Marwan Jassim Al Sarkal, CEO of Sharjah Investment and Development Authority (Shurooq) has stressed Authority’s determination to implement and develop a number of tourism and industry sector infrastructure development projects with Singapore in Sharjah during a meeting with Singapore’s Consul General, Dileep Nair, who called on him here at Authority’s headquarters at Al Qasba.
The meeting was attended by Saud Meqdad Suwaidi, Director of Finance ’&’ Administration and Elie Armaly Director of Business Development. Two sides discussed bilateral cooperation and means of attracting Singaporean investments into the Emirate of Sharjah. Nair was briefed on the economic and investment environment of Sharjah in particular, and the UAE in general, as well as on the privileges and facilities provided by all departments and institutions in Sharjah to boost its position as the best investment destination on both a regional and international level.
Al Sarkal, who described the Singaporean experience as "pioneering", underlined the need for joint efforts aimed at exchanging experience between the two countries, highlighting the benefits in terms of strengthened economic ties through local, regional and international partnerships and cooperation agreements.
Singapore’s Consul General expressed his happiness as this visit represents the first practical step to creating solid economic cooperation between Singapore and the emirate of Sharjah, represented by Shurooq, noting that he is fully prepared to provide various means of support to enhance cooperation and to create a unique economic partnership between the two sides.
Nair, whose visit was aimed at identifying and getting acquainted with the results of the special visit undertaken by Shurooq to Singapore, and the interaction of Singaporean companies with the delegation, stated that he would work through the Consulate to organize future meetings between Shurooq and the relevant authorities in Singapore. He further said that he would organize joint workshops that developers, investment companies, hospitality and industry sectors along with other investors wishing to invest outside Singapore, can attend, saying that these activities will help introduce the emirate of Sharjah as a business hub where investment opportunities and attractions are supported by the emirate’s economic, cultural and geographic elements. He added that it is his belief that with its promising investment opportunities, investors can benefit from the facilities and incentives offered by the various concerned institutions in Sharjah.
On his part, Al Sarkal commended Singapore’s experience in the field of infrastructure development of tourism and industry sectors, as well as its leading position following the implementation of several specific projects across various sectors, stressing that Sharjah offers an attractive environment for international investment.
During the meeting, Al Sarkal reviewed the Authority’s activities and objectives and discussed projects currently being developed by Shurooq in Sharjah along with future projects to be announced later this year.
It is worth mentioning that Singapore has one of the fastest growing economies in the world and that the government encourages companies and businessmen to invest abroad to diversify the State’s resources - the volume of Singapore’s investments abroad amounted to $174 billion in 2008. The volume of trade with world countries amounted to $513 billion in 2009 and the volume of total trade between the UAE and Singapore between 2002 and 2008 rose from $43 billion to $996 million, equivalent to AED 161.5 billion.
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