Last week, we successfully concluded the third edition of the Sharjah Foreign Direct Investment Forum (FDI Forum). The theme this year was the fourth industrial revolution.
We discussed the transformations that are rapidly taking place in the world through technology, specifically in relation to Sharjah and the UAE. We emerged from the forum energised about the future, and have since been determined to continue this journey, until we become a top global FDI destination, and a leader in the field.
There were a lot of topics in the matrix — nanotechnology, artificial intelligence, 3D printing, big data, smart robotics. Just name it. What clearly emerged from all these discussions, is that innovation is the new battleground for all economies.
Multinational companies and big firms with heavy investments and with large numbers of white- and blue-collar workers no longer guarantee the prosperity of any economy. The new trend is innovation, and disruption.
Anyone, irrespective of their age, gender, nationality, geographic location can seize the day with imagination and determination. They can disrupt a whole economic sector on a global level, overnight. And as we stand at this fascinating, and historic crossroads, we need to keep apace with the name changes and fully embrace this new dimension, not only as an emirate, but at a national level. We need to equip our children, youth, and peers so that they can see the same vision.
For years, innovation and start-ups have been defined by businesses based in Silicon Valley, with little room for startup success stories outside the US west coast narrative. While this innovation hotbed will continue to make headlines worth billions of dollars, there has been a growing acceptance globally of entrepreneurship in various other industries... and across the world.
This global shift has been primarily precipitated by the fourth industrial revolution, and I believe this shift is just the beginning. We, in Sharjah, have taken concrete steps to establish our emirate as a hub of innovation and entrepreneurship, not only in the UAE and the Middle East, but internationally. Inspired and encouraged by some world-class infrastructure in our midst, especially in the field of education, we have been able to launch the Sharjah Entrepreneurship Centre, Sheraa, which, through its entrepreneur accelerator programme, has already initiated ten start-ups in different technologies, such as blockchain and virtual reality.
We have also launched The Research, Technology and Innovation (RTI) Park through the American University of Sharjah. RIT focuses on industrial design and architecture, water technology, renewable energy, transport and logistics, digitisation among others. With these two initiatives, and similar ones, our aim is twofold.
First, to foster a culture of innovation and entrepreneurship in Sharjah, the UAE and the region.
Undoubtedly, the capability to innovate and to bring innovation successfully to the market will be a crucial catalyst in determining who races to the summit — first. If we want to be a leader in innovation and entrepreneurship, we need to initiate, improve and interact at a global level, and provide the suitable infrastructure that is needed right at the start.
Progressive policy-making approach
Second, we are emphasising to our partners and investors across the world that Sharjah is serious about its commitments, and will provide the very best investment landscape, not only in terms of opportunities, but also growth.
For businesses to thrive, a vibrant market environment, a progressive approach to policy-making and an influx of qualified human capital are needed. All of which are present in abundance in Sharjah.
The UAE is one of the few nations in the world to have a national innovation strategy, and the first in the world to establish a government council for the fourth industrial revolution. We are fortunate to have a leadership that not only believes in the “new currency”, but also lives by its principles in its governance model.
These efforts contribute and create an environment where innovation and entrepreneurship can thrive, both locally and globally, and benefiting from the current patterns in economic structures caused by the current technology revolution.
Even though the Sharjah FDI Forum came to an end this past week, its discussions will resonate in our emirate, and we will ensure that we implement key suggestions to keep Sharjah as entrepreneurial and innovative as we can, abreast of the curve. We are witnessing historical moments that are defining the course of humanity.
We realise that the future is already here, and we will double our efforts to encourage the spirit of entrepreneurship and innovation, because it is the only way forward.
Shaikha Bodour Bint Sultan Al Qasimi is chairperson of the Sharjah Investment and Development Authority.
