SIF 2024 Panel Discusses Agility, Sustainability, And Human Capital As Key Pillars For Smart Economies

The Sharjah Investment Forum (SIF) 2024 delved into the complexities and prospects of developing technologically advanced economies. The event provided practical insights for adapting to the swiftly evolving global environment. A panel titled ‘Building Smart Economies’ included prominent Emirati experts from various sectors, discussing strategies for economic advancement.

Sheikh Fahim Al Qasimi, Chairman of the Department of Government Relations in Sharjah, stressed that adaptability is crucial for a smart economy. He remarked, "The world has been dislocated by crises like the 2008 recession and the Covid-19 pandemic. Yet the UAE continues to see healthy growth in FDI and GDP. The key is agility — the ability to navigate a technologically advanced world. Our economy is embedded in global financial and logistics supply chains, and as long as we continue to invest in that infrastructure, we will remain prepared for whatever changes come our way."

Discussing government roles in fostering smart economies, Sheikh Fahim highlighted feedback loops between public and private sectors. Governments often adopt technology slower than businesses, but the UAE’s openness to feedback is vital. "One of the UAE’s greatest strengths is its approachable government. We are always open to feedback from the private sector, and this helps us adapt our regulatory frameworks to meet the needs of businesses. This approach is key to building a smart economy," he noted.

Khaled Al Huraimel, Group CEO of BEEAH Group, underscored sustainability's role in shaping smart economies. He stated, "At BEEAH, we have reduced Sharjah’s landfill waste to less than 10 percent, and achieved this by investing in technology, including AI-powered systems that monitor waste habits. Our online re.life market allows businesses to buy and sell recovered commodities, indicating the powerful shift in the industry towards more efficient and sustainable ways of trading recyclables. Initiatives like these are essential for a sustainable, smart economy."

Al Huraimel also emphasised public-private partnerships' importance in expanding BEEAH’s sustainability model to Saudi Arabia and Egypt. These collaborations have been instrumental in their success across borders.

Hussain Al Mahmoudi, CEO of Sharjah Research, Technology, and Innovation Park (SRTIP), highlighted human capital's significance in achieving a smart economy. He said, "Without smart, mature and skilled human capital, you cannot achieve a smart economy. The UAE, with more than 200 nationalities, provides the diversity and exposure needed for global competitiveness. Our focus must be on nurturing human capital to fully leverage technological advancements."

Human Capital Development

Al Mahmoudi pointed out Sharjah's ambition to become an innovation hub by focusing on educational institutions driving digital transformation.

Ahmed Al Naqbi, CEO of Emirates Development Bank (EDB), noted that COVID-19 highlighted the need for shifting from centralised production models to localised ones. He commented on how this shift has positioned the UAE as a significant player in MENA: "The UAE’s response to challenges like COVID-19 has been exemplary. A smart economy, in my view, is one that can diversify within its means and capitalise on opportunities. For instance, we realised we couldn’t rely solely on one producer like China."

Financial Sector Innovations

Al Naqbi also mentioned EDB's upcoming initiatives such as quick account setups for entrepreneurs as examples of fostering business growth and economic resilience.

The discussions at SIF 2024 highlighted how agility, sustainability partnerships, skilled human capital development, and financial innovations are crucial for building smart economies capable of thriving amidst global challenges.

With inputs from WAM