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On Thu, 19 Sept, 8:03 AM UTC
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Sharjah introduces world's first AI-powered trade licence, issued within 5 minutes
SHARJAH: Sharjah has launched the world's first trade licence issued entirely through artificial intelligence (AI), a groundbreaking step that enables entrepreneurs and investors to complete the entire licensing process in less than five minutes. The initiative was launched today at the Sharjah Investment Forum (SIF 2024) in the presence of H.H. Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, and Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq), the Sharjah FDI Office (Invest in Sharjah), Microsoft, and Sharjah Publishing City (SPC) Free Zone. Ahmed bin Rakkad Al Ameri, CEO of the Sharjah Book Authority (SBA); Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah; and Naim Yazbeck, General Manager of Microsoft UAE, also attended the launch. The new service will initially be available through the Sharjah Investor Services Center (Saeed) and SPC Free Zone, enabling investors and entrepreneurs to obtain their trade licences in less than five minutes. The service will soon be extended to cover other free zones across Sharjah. This milestone positions Invest in Sharjah as the first investment promotion agency in the world to adopt AI technology for issuing trade licences, reinforcing its commitment to fostering cooperation and investment between regional and global markets. SPC Free Zone, a flagship initiative of the Sharjah Book Authority (SBA), has also set a new benchmark by becoming the first free zone to implement AI-driven licensing, revolutionising business launches in the region. Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, stated, "This agreement marks a transformative leap in Sharjah's already attractive investment environment, positioning the emirate ever more strongly as a leading global destination for future-focused, innovative, and sustainable investments. By integrating AI technology, we are redefining an investment-friendly infrastructure, ensuring Sharjah stays ahead in attracting local and international businesses. Our new service sets a new benchmark for the global shift toward automating business processes and harnessing AI advancements." For his part, Naim Yazbeck, Microsoft UAE's General Manager, said, "AI technology is revolutionising the business landscape in Sharjah, enabling a more efficient and innovative environment. By leveraging AI, we are not only enhancing operational efficiencies but also fostering a culture of innovation that drives economic growth and attracts global investments. This transformative approach positions Sharjah as a leading hub for future-focused, sustainable business practices." Ahmed bin Rakkad Al Ameri, CEO of SBA, said, "This AI-powered licence and similar innovation-first incentives introduced by Sharjah further enhance SPC Free Zone's position as an integrated business hub setting global standards in business. These initiatives put publishers and entrepreneurs from various sectors at the heart of a dynamic, competitive, and trusted economic environment, while also fostering innovative solutions across free zones. We take pride in being part of this achievement, which strengthens the emirate's attractiveness for business and investment, particularly in the creative industries that thrive on innovation and knowledge." Sharjah's new AI-powered licensing system is set to enhance the flexibility and efficiency of the business environment across sectors. This will not only accelerate the establishment of new businesses but also strengthen Sharjah's position as a key destination for foreign direct investment (FDI) and innovation. Sharjah ranks fifth globally in FDI project growth and fourth in the Gulf region for startup ecosystems, marking it as a leader in integrating technology into core sectors such as agriculture, healthcare, and logistics. This initiative is part of Sharjah's broader vision to develop a more diversified economy and foster a business climate conducive to sustainable growth, supporting its long-term development goals.
