UAE Ministry of Economy and Shurooq to Boost Business

The Ministry of Economy and the Sharjah Investment and Development Authority, Shurooq, signed a Memorandum of Understanding, MoU, to strengthen ties, increase commercial, economic cooperation and expand investment opportunities in Sharjah.

The MoU was signed by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority (Shurooq), and Sultan Al Mansouri, Minister of Economy in the presence of Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Under-Secretary of the Ministry of Economy for economic affairs, Humaid bin Butti Al Muhairi, Assistant Under-Secretary for the corporate sector and consumer protection, Marwan bin Jassim Al Sarkal, CEO of Shurooq, Mohammed Khamis Al Muhairi, Director General of the National Council for Tourism and Antiquities and a number of officials from the Ministry and the authority, at the Mleiha Archaeology Centre.

The two parties will facilitate bilateral cooperation in investment and business opportunities both in the UAE and abroad. They will also work together to establish a joint business that will promote and expand investments in Sharjah.

Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq said, "Sharjah is one of the most attractive cities for investors in the Gulf region and the Middle East because of its rich assets, diverse economy, and strategic geographical location. We are certain that this agreement between Ministry of Economy and Shurooq will strengthen Sharjah’s future ventures as a leading city for business and investment."

Sheikha Bodour added, "The MoU adds a new dimension to the relationship between the two parties. The agreement will not only help stimulate business and investment in the emirate but also attract more investments that will boost the economy of Sharjah and the UAE."

According to the MoU, the Economy Ministry and Shurooq will share economic information, business statistics and data to facilitate commercial contracts and establish joint business ventures with one another. The MoU stresses the importance of data analysis and research and also provides a framework for the two parties to exchange business delegations and exports.

The two parties will also assist each other in organising trade fairs and economic conferences locally and internationally. The agreement is a mean for the ministry and Shurooq to concentrate their efforts in an optimum manner that meets the goals of investors.

Sultan Al Mansouri, Minister of Economy, said, "The ministry is keen to strengthen cooperation with local and federal bodies in the country, such as Shurooq, one of the ministry's most important strategic partners. This MoU aligns with the ministry's mandate to highlight the investor-friendly environment in the UAE and promote lucrative investment opportunities in all sectors across the country."

He added, "The ministry is keen to create a business climate conducive to foreign investors and to boost confidence in the UAE's investment environment. It is also eager to draw more foreign investments into vital sectors in line with economic policies in the UAE."

"The UAE seeks to be number one globally for ease of doing business as part of its approach to building a sustainable knowledge economy in line with the UAE Vision 2021 National Agenda. To achieve this goal we need to further develop the economic legal infrastructure."

After the signing ceremony, Najla Al Midfa, General Manager of Sharjah Entrepreneurship Centre, Sheraa, an initiative of Shurooq, spoke about Sheraa and said that it will support young entrepreneurs to turn their business ideas into reality and support enterprises in the emirate.

Attendees then toured Mleiha Archaeological and Eco-Tourism project, and visited a number of archeological sites including Mleiha Archeological Centre, the Umm An-Nar Tomb, the Valley of the Caves, Mleiha Fort, the pre-Islamic Mleiha Palace and burial chambers, among others.