Shurooq promotes Sharjah’s investment opportunities in US
Meetings with key organisations during Ministry of Economy led visit Continuing its commitment to promoting the investment potential of the emirate of Sharjah, the Sharjah Investment and Development Authority (Shurooq) concluded a series of high profile investment meetings with premier US based organisations and institutions during its recent participation as part of a high level delegation to the United States led by the UAE Ministry of Economy. The visit took place from 22nd of September and included meetings and events in Washington, DC; Seattle, WA; San Francisco, CA; and Los Angeles, CA. The Shurooq delegation was led by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq, and included HE Marwan bin Jassim Al Sarkal, CEO of Shurooq, Saud Meqdad Al Suwaidi, Director of Corporate Services at Shurooq, and Elie Jamil Armaly, Director of Business Development at Shurooq. Speaking about the US visit, Shurooq CEO, HE Marwan Al Sarkal said, “The relationship between the US and Sharjah, which has long been highly mutually beneficial, continues to grow stronger. In the past two years alone Shurooq has signed Memorandums of Understanding aimed at increasing bilateral cooperation with the National US Arab Chamber of Commerce, the US Chamber of Commerce, the US-UAE Business Council, and the Export-Import Bank of the US (Ex-Im Bank). Shurooq’s participation in the Ministry of Economy delegation was an excellent opportunity to further build on this already strong foundation, which was the focus of the range of meetings that the Authority conducted in the US. There is a great deal of potential for highly mutually beneficial cooperation between Sharjah and US based companies and organisations and we are extremely pleased with the high level of positive feedback and interest that this visit has created.” During their participation in the US visit, Shurooq conducted __ separate meetings with representatives from a range of companies, organisations, and entities. US-Sharjah Bilateral Trade stood at US$ 5.46 million in exports, US$ 15.2 million in re-exports, and US$ 726.9 million in 2012 and these figures continue to grow. In 2013 US-UAE bilateral trade amounted to 2.3 billion US$ in exports and 24.5 billion in imports. These figures are projected to increase markedly, as evident from the results of the first two months of 2014 which show $ 408 million in exports and 3.5 billion in imports. 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 investment-related infrastructure projects, and lay down the necessary plans to complete such projects. In recognition of its overall accomplishments, Shurooq was named The Banking Awards 2013 – and 2014 FDI Agency of the Year in the MENA region, in the European’s Global Banking and Finance Awards.