Sharjah (Union)
During a session titled “Building Smart Economies” during the seventh edition of the Sharjah Investment Forum, experts and government officials highlighted ways to build smart, flexible and sustainable economies in light of the challenges facing the world, stressing that the shift towards a smart economy in the UAE is witnessing remarkable progress thanks to investment in modern technologies such as artificial intelligence and blockchain, and support for the government and private sectors.
They also stressed the importance of developing human cadres and providing them with the necessary skills to deal with these technologies, in addition to the role of the financial sector in supporting this transformation by providing the necessary funding for innovative projects, which contributes to creating an environment that stimulates innovation and entrepreneurship.
The Sharjah FDI Office (Invest in Sharjah) is organising the 7th edition of the Sharjah Investment Forum on 18 and 19 September at Al Jawaher Reception and Convention Centre in Sharjah, under the theme “A Future Vision for Smart Economies”.
The session was attended by Sheikh Fahim Al Qasimi, Chairman of the Department of Government Relations, Khaled Al Huraimel, CEO of Bee’ah Group, Hussain Al Mahmoudi, CEO of Sharjah Research, Technology and Innovation Park, and Ahmed Al Naqbi, CEO of Emirates Development Bank. It was moderated by Dr. Rawaa Al Harati, Founder of Kanz Consulting.
Speaking during the session, Sheikh Fahim Al Qasimi stressed that the UAE economy has become a model to be emulated in comprehensive innovation, as it goes beyond modern technologies to include all aspects of economic life, pointing out that this success is due to the government’s wise vision in diversifying sources of income and investing in sustainable sectors.
Speaking about the role of governments in the transition to a smart economy, Al Qasimi stressed the need for governments to be more flexible and responsive to rapid technological developments, noting that Sharjah has succeeded in identifying its priorities and investing in pivotal sectors, such as agriculture and industry, through cooperation and integration with the private sector, and investing in its successes.
In turn, Khaled Al Huraimel, Group CEO of Bee’ah, pointed out the role played by the group in supporting the transition to a smart economy. He pointed out that Bee’ah has succeeded in developing innovative solutions for waste treatment, where it was able to divert 90% of waste in Sharjah away from traditional landfills. He also highlighted the importance of technology in this field, as waste vehicles were equipped with smart cameras to monitor areas that need cleaning services more effectively, which saved costs and doubled the quality of services.
In turn, Hussein Al Mahmoudi pointed out the importance of adapting artificial intelligence to local cultures, stressing that each society has its own characteristics and heritage, and these cultural elements must be present in the process of developing and applying artificial intelligence that is in line with values and cultures. To achieve this, it is necessary to enhance cooperation between the government, private and academic sectors, with a focus on developing educational programs that focus on developing digital and creative skills among young people.
In turn, Ahmed Al Naqbi pointed out that the shift towards a smart economy is the focus of the UAE, as it seeks to build a sustainable economy based on knowledge and innovation. He stressed that modern technologies such as artificial intelligence and blockchain play an important role in this shift, but they do not express the smart economy, but rather are tools to drive the wheel of smart economies.
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