Sharjah Airport International Free Zone (SAIF Zone) has signed an investment deal with the India-based leading manufacturer of recycled Kraft Board & Coreboard Paper, Forpack Industries to support the latter’s regional expansion plans.
Under the agreement, Forpack Industries will establish its first headquarters in the UAE by leasing four warehouses totaling 25.833 square feet in the SAIF Zone’s U2 area.
As per the MoU, the company’s current capital investment is estimated to be $ 2.7 million (AED 10 million), and the working annual turnover is estimated to be around $13 million (AED 50 million), with the business plan encompassing total packaging solutions, the production and marketing of industrial pallet wrap stretch film and LLDPE cling film, and the manufacturing of cardboard boxes and tissue paper products.
The agreement with the Indian firm, which has more than 20 years of experience, is yet another testament to SAIF Zone’s growing position as one of the region’s most competitive free zones in terms of attracting direct foreign investments and providing all the means of success to businesses looking to expand into regional and global markets.
“This agreement represents a new global recognition of the lucrative opportunities provided by the Emirate of Sharjah and SAIF Zone to investors and companies willing to get the most out of growth opportunities in the industrial and logistical services sector in the region, as well as the advantages provided by the ‘U2 area’, which is equipped with new world-class warehouses and state-of-the-art equipment in the field of warehouse engineering and design. The Emirate of Sharjah has become a perfect destination for establishing businesses owing to the availability of sophisticated infrastructure, outstanding logistics services, the strategic location, and the presence of lucrative investment opportunities, thanks to the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.”
Mr. Al Mazrouei further noted that attracting such high-quality investments supports and strengthens national strategies and plans, as well as the UAE’s Unified Industrial Brand Identity ‘Make it in the Emirates’, especially that the plastic industry is one of the most important promising manufacturing industries in the UAE and the GCC region, and a pillar of the UAE Industrial Strategy “Operation 300bn”, contributing to the national economy’s and development process’s growth over the next 50 years.
Mr. Samir Lakhani, Chairman of Forpack Industries said, “This deal is a significant step forward towards enhancing our capabilities worldwide and is a reflection of our strategy aimed at developing our processing and manufacturing capabilities. By investing in SAIF Zone with its strategic location and competitive advantages, I can confirm that we are on the right track to strengthen our bonds with our customers in new parts of the world and enhance the competitiveness of our company.”
Furthermore, Lakhani has added that the new industrial facilities are outfitted with Italian machines with a production capacity of 1,000 kilograms per hour, with 60 percent of the output going to UAE markets and 40 percent going to European, American, and South Asian markets.