AB Espresso: Sharjah FDI boom

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Discover the latest stories from Arabian Business, compiled by our editorial team. Here's what you missed on Thursday:

Sharjah is witnessing an unprecedented boom in foreign direct investment (FDI) this year, recording a 44 percent year-on-year rise in the number of projects and attracting $140.6 million in capital investment during Q1 2024 alone, the CEO of Sharjah’s FDI Office told Arabian Business. This exponential FDI surge comes on the heels of a remarkable year in 2023, which recorded a 2,064 percent increase in capital expenditure on greenfield FDI projects, said the CEO, Mohamed Al Musharrakh. This figure also accounted for 19 new projects that secured a total investment of $2.75 billion and created more than 1,500 jobs.

Meanwhile, Aldar Properties will develop a Grade A office tower in one of the most sought-after locations in Dubai, on Sheikh Zayed Road, beside the Dubai International Financial Centre (DIFC). It will be the company’s first commercial development in the Emirate, following sold-out residential offerings in the recent past. The Abu Dhabi-based real estate company also said it has signed an agreement to acquire ‘6 Falak’, a newly built Grade A office building in Dubai Internet City (DIC) from Sweid & Sweid.

Aside from this, the UAE Ministry of Human Resources and Emiratisation (MoHRE) has detailed the rules for notice periods and contract termination for employees in the country. The recently detailed guidelines aim to streamline the process of contract termination in accordance with the interests of both parties involved.

In other major developments, the UAE passport has secured the ninth position in the Henley Passport Index 2024, a ranking of passports based on the number of destinations their holders can access without a prior visa. The index, which evaluates 199 passports and 227 travel destinations, places the UAE passport alongside Estonia and Lithuania, with a visa-free score of 185. This means UAE passport holders can travel to 185 countries without needing a visa in advance.

In other news, the GCC region, especially the UAE and Saudi Arabia, is seeing a strong consumer shift towards eating healthy, with an increasingly high share of non-vegetarians opting for more plant-based diets, industry experts said. This shift is poised to trigger a projected eight-fold surge in the size of the plant-based meat market to $500 million by 2030 from a mere $60 million in 2023, recent market research suggests.

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