Hamriyah Free Zone consolidates its position as a favoured investment destination

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 nine international companies from the USA, African countries, India, and others. These investments are spreading out over an area of 850,000sqft ranging from warehouses and plots of land, with a total investment value of about Dh271 million. Such figures clearly reflect the outstanding facilities, incentives, and advantages provided by HFZA to further strengthen its attraction to investors.

“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 center 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 His Highness Sheikh Dr 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, organizing 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). Global Vision Specialty Chemicals is specialised in Blending, Packaging & Drumming of Drilling Upstream & Downstream Petrochemicals and Chemical Additives, while the activity of Proud Lubricants and Grease IND is the manufacturing of Lubricants, Grease, Plastic Products & Tins.

The two companies have leased over 1,076,391sqft 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.

— business@khaleejtimes.com