UAE - Hamriyah Free Zone continues to play key role in boost...| MENAFN.COM

Wednesday, 06 July 2022 07:18 GMT

UAE - Hamriyah Free Zone continues to play key role in boosting Sharjah's economic growth


(MENAFN- Emirates News Agency (WAM))

SHARJAH, 23rd January, 2022 (WAM) -- 2021 was a very successful year for the Hamriyah Free Zone Authority (HFZA) in Sharjah, where it has continued to consolidate its position as a favoured investment destination for various types of businesses, besides its role in supporting the economic growth in the Emirate of Sharjah.

During the last year, the Authority has attracted 9 international companies from the USA, African countries, India, and others.

These investments are spreading out over an area of 850,000 sq ft ranging from warehouses and plots of land, with a total investment value of about AED 271 million. 'Such figures clearly reflect the outstanding facilities, incentives, and advantages provided by HFZA to further strengthen its attraction to investors,' the Authority said Sunday.

'Since its establishment, Hamriyah Free Zone has played a significant role in strengthening the position of the Emirate of Sharjah as a destination for global investments and a business centre in the Middle East. This is attributed to the continued success of the Authority in attracting investors and international companies operating in various economic sectors,' said Saud Salim Al Mazrouei, director of the Hamriyah Free Zone Authority. 'The previous year's figures demonstrate HFZA's solid presence its pivotal role as a gateway to the markets of various countries, regions in the world.

Al Mazrouei added, 'Thanks to the visions and directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, the emirate has become a starting point for companies towards global markets, a lot of credit goes to the economic diversification policy adopted by the emirate, as well as its perfect commercial and industrial environment, and its commitment to the interests of investors.'

Al Mazrouei pointed out that HFZA has a specific strategy with two key pillars in order to attract foreign investments to the emirate. The first pillar is attracting quality investments that support the national strategies of Sharjah, especially with regard to economic diversification, noting that the companies operating in the Authority are covering various businesses and industries, such as trade and petrochemical industries, and the manufacture of medical and health equipment and products.

The second pillar is launching marketing and promotional campaigns at the home countries of the investing companies to identify the nature of their work, their needs, and their willingness to enter and enhance their presence in regional markets, through direct visits, organising seminars, participating in official delegations as well as various exhibitions and events.

Last January, HFZA has inked an investment deal with two giant African petrochemicals companies (Global Vision Specialty Chemicals & Proud Lubricants and Grease IND). The first company is specialised in Blending, Packaging & Drumming of Drilling Upstream & Downstream Petrochemicals and Chemical Additives, while the activity of latter is the manufacturing of Lubricants, Grease, Plastic Products & Tins.

The two companies have leased over 1,076,391 sq. ft. plots of land to establish world-class petrochemicals factories and warehouses for export to local, regional, and global markets.

In February 2021, Medtra, one of the world's major companies in the production and manufacturing of healthcare equipment and products, has inaugurated its new headquarters in the Hamriyah Free Zone in order to expand its activities in MENA markets. The company operates in 40 countries and is set to invest some AED 100 million in the coming years.

In March, India's ATS Terminals FZE has increased its tank storage capacity from 42,000 CBM to 72,000 CBM, revealing the completion of the third phase of its expansion project at HFZA. ATS TERMINALS FZE offers services to clients that include bulk liquid storage and bulk transportation of chemicals and petroleum products.

In April of the same year, Awail Al-Sham, owner of the Al Awail brand for prayer times clock and other innovative e-products, has announced that its products have become available in 100 markets worldwide, as opposed to 50 markets in 2013, the year in which the company has opted for the HFZA as its new headquarters, achieving a growth rate of more than 100 percent in the number of destinations of export.

During the 26th edition of Gulfood 2021, HFZA has signed a lease agreement with Al Aliyo HydroFarms, a hydroponic fodder farm in the UAE, according to which, the company has launched the first phase of its investment at Sharjah Food Park. This includes two warehouses covering an area of 12,000 square feet (sq. ft), with an investment value of about AED9 million, and a daily production capacity of about 10 tonnes of hydroponic fodder.

In October, Hamriyah Free Zone has added another industry leader to its investors base, after the ArcelorMittal Projects, a part of the ArcelorMittal Group, the world's leading Steel and Mining company, has acquired the assets of a Pipe & Coating Mill located at Hamriyah Free Zone. Besides the acquisition, ArcelorMittal Projects has leased 1.38 million square feet of industrial land, with an estimated value of about AED60 million as a first phase and AED30 million as a later phase.

Siddharth Grease and Lubes Pvt. Ltd. (SGL), a leading Indian manufacturer and supplier of lubricants, has opened its first plant in the Middle East in the inner port of Sharjah's Hamriyah Free Zone Authority (HFZA). Trinity Lubes & Greases FZC was the name chosen by SGL for its new plant in the Hamriyah Free Zone, with an investment expected to reach 50 million dirhams as an initial stage. The total area of the new investment is some 135,000 sq ft.

At the end of the year, the UAE's Grankraft company, specialising in metal production for building iconic landmarks, has leased approximately 323,000 sq ft plots of land, with an investment value of AED 22 million in the first phase and AED 45 million in the second phase, bringing the company's total investment to AED67 million.

Apart from investment deals, Hamriyah Free Zone had an effective presence in major events that took place in the UAE during the last year. This includes participation in the 26th edition of the Gulfood 2021 Exhibition, during which the Authority highlighted the outstanding benefits and incentives provided to investors, besides its key role in supporting food trade in the UAE.

HFZA also took part in the 42nd Big Five Show, the Mena region's largest building and construction show. The Authority also participated and sponsored the 6th International Procurement & Supplychain Conference, the largest event of its kind in the Middle East in the supply chain sector, in addition to hosting several international trade delegations to learn about the lucrative investment opportunities for the business community.

 

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