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Sharjah to launch first commercial AI licence in partnership with Microsoft
Sharjah is launching the world's first commercial artificial intelligence (AI) licence in partnership with Microsoft, as it seeks to keep pace with economies based on autonomous systems and digital data. Mohammed Juma Al Masharrkh, CEO of Sharjah FDI office said the initiative will accelerate the investment process and that of doing business in the emirate and reflects its commitment to developing smart economies. The initiative was announced on the first day of the Sharjah Investment Forum and is part of the emirate's ambition to become the best destination for international companies, Al Masharrkh said. Sharjah was the fifth fastest growing city for attracting foreign direct investment globally in 2023, he said. (Reporting by Imogen Lillywhite; editing by Seban Scaria) imogen.lillywhite@lseg.com
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In under 3 minutes: Sharjah rolls out the world's first AI-generated trade licence
Paid parking in Dubai: Residents face up to Dh4,000 extra yearly costs when new rates kick in Sharjah has rolled out the first AI-generated trade licence in the world which takes only three minutes to get the licence. Mohammed Juma Al Musharrakh, CEO of Sharjah FDI Office, said this new artificial intelligence technology will assist investors who are seeking a licence in Sharjah Publishing City. "This is the first AI-generated trade licence in the world that we rolled out today. It takes only 3 minutes to issue a trade licence. The technology captures all the data from the passport and the applicant can chat with the system which is similar to ChatGPT for assistance," said Al Musharrakh. The system also guides about legal setup and structure of the company. Once the applicant agrees to terms and conditions, the system will direct the applicant to the payment gateway to complete the process. "Applicant can apply for any activity permissible within the Sharjah Publishing City. We plan to roll out this technology in other free zones in Sharjah and hopefully in the mainland also," said Al Musharrakh. Sharjah FDI Office chief executive was speaking on the sidelines of the first day of the two-day Sharjah Investment Forum, which was attended by senior public and private sector officials. This new technology has been jointly developed by Microsoft, Invest in Sharjah and Sharjah Publishing City.
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Sharjah, UAE, introduces a groundbreaking AI-powered trade license system, issuing permits in under 5 minutes. This innovative approach, developed in partnership with Microsoft, aims to streamline business processes and boost economic growth.
Sharjah, one of the United Arab Emirates, has made a significant leap in government services by introducing the world's first AI-generated trade license system. This groundbreaking initiative, launched by the Sharjah Department of Economic Development (SDED), promises to revolutionize the business registration process by issuing licenses in as little as 5 minutes 1.
The innovative system was developed in collaboration with Microsoft, leveraging advanced artificial intelligence technologies. This partnership aims to enhance Sharjah's digital infrastructure and support its economic vision 2. The collaboration underscores the emirate's commitment to embracing cutting-edge technologies to improve government services and foster a business-friendly environment.
One of the most remarkable features of this new system is its speed. While initial reports suggested a 5-minute turnaround, some sources indicate that licenses can be issued in as little as 3 minutes 3. This dramatic reduction in processing time represents a significant improvement over traditional methods, which could take days or even weeks.
The AI-powered system automates various aspects of the licensing process, including document verification, compliance checks, and approval procedures. By leveraging machine learning algorithms, the system can quickly analyze and process applications, ensuring accuracy while significantly reducing human error and processing times 1.
This initiative is expected to have a substantial impact on Sharjah's business landscape. By simplifying and accelerating the licensing process, the emirate aims to attract more investors and entrepreneurs, potentially boosting economic growth and diversification 2. The success of this system could set a new standard for government services worldwide, potentially inspiring similar initiatives in other regions.
While the AI-generated licensing system offers numerous benefits, it also raises questions about data security, privacy, and the potential for AI bias. As this technology is implemented and refined, addressing these concerns will be crucial to ensure fair and equitable access to business opportunities for all applicants 3.
Dubai Multi Commodities Centre (DMCC) has launched a new AI Centre to foster innovation, develop real-world AI applications, and attract global investors. The initiative aims to position Dubai as a leading hub for AI technology and solutions.
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Gulf Cooperation Council (GCC) countries, particularly Saudi Arabia, are emerging as global leaders in AI adoption and investment. A recent study reveals that Saudi workers are using AI more than their global counterparts, while the GCC region is making significant strides in AI development and implementation.
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Digital Dubai has approved a set of measures to implement a strategic vision for an AI-powered data center economy in Dubai. The initiative aims to position Dubai as a global hub for data centers and artificial intelligence.
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AI experts highlight the UAE's role in fostering disruptive technologies. The country's strategic initiatives and investments position it as a leader in artificial intelligence and emerging tech fields.
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Microsoft announces plans to establish a new engineering center in Abu Dhabi, UAE, focusing on AI development and expanding its global footprint in the region.
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