Sharjah Economic Development Department Collaborates with Ministry of Investment for Sustainable Growth

In a significant move towards bolstering economic development, Hamad Ali Abdalla Al Mahmoud, Chairman of the Sharjah Economic Development Department (SEDD), welcomed a delegation from the Ministry of Investment. The delegation was led by Mohammed Abdul Rahman Al Hawi, Undersecretary of the Ministry of Investment, and included Mr. Marwan Al Naqi, Director of the Foreign Investment Department. This meeting underscored the commitment of both entities to provide comprehensive support to the business sector, investors, and dealers, aiming at sustainable economic growth across various sectors in the Emirates.

The discussions between SEDD and the Ministry of Investment revolved around numerous mutual concerns and the concerted national efforts at both federal and local levels. These efforts are directed towards creating an attractive business environment for investors across different fields and establishing a conducive work system for initiating and developing projects with a global reach.

Furthermore, the meeting shed light on the licensing mechanisms offered by SEDD. These mechanisms encompass a range of services and procedures deemed crucial for conducting business in the emirate, adhering to the highest standards and practices. The potential for creating opportunities for licensed companies in the emirate for foreign direct investment in priority sectors was also explored, following the competencies outlined in Federal Decree Law No 37 of 2023.

Addressing investor challenges to enhance competitiveness was another critical agenda item. By meeting's end, both parties emphasized the need to strengthen future cooperation to align with government service standards. They acknowledged the importance of such meetings in speeding up development processes, boosting investment activity in the country, and harmonizing efforts between the two entities.

This collaboration between SEDD and the Ministry of Investment signifies a strategic step towards achieving sustainable economic development in the Emirates. It reflects the directives of the country's wise leadership and their vision for an integrated approach at federal and local levels to foster an environment conducive to investment and business growth.

With inputs from WAM