SEDD organizes “First Industrial Meeting”
Sharjah Economic Development Department “SEDD” organized a virtual meeting for industrial sector investors entitled "First Industrial Meeting" in the presence of a number of officials and investors in the industrial sector in the emirate. The workshop reviewed the legislative framework for foreign ownership as well as the available legal forms and amendments to add articles that allow foreigners to establish companies and own them 100%.
The meeting started with an introductory about foreign ownership of industrial activities, which was given by Dr. Mudathir Abdullah, the Legal Advisor at SEDD. He explained the procedures for establishing foreign ownership companies, the procedures for establishing branches of foreign companies, and the mechanism for converting existing companies into foreign ownership companies. It was done to raise awareness of the updated legal legislation for commercial companies between the business sectors and the federal authorities related to licensing. Also, it was done to inform investors about the latest procedures, to answer their inquiries and to address any obstacles they may face in order to ensure the application of licensing systems easily and in a manner that achieves the desired objectives. The meeting also dealt with the challenges facing the industrial sector before and after the pandemic, and proposals that could contribute to supporting and developing the sector.
In addition, the meeting discussed the role of the private sector in supporting and developing the industrial sector, improving the economic cycle in Sharjah and enhancing the emirate’s domestic product, especially in light of the diversity of industrial products, which were not limited to oil derivatives industries, but extended to include the aviation, aluminum, building materials, food and pharmaceutical industries.
His Excellency Sultan Abdullah bin Hadda Al Suwaidi, SEDD Chairman, stressed that the Department is always keen to strengthen Sharjah’s position as a regional and global center for industry. Also, it works to contribute at achieving a competitive and innovative national knowledge-based economy, due to its awareness of the importance of the industrial sector in supporting the policy of diversifying the economy, and keeping pace with the changes and transformations taking place. HE pointed out that the second package of incentives and decisions of the Executive Council, which included a (50%) discount of the value of fees when issuing the license for industrial establishments that will continue until November of the year 2021 comes to enhance the contribution of the industrial sector to the GPD.
These decisions are considered attractive to investors in Sharjah and they stimulate investments. Also, they contribute to strengthening the regional leadership as well as local and global position. In addition, they play an important role in providing the appropriate climate and the best environment for dealers and investors as well as decision-makers. Likely, they will contribute to maintaining the sustainability of economic development in the emirate and enable the operating institutions and companies to continue their business and activities.
From her side, Mariam Nasir Al Suwaidi, Deputy Director of Industrial Affairs Department, said that Sharjah succeeded in creating an appropriate and strong legislative and legal environment that supports the future visions and plans of the industrial sector. Also, it helped to create an environment that is able to keep pace with the fourth industrial revolution, and embodied the government's directions in making the emirate a leading global model in the proactive confrontation of the challenges of the industrial future. She explained that the industrial sector is one of the main drivers supporting economic development in Sharjah and plays a pivotal role in enhancing the emirate's domestic product. Additionally, she stressed that Sharjah is proceeding in its direction to achieve the targeted economic diversification through government laws and legislation that support and encourage the industrial sector. Furthermore, she pointed out that there are many industrial areas and cities in Sharjah as well as the presence of diversity in manufacturing and sustainability. Such things contributed to creating a fertile environment for investors in the industrial sector. In addition, the foreign ownership law for commercial and industrial licensing aimed to achieve sustainable development and inform investors of the new procedures and laws related to the industrial sector in the emirate.
Moreover, Al Suwaidi stressed that the Department aims to create an ideal climate for investment and business continuity that contributes to encouraging factories and companies to enhance their production, and to provide all means and capabilities to raise the volume of production.
It Should be noted that SEDD works to enhance its efforts to help factories reach their maximum production capacity. This is done through implementing supportive initiatives and programs, as the virtual meetings organized by the Department constitute an excellent opportunity for investors in the industrial sector to discuss the challenges they face, and exchange experiences and opinions to reach solutions that ensure the continuity of companies and factories.