The Sharjah Investment Forum (SIF) 2024 on Wednesday explored the challenges and opportunities nations face in creating technologically advanced economies, providing actionable insights to adapt to the rapidly changing global landscape, at a panel ‘Building Smart Economies’, which featured high-level Emirati experts from key sectors.

Agility and infrastructure: The key to economic resilience

Sheikh Fahim Al Qasimi, Chairman of the Department of Government Relations (DGR) in Sharjah, emphasised that agility is the cornerstone of a smart economy.

“The world has been dislocated by crises like the 2008 recession and the Covid-19 pandemic. Yet the UAE continues to see healthy growth in FDI and GDP. The key is agility — the ability to navigate a technologically advanced world. Our economy is embedded in global financial and logistics supply chains, and as long as we continue to invest in that infrastructure, we will remain prepared for whatever changes come our way,” stated Sheikh Fahim.

Addressing the question of how governments can support the development of smart economies, Sheikh Fahim pointed out the importance of feedback loops between the public and private sectors. While governments tend to adopt technologies at a slower pace than the private sector, the UAE’s openness to feedback is a crucial asset. “One of the UAE’s greatest strengths is its approachable government. We are always open to feedback from the private sector, and this helps us adapt our regulatory frameworks to meet the needs of businesses. This approach is key to building a smart economy,” he noted.

Innovation and sustainability: Pillars of a smart economy

His Excellency Khaled Al Huraimel, Group CEO of BEEAH Group, highlighted the role of sustainability in shaping smart economies. “At BEEAH, we have reduced Sharjah’s landfill waste to less than 10%, and achieved this by investing in technology, including AI-powered systems that monitor waste habits. Our online re.life market, allows businesses to buy and sell recovered commodities, indicating the powerful shift in the industry towards more efficient and sustainable ways of trading recyclables. Initiatives like these are essential for a sustainable, smart economy,” explained Al Huraimel.

Al Huraimel also pointed out the significance of public-private partnerships, which have been key to BEEAH’s success in expanding its sustainability model to KSA and Egypt.

Human capital: The core of smart economies

His Excellency Hussain Al Mahmoudi, CEO of the Sharjah Research, Technology, and Innovation Park (SRTIP), said: “Without smart, mature and skilled human capital, you cannot achieve a smart economy. The UAE, with more than 200 nationalities, provides the diversity and exposure needed for global competitiveness. Our focus must be on nurturing human capital to fully leverage technological advancements.”

He highlighted Sharjah’s aggressive plans to become the capital of innovation, emphasising the need for educational institutions to play a central role in the digital transformation process.

Diversification: Key to building resilient economies

His Excellency Ahmed Al Naqbi, CEO of Emirates Development Bank (EDB) cited the COVID-19 pandemic as a turning point, which exposed the need to shift from centralised to localised production models.

“The UAE’s response to challenges like COVID-19 has been exemplary. A smart economy, in my view, is one that can diversify within its means and capitalise on opportunities. For instance, we realised we couldn’t rely solely on one producer like China. The UAE is now well-positioned to be a key player in the MENA region,” noted Ahmed. Al Naqbi also highlighted initiatives like the soon-to-be-launched accounts for entrepreneurs by EDB, which can be set up in under 15 minutes, as examples of how the UAE’s financial sector is fostering business development and economic resilience.