Sharjah turns to AI to identify foreign investment opportunities in seconds
Sharjah is using artificial intelligence to help foreign investors identify investment opportunities within seconds, as the emirate seeks to attract more foreign direct investment despite mounting geopolitical uncertainty . A new AI-powered platform, called Najm, will initially help investors find sites for factories and warehouses across the emirate. It was launched by the emirate's investment…
Sharjah is leveraging artificial intelligence to swiftly identify investment prospects for foreign investors, as the emirate aims to bolster its foreign direct investment despite growing geopolitical instability. The AI-powered platform, named "Najm," will initially assist investors in locating industrial sites and commercial real estate for factory and warehouse construction.
Mohamed Al Mushrrakh, chief executive of Invest in Sharjah, unveiled the platform at the Sharjah Investment Forum on Wednesday. Najm will initially partner with property portals Bayut and Property Finder, along with e-commerce platform Dubizzle, to provide investors with immediate data. Al Mushrrakh emphasized that investors often face challenges in obtaining crucial information for making investment decisions, and Najm provides the right information at the right time.
The AI's launch stems from the need to streamline the investment ecosystem in Sharjah and attract more foreign direct investment. Sharjah, the third-largest emirate in the UAE, boasts 33 industrial zones. The emirate's real estate sector saw over 16,000 transactions in the first half of the year, with the Muwaileh commercial area leading in deal value and volume.
Foreign direct investment in Sharjah reached Dh7.74 billion in the previous year, marking an 8.8% year-on-year increase, and the number of FDI projects also rose by 45% to 142 developments. The second phase of the Najm platform will extend its scope to encompass a wider range of assets and investment opportunities, including healthcare and education sectors.
Al Mushrrakh affirmed that Najm represents the beginning of a broader initiative, intending to cover investment prospects across various sectors, from industry to technology. The emirate plans to invest in human capital, technology, infrastructure, and public-private partnerships, aiming to foster a resilient economy and attract new investments to the opportunities it will create collectively.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
