Hamriyah Free Zone Authority (HFZA) in Sharjah has strengthened its position as a leading regional and global hub, after, two giant African petrochemicals companies agreed to invest in the free zone by leasing over 1,076,391 sq. ft. plots of land.
Despite the economic crisis due to COVID-19, HFZA has managed to secure its reputation by bagging two investment offers from Global Vision Specialty Chemicals and Proud Lubricants and Grease IND.
The deal was signed at HFZA headquarters by Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority and Antonio Joao Pinto, the Founder, and CEO of the two firms, in the presence of senior officials from both sides.
As per the MoU, the two companies are expected to initiate world-class petrochemicals factories and warehouses to facilitate export to local, regional and global markets.
Global Vision Specialty Chemicals is specialized in blending, packaging & drumming of drilling upstream & downstream petrochemicals and chemical additives, while the Proud Lubricants and Grease IND services are based in the area of manufacturing of lubricants, grease, plastic products & tins.
The new investment reflects Sharjah’s leadership as a business hub for innovation and future companies and the emirate acts as the main gateway to regional and global markets. Being one of the key factors of the emirate’s economic diversification and development plans the petrochemicals industry shows the need for attracting such specialized companies to reinforce the knowledge economy.
“HFZA has successfully managed to turn the current global challenges into opportunities for further enhancing innovation and distinction in the services provided, thanks to the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, in terms of supporting the business sector and achieving sustainable economic development.”
The economic stimulus packages initiated by the Sharjah Government has supported to strengthen the presence of foreign investments and ensure business sustainability, Al Mazrouei added.
Antonio Joao Pinto praised the cooperation and facilities provided by HFZA to launch the new investment and further added “we’ve chosen the Emirate of Sharjah to be the center of our operations and expansion activities, thanks to the various investment advantages and the premium services provided to the companies operating in Sharjah’s free zones.”
“Our primary focus is to enhance our presence in the European and Asian markets, benefiting from the zone’s sophisticated infrastructure, as well as the facilities and services, and the vast business networking HFZA provides to its investors,” Mr. Pinto stated.
The Hamriyah Free Zone Authority (HFZA) is a free zone established in 1995 in the city of Sharjah. HFZA is a home for more than 6,500 businesses from 163 countries. Besides the facilities like offices, warehouses, factories and executive office suites, the free zone also provides over 15 on-site key business services such as banking and auditing firms, currency exchanges, conference rooms, staff accommodation and more.