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Healthcare, transport, finance expect to receive a big boost through 5G connectivity

• 5G networks are estimated to attract $200 billion to telecommunications sector by 2022 according to a report by IndustryARC
• $3.5 trillion 5G network economies to generate 22 million jobs worldwide in 2035 according to IHS Markit
• Al Musharrkh: The Gulf Region’s economy is all set to attract technology investments

For immediate release
Sharjah, December 3, 2018

As the UAE races to fully embrace fifth generation (5G) connectivity by 2019 to boost business profitability and develop new and existing market sectors, one of the region’s leading thought leadership platforms, the Sharjah FDI Forum, set to roll out next week, will shed the spotlight on crucial aspects of whether the national and regional infrastructures are equipped to support these massive technological changes, how governments will play a role in successfully executing plans, and which sectors will be the first to benefit.

The fourth annual edition of Sharjah FDI Forum will be held on 10-11 December under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council Ruler of Sharjah. It is organised by the Sharjah FDI Office (Invest in Sharjah), with the support of the Ministry of Economy and with the strategic collaboration of CNBC Arabia.

A study, titled The 5G Economy, examining the potential economic and social impact of 5G around the world, conducted by IHS Markit, PSB, Tusher Center for Management of Intellectual Capital at the University of California’s Haas School of Business indicated that the fifth-generation network economy is estimated to be worth $3.5 trillion in 2035.

It said that the full economic results of 5G will be realised in 2035, and include a broad range of sectors. The global 5G-enabled economy will produce up to $12.3 trillion worth of goodsand services and would have created 22 million jobs.

Mohamed Juma Al Musharrkh, CEO of Sharjah FDI Office (Invest in Sharjah), said: “The UAE’s experience of incorporating new technologies to successfully create new opportunities for businesses and consumers, as well as bringing about new innovations in the technology field, are almost pioneering.This is evident in the UAE Vision 2021, which has set the 5G revolution as one of its main goals.

“These are exciting times. We are all eagerly anticipating to see how we can use this new technology, once rolled out on a wider scale in the UAE next year, will be a catalyst of innovation in promoting businesses, attracting FDI inflows, boosting education and healthcare, and global connectivity. The discussion on 5G at Sharjah FDI Forum will be one of the most important on the event’s agenda.”

According to a recent story by The National, technology analysts in the region estimate that 5G connectivity will boost the GCC economy by $269 billion (Dh988.04bn) over 10 years with cheaper, faster internet access and connecting devices through the Internet of Things.

According to the main UAE telecom operators, the technology will be introduced commercially through 600 5G hubs scattered nationwide. The economic value that this digital service can bring across a number of industries is massive. Health care, transport, agriculture, banking and entertainment are all expected to be big winners.

Globally, the trend is much the same. According to a recent report by GSMA, 5G networks in Europe will cover about three quarters of the region’s population by 2025, making it the third-largest market for 5G network in the world, after Asia Pacific and North America.

The data collected by GSMA showed that there are 365 million mobile subscribers in MENA region – 63 percent of its population, and is expected to rise to 399 million or 65 percent by 2020. The UAE is the most 5G-ready country in the Gulf, and the region as a whole is making a sizeable effort to catch up with global leaders in the
US and UK.

Organised in 2015, the Sharjah Foreign Direct Investment (FDI) Forum is one of the world-leading economic and financial forums, and the largest FDI and investment forum of its kind across MENA.

The Fourth edition, organised by the Sharjah FDI Office (Invest in Sharjah), under the support of the Ministry of Economy, will take place on 10 – 11 December 2018, at Al Jawaher Reception and Convention Centre in Sharjah with the theme “Shaping the Future of Economies.”

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About Invest in Sharjah:
Established in 2016, the Sharjah FDI Office (Invest in Sharjah) is the investment promotion agency of the Emirate of Sharjah, launched by the Sharjah Investment and Development Authority (Shurooq). It also functions as a key facilitator to investors, servicing them with a 360-degree informative and physical support, allowing them to fully understand processes, investment advantages and insights on key sectors that fit their business profiles in Sharjah.

As one of the emirate’s key economic growth drivers, Invest in Sharjah is dedicated to the continued transformation and economic diversification of the emirate, and is committed to guiding foreign investors to the unique opportunities and potentials that Sharjah offers to global markets. Its mission is to work collectively with the emirate’s public and private sectors, to guide investors towards strategic and personalised opportunities, promoting collaborations for bilateral growth and update investors on Sharjah’s unique business culture, modern facilities, latest regulations and policies as well as business platforms and free zones that incentivise new prospects.

Invest in Sharjah also works in close partnerships with numerous state entities in the emirate, and has hosted numerous business roundtables and seminars in Sharjah and across the world, attracting unique investments and future ventures with business leaders from The Americas, Europe, Middle East, Gulf Region, Asia and the wider Asia-Pacific Region.

Invest in Sharjah has organised and participated in numerous leading business and investment conferences and seminar in Sharjah and the rest of the world. It is responsible for organising / hosting the Euromoney Conference Sharjah, the Sharjah FDI Forum, the Sharjah Ramadan Majlis and a number of high-level businesses conferences.

For more information, please visit www.investinsharjah.ae or you can contact +971 6 556 0444. For the latest news on Invest in Sharjah on social media, follow @investinsharjah on Twitter and Instagram.