thrive and keep up with global advancements.
The significant increase in industrial license renewals in Sharjah for 2022 demonstrates the emirate’s attractiveness as an investment destination in the manufacturing sector. With its diverse range of industries, advanced manufacturing capabilities, strategic location, and investor-friendly policies, Sharjah is well-positioned to tap into the growth potential of the regional and global markets. Invest in Sharjah’s active role in promoting the emirate’s industrial sector and facilitating investment opportunities will contribute to its sustained growth and economic development in the years to come.
