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HFZA attracting foreign investments

Prominent destination regionally and globally

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HFZA attracting foreign investments

Hamriyah Free Zone Authority, HFZA, has reinforced its reputation and position as a prominent destination regionally and globally despite the Covid-19’s global economic fallout after two giant African petrochemicals companies (Global Vision Specialty Chemicals & Proud Lubricants and Grease IND) announced investments in the free zone by leasing over 1,076,391 sq. ft. plots of land.

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. According to the MoU, the two companies are expected to inaugurate world-class petrochemicals factories and warehouses for export to local, regional, and global markets.

Global Vision Specialty Chemicals is specialised in Blending, Packaging & Drumming of Drilling Upstream & Downstream Petrochemicals and Chemical Additives. Simultaneously, the activity of Proud Lubricants and Grease IND is the manufacturing of Lubricants, Grease, Plastic Products & Tins.

Saud Salim Al Mazrouei described this new investment as a testament to Sharjah’s pioneering position as a business destination for innovation and future companies and the main gateway to regional and global markets, affirming that the petrochemicals industry is one of the key factors of the emirate’s economic diversification strategy and development plans, stressing the importance of attracting such specialized companies to bolster the knowledge economy.

Al Mazrouei added, “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.”

Concluding his remarks, Al Mazrouei lauded the economic stimulus packages adopted earlier by the Sharjah Government to strengthen foreign investments and ensure business sustainability.

For his part, Antonio Joao Pinto hailed the cooperation and facilities provided by HFZA to launch the new investment, thanking the HFZA team for the professionalism they have shown to expedite the roll-out of the operations the two companies.

After a deliberate study, we’ve chosen the Emirate of Sharjah to be the centre 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,” he explained.

Pinto added, “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.”

Thanking HFZA’s management for its great support and tremendous efforts, Pinto concluded, “I hope our investment in HFZA will be a new era for our companies to penetrate additional global markets further, especially that the petrochemicals industry is largely involved into several essential products that have an important role in the economic development.”–WAM

 

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