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.
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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.
“This will make Sharjah Publishing City one of the preferred destinations to open a business. It will ease the process of doing business in Sharjah because investors can open their companies in minutes. There is no hassle of going to any office for a trade licence or looking for someone to help you get the licence. Applicants can go to the Sharjah Investors Services Centre (Saeed) website to get a trade licence,” he said.
In 2023, Sharjah attracted Dh2.7 billion in foreign direct investment (FDI) and Al Musharrakh expects at least 10 per cent growth this year.
“We are currently focusing on technology, agritech, renewable energy, tourism, education and healthcare. We are focusing on China, India and other BRIC members as well as those countries the UAE has signed Comprehensive Economic Partnership Agreements with.