- New AI system developed with US giant
- Grants trade licence in three minutes
- China trade fears dismissed
Sharjah, the third largest emirate by population in the UAE, will not undermine its growing relations with China through its AI partnership with the American giant Microsoft, a prominent investment official has said.
This week Sharjah unveiled the first AI-generated trade licence system in the world, developed jointly by Invest in Sharjah, Sharjah Publishing City and Microsoft, which takes only three minutes for an applicant to get a licence.
In April, Microsoft formed a partnership with the Abu Dhabi-based AI company G42, via a $1.5 billion investment to support G42’s global expansion strategy.
However, in February G42 had to accept constraints on it in order to work with US companies which included severing ties with Chinese businesses.
Sharjah, meanwhile, has been seeking to increase its links with China. In May the Sharjah Research, Technology and Innovation Park held high-level meetings in main Chinese cities, while Chinese delegations visited SRTI Park to explore investment avenues. More than 700 Chinese companies operate in Sharjah’s markets and free zones
“The United Arab Emirates has always taken the position of being neutral,” said Ahmed Obaid Al Qadeer, CEO of the Sharjah Investment and Development Authority (Shurooq).
In 2023, the UAE’s non-oil trade with China reached AED296 billion ($81 billion), reflecting a 4.2 percent increase from 2022. As a result, China remained the UAE’s top non-oil trade partner last year, accounting for 12 percent of UAE trade.
The Microsoft deal, signed on the opening day of the Sharjah Investment Forum on Wednesday, will see the AI-driven licensing available in the Sharjah Publishing Free Zone. Using ChatGPT technology, applicants can get trade licences in three minutes, Al Qadeer said.
Reputation
Mohammed Juma Al Masharrkh, CEO of the Sharjah FDI office, said the initiative would speed up the investment process and enhance the emirate’s reputation as a favourable place to do business.
Sharjah is the third most populous city in the UAE, after Dubai and Abu Dhabi. Its population is 1.6 million, out of 1.8 million in the whole emirate. In 2023 it was listed as the fifth fastest growing city for attracting foreign direct investment globally.
The emirate’s GDP in 2023 was AED145.2 billion, up 6.5 percent from AED136.4 billion in 2022. The contribution of the non-oil sector was AED142.5 billion, up 7 percent from AED133.1 billion in the previous year.
“This is only the beginning of a long journey of innovation and development. The ambition of everyone is for Sharjah to become the most attractive destination for international companies,” Al Masharrkh said.