Sharjah has introduced a pioneering AI-powered trade licence system that allows entrepreneurs and investors to complete their licensing process in under five minutes. This innovative service was unveiled at the Sharjah Investment Forum (SIF 2024) in the presence of Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah.
Immediate Availability and Expansion Plans
Initially, the service will be accessible through the Sharjah Investor Services Centre (Saeed) and SPC Free Zone, streamlining the process for obtaining trade licences. Plans are in place to extend this service to other free zones throughout the emirate, setting a global precedent for the use of AI in trade licensing.
Setting New Standards in Investment Promotion
This milestone establishes Invest in Sharjah as the world’s first investment promotion agency to implement AI technology for trade licences. The SPC Free Zone, a flagship initiative of the Sharjah Book Authority (SBA), also leads the way by becoming the first free zone to adopt AI-driven licensing, marking a significant transformation in the region’s business landscape.
Statements from Key Figures
Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, described the new service as a transformative advancement in Sharjah’s investment environment, highlighting its role in positioning the emirate as a top global destination for innovative and sustainable investments. He emphasised the importance of AI in enhancing the investment-friendly infrastructure of Sharjah.
Naim Yazbeck, General Manager of Microsoft UAE, praised the AI technology for revolutionising the business environment in Sharjah, noting its role in improving operational efficiency and fostering innovation that attracts global investments.
Ahmed bin Rakkad Al Ameri, CEO of SBA, highlighted the AI-powered licensing system as a significant innovation that enhances the SPC Free Zone’s reputation as an integrated business hub, supporting diverse sectors and fostering a competitive economic environment.
Impact on Business and Investment
The new AI-powered licensing system is expected to boost the efficiency and flexibility of Sharjah’s business environment, accelerating the establishment of new ventures and strengthening its position as a leading destination for foreign direct investment (FDI) and innovation. Sharjah’s ranking as the fifth globally for FDI project growth and fourth in the Gulf region for startup ecosystems underscores its leadership in integrating technology across sectors like agriculture, healthcare, and logistics.
This initiative aligns with Sharjah’s broader vision to diversify its economy and promote sustainable growth, supporting long-term development goals and enhancing its attractiveness for business and investment.
