Press Release

Sharjah Economic Ramadan Majlis to address impact of stimulus packages on UAE’s economic competitiveness

May 4, 2020 ,

The sixth edition of the Sharjah Economic Ramadan Majlis will get underway on May 13 at 1pm virtually via Zoom platform under the theme ‘Impact of the UAE Stimulus Plan on Economic Stability and Growth’.

Organised by the Sharjah Investment and Development Authority (Shurooq), in cooperation with the Sharjah Chamber of Commerce and Industry (SCCI) and the Sharjah FDI Office (Invest in Sharjah), the virtual majlis session will highlight the policy and stimulus packages approved by the UAE leadership to support the national economy, ensure business continuity and mitigate the challenges faced by companies due to the outbreak of the coronavirus (COVID-19) pandemic.

Convening a host of state sector representatives, ambassadors, prominent businessmen and investors, the majlis will also explore the impact of the stimulus packages in enhancing the confidence of the business leaders and investors in the national economy.

Four pillars

This year’s edition of the Sharjah Economic Ramadan Majlis will focus on four pillars – economic stimulus package and enhancement of investors’ confidence, lessons learnt from the crisis, vibrant key sectors and creative experiences, and wise vision.

Exploring the economic challenges and the potential impact of the coronavirus pandemic on the future of businesses in terms of strategy development, and the preventative measures introduced to ensure the sustained performance of companies, the majlis aims to draw positive lessons from the crisis, and turn them into recommendations to help the business sector respond swiftly to develop future policies and plans.

Economic stimulus package and enhancement of investors’ confidence

Through this pillar, the majlis will highlight the comprehensive economic support packages rolled out by the UAE to fend off the impact of the coronavirus on the business sector and its role in enhancing the UAE’s competitiveness in the global economic ecosystem. It will discuss the significance and results of these packages in bolstering growth, as well as the impact such positive policies have on business efficiency. The majlis will also address the impact of the raft of economic stimulus initiatives introduced by each of the emirates in the backdrop of the crisis on the future of FDI in local markets.

Lessons learnt from the crisis

The majlis will showcase the lessons that the business sector has learnt from the economic fallout of the current crisis, highlighting how companies are developing precautionary plans for emergency situations to reduce the economic risks of short-term and long-term operations. It will underline the importance of commitment to the concepts of sustainability (business sustainability, employment protection, sustainable role of economy as a supplier of products and services to the public) through the diversification of investment portfolios, investment in tangible assets, corporate governance, and elevation of human resources efficiency.

The key focus of this pillar would be on the significance of effective ongoing coordination between companies and decision makers, as well as the need to establish a permanent coordination platform that brings together all stakeholders regularly.

Key vibrant sectors

Discussions will also highlight the importance of investment in education, healthcare and scientific research, and the impact of the current crisis on the investors’ willingness to engage in these vital sectors which have played a critical role in preserving the health of societies with their ability to respond swiftly to emergency situations. The Majlis will also discuss ways to enhance the attractiveness and readiness of these sectors in serving local and foreign investors, especially as these are expected to contribute to big growth in foreign direct investment (FDI) in the immediate future.

Crisis readiness

The Majlis will host companies and business leaders who have imbibed lessons from the global financial crisis of 2008, and showcase their experiences in crisis and emergency management, and the innovative approaches to economic challenges.

Speaking ahead of the event, the Director-General of the Sharjah Chamber of Commerce & Industry, SCCI, His Excellency Mohammad Ahmed Amin Al-Awadi, highlighted the importance of the Economic Majlis as an annual occasion to engage in meaningful debate over the nation’s economy and Sharjah’s economy, as part of the mutual interest to reinforce the foundations of Sharjah’s knowledge-based economy, in accordance with a far-sighted and an ambitious vision to scale up the emirate’s competitiveness at regional and global levels.

Al-Awadi added: “This year’s edition of the Sharjah Economic Ramadan Majlis coincides with the recently adopted stimulus package by the Federal Government and Sharjah Government to support the business community and maintain the economic structure. Such incentives strongly reflect the solidness and readiness of our local economy to deal with all changes and circumstances and its ability to develop solutions for business continuation, calling the business community to actively participate in Sharjah Ramadan Economic Majlis to come up with creative insights to enhance the future of our economy towards further innovation and leadership.”

On his part, Mohammed Juma Al Musharrkh, CEO of Invest in Sharjah, said: “The sixth edition of the Sharjah Ramadan Economic Majlis is being convened at an exceptionally challenging time as the coronavirus pandemic has impacted all sectors, including economic and investment segments. For this reason, we are dedicating this edition to discuss the future of business management and the impact of government support and stimulus packages on the stability and attractiveness of the national economy, among others.”

“The comprehensive bundle of government stimulus packages to boost business and investment, close cooperation between all government entities as well as various strategies adopted by the private sector are all integral to enhancing investor confidence in the national economy and promote eventual recovery for economic transformation and sustainable growth,” he added.

Last year, the Sharjah Investment and Development Authority (Shurooq), Sharjah Chamber of Commerce and Industry (SCCI) and Sharjah FDI Office (Invest in Sharjah) organised the fifth edition of the Sharjah Economic Ramadan Majlis under the theme ‘The Contributions of Government Legislations to Attract FDI’. The event convened 200 VIPs, government officials, ambassadors, consul generals, State sector representatives, business leaders, investors and a host of economic experts.

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