SEDD organises ‘First Industrial Meeting’

The workshop reviewed the legislative framework for foreign ownership as well as the available legal forms and proposed amendments to allow foreigners establish and fully own companies. 

During the workshop, Dr. Mudathir Abdullah, the Legal Advisor at SEDD, explained the procedures for establishing foreign ownership companies, the procedures for establishing branches, and the mechanism for converting existing companies into foreign ownership ones.

 The workshop is also intended to raise awareness of the updated legal legislation for commercial companies between the business sectors and the federal authorities related to licensing, and to inform investors about the latest procedures, answer their inquiries, and address any obstacles they may face, in order to ensure the application of licensing systems easily and in a manner that achieves the desired objectives. The workshop further dealt with the challenges facing the industrial sector before and after the pandemic, and proposals that could contribute to supporting and developing the sector.

Moreover, the workshop discussed the role of the private sector in supporting and developing the industrial sector, improving the economic movement in Sharjah and enhancing the emirate’s domestic product, especially in light of the diversity of industrial products, which are not limited to oil derivatives industries, but go beyond to include aviation, aluminum, building materials, food and pharmaceutical industries.

Sultan Abdullah bin Hadda Al Suwaidi, SEDD Chairman, stressed that the Department’s ongoing keenness strengthen Sharjah’s position as a regional and global industry hub. He pointed out that the second package of incentives and decisions of the Sharjah Executive Council, which included a (50%) discount of the value of fees when issuing the license for industrial establishments that will continue until November of the year 2021, comes to enhance the contribution of the industrial sector to the GPD.

For her part, Mariam Nasir Al Suwaidi, Deputy Director of Industrial Affairs Department, said that Sharjah succeeded in creating an appropriate and strong legislative and legal environment that supports the future visions and plans of the industrial sector.