Sharjah24: A packed roster of workshops, dialogues, and masterclasses are underway at the Sharjah Investment Forum (SIF 2024), taking place on September 18 & 19. Business leaders, industry experts, and government officials have shared key takeaways with students, professionals and other forum attendees across key topics like innovation, consumer behaviour, bilateral trade and more, within the context of AI and its role in shaping the future of economies.
Technology reshaping manufacturing
The day began with a session on ‘Tech Innovations in Manufacturing Entrepreneurship,’ featuring Fatima Al Ali, Director of Project Support and Finance at the Sharjah Economic Development Department (SEDD); Khloud Al Zarouni, Head of the Personnel Affairs Division at SEDD; Bader Al Essa, Founder & CEO of EMCAN; and Yasmin Al Enazi, one of the top 10 women shaping the future of Robotics.
The session explored how technological advancements reshape the manufacturing industry and create new entrepreneurial opportunities. Speakers highlighted the UAE's success in driving industrial growth, with Sharjah investing heavily in the sector, contributing 17.6% to GDP and allocating USD 416 million to advance industrial areas.
During the session, the role of AI was emphasised as a key driver of productivity and innovation. The discussion focused on the importance of empowering communities to shift from consumers to producers and the need for entrepreneurs to harness AI and data-driven decision-making to address community needs and ensure sustainable progress.
New horizons for bilateral trade and investment
The session, ‘CEPA: Unlocking New Horizons for Bilateral Trade and Investment,’ focused on the role of Comprehensive Economic Partnership Agreements (CEPA) in strengthening trade ties and boosting investment opportunities between the UAE and India.
The discussion led by Ayoub Ahli, Advisor at the Ministry of Economy, and Lalu Samuel, Chairman of the Indian Business Council in Sharjah, highlighted how CEPA facilitates market access across multiple sectors, including technology, agriculture, and manufacturing, with a particular emphasis on supporting SMEs in reaching new markets. CEPA's potential reach extends to 2.5 billion people this year, with projections of 3.7 billion by 2025.
Additionally, the session underscored the agreement's value to the private sector, positioning the UAE as a gateway to international markets, particularly for Indian manufacturers in Sharjah, home to over 3,000 such businesses. With India’s growing middle class, the demand for UAE-made products is set to increase, creating significant opportunities for business expansion.
Idea to prototype in fast-forward with AI
In a highly engaging session titled ‘Hands On: From Idea to Prototype in 30 Minutes’ led by Nader Aboulhosn, Program Manager at Sharjah Entrepreneurship Center (Sheraa), participants had the unique opportunity to transform a concept into a working prototype using AI within 30 minutes. Moderated by Majid Hassani, the workshop provided hands-on insight into the fast-paced world of startups and innovation in the era of AI and advanced technologies.
Practical insights on building and scaling businesses
In a workshop titled ‘Foundational Pillars of a Successful Business,’ Jigar Sagar, Founder of Triliv Holdings Limited, shared practical insights on building and scaling businesses sustainably. He outlined four key pillars for success: Purpose, People, Product, and Process. Sagar emphasised that a clear purpose is essential, acting as the driving force behind a business.
He also highlighted the importance of assembling the right team by matching skills to fill gaps, ensuring continuous improvement. For a product to succeed, he said it must stand out through better service or competitive pricing, refined with customer feedback. Additionally, simplifying business processes with the help of technology was stressed as crucial for efficiency.
Decoding consumer behaviour at scale
The day concluded with a compelling workshop by Paul Kelly, CEO of Sila, on ‘Decoding Consumer Behaviour at Scale.’ Kelly discussed how technology, particularly AI, is revolutionising the understanding of consumer behaviour. Kelly explained that human biases often distort survey data, but AI, through tools, can objectively analyse vast datasets, overcoming these biases.
He highlighted how AI allows businesses and cities to gain insights at an unprecedented scale, enabling them to make more informed, data-driven decisions. Examples include AI-driven analysis of consumer sentiment and behaviour, which allows brands to tailor products and strategies and city planners to better understand urban satisfaction levels.
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