The Sharjah Investment Forum 2024 is reinforcing the UAE’s drive to create a tech-centric economy. As the world stands on the edge of a technological revolution, Artificial Intelligence (AI) is expected to significantly enhance productivity, boost global growth, and raise incomes. Projections indicate that AI could contribute an additional $13 trillion to the global economy by 2030, increasing global GDP by about 1.2 percent annually.
In response to this global shift, the UAE is focusing on integrating deep tech and AI into its economic strategies. In Sharjah, government officials, policymakers, and economic experts have worked together to transform the local economy into a smarter and more adaptive system driven by technology and innovation. Last year, Sharjah allocated 35% of its budget to promote economic diversification and attract foreign direct investment (FDI) in areas like AI, deep tech, green technology, advanced manufacturing, and healthcare.
This leadership will be supported by strategic investments in emerging AI hubs like India and China, which are becoming global leaders in AI innovation.
By forming joint ventures, establishing technology parks, or setting up R&D centers in these regions, the UAE will leverage their AI expertise and bring advanced innovations to its own economy.
Moreover, AI integration in manufacturing and automation presents significant opportunities. Countries like Germany, Japan, and Mexico, which have strong manufacturing sectors, are already incorporating AI and robotics to improve efficiency and reduce costs. By partnering with these nations or establishing AI-powered production facilities in Sharjah, the local manufacturing sector can position itself at the forefront of Industry 4.0.
Mohamed Al Musharrkh, CEO of the Sharjah FDI Office (Invest in Sharjah), emphasized the importance of AI in shaping the future.
He stated, “The UAE’s real estate market is a goldmine of untapped potential, perfectly suited to Konvi’s groundbreaking fractional investment model. This expansion isn’t just about opening doors; we’re unlocking the future of wealth-building. Investors can now explore our first UAE properties, along with a treasure trove of other exciting luxury investment opportunities on our platform.”
The upcoming 7th annual Sharjah Investment Forum (SIF) will continue the UAE’s exploration of AI’s impact on economic activities, the future of work, and the evolving relationship between FDI and economic growth. Scheduled for September 18-19, the forum will gather over 2,000 international and local delegates, including government and corporate leaders, to discuss collaborative strategies for harnessing deep tech innovations and addressing global challenges.
The forum’s agenda, led by over 100 financial, technology, and renewable energy experts, aims to demystify deep tech and offer practical strategies for making a positive impact on future economies. As governments worldwide invest in smart city projects, the UAE is also making significant strides, having invested $3 billion in innovation this year. SIF 2024, with the theme ‘A Futuristic Vision for Smart Economies,’ will build on this momentum, providing a platform for critical discussions that will shape the MENA region’s future.
