Sharjah has introduced the first AI-generated trade license in the world, allowing investors to get their license in just three minutes. Mohammed Juma Al Musharrakh, CEO of Sharjah FDI Office, announced that this new artificial intelligence technology will assist investors looking for a license in Sharjah Publishing City. The technology is able to capture data from the passport and allows applicants to chat with the system for assistance. The system also provides guidance on the legal setup and structure of the company, directing applicants to the payment gateway once they agree to the terms and conditions.
The goal is to make the process of opening a business in Sharjah Publishing City more efficient and convenient. The technology will soon be implemented in other free zones in Sharjah and potentially in the mainland as well. Developed in collaboration with Microsoft, Invest in Sharjah, and Sharjah Publishing City, this new system aims to make Sharjah Publishing City a preferred destination for businesses. According to Al Musharrakh, the technology will simplify the process of doing business in Sharjah, as investors can open their companies within minutes without the need to visit any office or seek assistance.
During the Sharjah Investment Forum, Al Musharrakh highlighted the potential for growth, with the expectation of at least a 10% increase in foreign direct investment (FDI) this year. Sharjah attracted Dh2.7 billion in FDI in 2023, with a focus on sectors such as technology, agritech, renewable energy, tourism, education, and healthcare. The emphasis is also placed on countries like China, India, and other BRIC members, as well as those with which the UAE has signed Comprehensive Economic Partnership Agreements.
The AI-generated trade license system offers a streamlined and efficient process for investors, enabling them to apply for any permissible activity within Sharjah Publishing City. By integrating AI technology, Sharjah aims to attract more investments and promote economic growth. With the success of this system in Sharjah Publishing City, plans are already in place to expand its usage to other free zones in Sharjah and potentially to the mainland. This innovative approach is expected to revolutionize the business setup process in Sharjah and make it a more attractive destination for investors.
The cooperation between Microsoft, Invest in Sharjah, and Sharjah Publishing City in developing this technology showcases the commitment to innovation and progress in the business sector. By leveraging AI capabilities, Sharjah is positioning itself as a leader in facilitating business activities and attracting foreign investments. The speed and efficiency of the AI-generated trade license issuance process will undoubtedly set a new standard for business setup procedures, paving the way for future advancements in the UAE’s economic landscape.
In conclusion, the introduction of the first AI-generated trade license in Sharjah marks a significant milestone in the digital transformation of business processes. With a focus on enhancing convenience, efficiency, and accessibility for investors, this innovative technology sets a new standard for trade license issuance. By harnessing the power of artificial intelligence, Sharjah aims to create a more investor-friendly environment and drive economic growth. The successful implementation of this system in Sharjah Publishing City serves as a testament to the city’s commitment to innovation and progress in the business sector. As plans are underway to expand the technology to other areas, Sharjah is well-positioned to become a leading hub for business and investment in the region.
