Press Release

Shurooq concludes participation in WAIPA World Investment Conference in Turkey

May 15, 2014 ,

A platform to highlight investment opportunities in Sharjah Sharjah Investment and Development Authority (Shurooq) has concluded its participation in the 19th annual WAIPA World Investment Conference, which was held in Istanbul, Turkey, on May 13-15. The conference brings together a large number of business leaders and CEOs from the private sector, as well as government officials and representatives of investment authorities from across the world to discuss the latest strategies, policies and trends in global foreign direct investments (FDI). Shurooq was able to make the best of this unique gathering of world investment agencies to highlight the various investment opportunities in Sharjah, network with businessmen interested in investment in the region and introduce the facilities and incentives offered by Sharjah Government to investment authorities and foreign companies. Shurooq was represented by a delegation composed of HE Marwan bin Jassim Al Sarkal, CEO of the Sharjah Investment and Development Authority (Shurooq) and Mohammed Juma Al Musharrakh, Head of Investment Promotion at Shurooq. The delegation held a series of business meetings with businessmen and representatives of the participating investment agencies. Commenting on this participation, HE Marwan bin Jassim Al Sarkal said: “We have held a series of meetings with investment authorities, international firms and business men with the aim to enhance our connection with them. We introduced excellent opportunities that meet the ambitions of large international companies. We sought to exchange experiences with international investment agencies and to stay abreast with the best practices in promoting investment opportunities in a number of the world’s countries”. The WAIPA conference was a platform for government officials, senior executives from private sector, representatives of the world’s investment promotion agencies and businessmen and investors from across the world to network. Shurooq highlighted investment opportunities available in Sharjah, particularly in the Emirate's key four sectors identified by Shurooq as major areas of potential growth, namely travel and tourism, environment, healthcare, and transport and logistics. The delegation discussed ways of cooperation with counterparts during the business meetings to exchange experiences in boosting direct investments between Sharjah and the countries they represent. Shurooq’s CEO congratulated the Investment Support and Promotion Agency of Turkey (ISPAT) for selecting Turkey as headquarters of the World Association of Investment Promotion Agencies (WAIPA), according to the votes of WAIPA members. The conference agenda included a number of investment related topics such as the role of emerging economies in stimulating foreign direct investments, the relationship between sovereign debts and investment flows, the role of socio-political factors in determining the investor’s appetite and the impact of population growth and global market expansion on industry in the Middle East. Sharjah is an ideal hub for investment in the Middle East thanks to its unrivalled strategic location, its direct access to the Arabian Gulf and the Indian Ocean, its state-of-the-art facilities and sophisticated logistics infrastructure, and its incentive and flexible legislative structure, as well as its investor friendly environment. The Emirate has attractive offerings in culture, art and higher education sectors and was selected as the Islamic Culture Capital for 2014 and Capital of Arab Tourism in 2015. Shurooq has signed a Memorandum of Understanding (MoU) with Turkey’s Investment Support and Promotion Agency (ISPAT) with the aim of strengthening business relations and developing reciprocal business and investment cooperation between Sharjah and Turkey. Under the terms of the MoU, Shurooq and ISPAT have agreed to encourage, promote and facilitate investment and development cooperation among their respective business communities as well as to coordinate, establish, and expand a business network, which will facilitate the circulation of the various business opportunities available in both countries. Shurooq was established in 2009 with the aim of achieving social, cultural, environmental and economic development on the basis of Sharjah's distinct Arab and Islamic identity, and to encourage investment by adopting the best international standards in providing quality services that help attract investors from the region and the world. Shurooq's key mission is to provide facilities and incentives to help overcome obstacles facing investment activities in the emirate, evaluate tourism-related infrastructure projects, and lay down the necessary plans to complete such projects.
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