In 2006, United Arab Emirates was ranked 77th on the chart of ease of doing business. Fast forward to today, UAE ranks 11th. How did that transition occur? Malik Al Madani, Director of Strategy of Futures Department and Chief Innovation Officer of Federal Competitiveness and Statistics Authority stated that with proper vision, teamwork, consistency, and agility success is attained.
Day one of the fourth edition of Sharjah FDI Forum, organized by the Sharjah FDI office (Invest in Sharjah) under strategic partnership with CNBC Arabia, brought to stage business luminaries who discussed and shared insights about the rapidly changing business environment.
Malik Al Madani proudly presented the aspiring vision of UAE titled, “UAE’s achievements in Doing Business,” to the forum’s audience, “In alignment with UAE’s government vision we are looking to be the most competitive and among the best countries by UAE’s 50th Jubilee and the best country in the world by 2071. Please keep in mind that we aren’t chasing rankings, but we are looking for solutions that shows real results in FDI growth and benefit people as well.”
Following the vivacious presentation, the second panel of the day titled, “The Future of Chambers of Commerce: changing roles, shifting technologies and digital transformations impacting the private sector. What is the impact of regulation on the business environment and FDI,” further answered the methods in achieving UAE’s vision.
The discussion was conducted between: Abdulaziz Al-Mikhlafi, Secretary General, Ghorfa Arab-German Chamber of Commerce and Industry, Germany; Mouddar Khouja, Secretary General, Austro-Arab Chamber of Commerce; H.E. Yassin Al Suroor, Chairman, ICC Saudi Arabia, Executive Board Member of ICC & WCF G20 Representative, Chairman, A’amal Group; and Ahmed Saleh Al Echla, Director of Sharjah International Commercial Arbitration Center.
The main role of the Chamber of Commerce is to support businesses, international and locally, through education, providing data, and all additional resources that is required. In an era of digitization, the chamber ensures ease of information through online portals and mobile applications.
“The Chamber is the neutral party in a transaction. Just as you would prefer the advice of family and friends in your purchases rather than interest-driven advertisements, we seek to provide information that helps you, “Mouddar elaborated.
The session transitioned from platform digitization to financing SMEs, as it is a major driver for global GDP. H.E. Yassin Al Suroor remarked, “Over 65% of global GDP derives from SMEs and 35% have lack of finance. The two major issues that needs to be addressed by Chamber of Commerce is how to help SMEs acquire funds and digitizing of businesses.”
Comparing various institutes across the globe, the panels were in complete agreement that government bodies need to provide incentives for SMEs as the path to success lies in incentives and going digital. The best companies in the world began as SMEs and through those tools, they rose to be the biggest companies in the world.
The Sharjah FDI Forum, which was first launched in 2015 under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, is organised by Sharjah FDI Office (Invest in Sharjah) with the support of the Ministry of Economy, and in strategic partnership with CNBC Arabia.
The fourth edition seeks to boost the emirate’s endeavours to attract more foreign investments, promote opportunities in main sectors, and strengthen the UAE’s position as a top investment destination in the region and the entire world.
