Sharjah free zones’ projects on schedule

Despite the drop in oil prices, the Sharjah free zones have been able to build a network of roads and bridges, and have not cancelled any infrastructure projects so far, according to a top official. 
“This kind of economic stagnation is a blessing in disguise because the prices of building materials have dropped,” Saud Salem Al-Mazrouei, director of Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone, said while addressing a panel session at Sharjah Foreign Direct Investment (FDI) Forum.
The forum, organized by Sharjah Investment and Development Authority (Shurooq) in collaboration with the UK’s Financial Times and the fDi Magazine, hosted more than 300 decision makers, business leaders and economic experts. 
The two-day forum, which concluded on Sept. 29, was termed as an important milestone for Sharjah.
The forum discussed the current economic conditions prevailing in Sharjah and the UAE, and evaluated the potential opportunities that can be derived from them.
The panelists stressed that the UAE has introduced a unique economic experience to the world through which skilled human resources and technology were harnessed to double the economic growth and reduce the dependence on oil.
The session on harnessing the potential of investment in the transport and logistics sector in the UAE to meet the growing demand for commercial activities, highlighted the role of the free zones and advanced infrastructure, including air and sea ports, in strengthening the position of the UAE as a leading global air shipment.
The transit trade from China to the UAE accounted for about 70-80 percent of the total country's imports from China, Al-Mazrouei added. 
For example, of every five shipments entering the free zone, four are re-exported to other countries.
While participating in a session on growing trade links between India and the UAE, Paras Shahdadpuri, who has been running Nikai’s UAE operations for more than 30 years out of Sharjah, said that there is tremendous opportunity for both India and Sharjah to further capitalize on FDI collaborations, considering they are already making significant strides in the sector. 
He said: "Big marketing activities such as Sharjah FDI Forum will catapult more economic interests into the region, increasing FDIs.”

Source: arab News