Despite Covid-19, the Hamriyah Free Zone Authority (HFZA) has reinforced its reputation and position as a prominent investment destination regionally and globally. The latest investors are two giant African petrochemicals companies (Global Vision Specialty Chemicals & Proud Lubricants and Grease IND), who 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.
As per 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, while the activity of Proud Lubricants and Grease IND is the manufacturing of Lubricants, Grease, Plastic Products & Tins.
Al Mazrouei described this new investment as a testament to Sharjahs pioneering position as a business destination for innovation and future companies and a main gateway to regional and global markets, affirming that the petrochemicals industry is one of the key factors of the emirates 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 His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the UAE Supreme Council 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 the presence of foreign investments and ensure business sustainability.
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 of the two companies.
After a thorough study, weve chosen 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 Sharjahs free zones, he explained.
Pinto added: Our primary focus is to enhance our presence in the European and Asian markets, benefiting from the zones sophisticated infrastructure, as well as the facilities and services, and the vast business networking HFZA provides to its investors.
Thanking HFZAs management for its support, Pinto concluded: I hope our investment in HFZA will be a new era for our companies to further penetrate additional global markets, especially that the petrochemicals industry is largely involved into a number of essential products that have an important role in the economic development.
The joining of Global Vision Specialty Chemicals & Proud Lubricants and Grease IND clearly reflects HFZAs attractiveness to global companies and the efficiency of its facilities and services, especially that the two companies are targeting export to different global markets.
In addition to offering industrial and commercial plots of land, HFZA, the second-largest industrial free zone in the UAE, provides advanced infrastructure and modern facilities that strengthen external expansion plans for investors, especially in import and re-export to the worlds markets.
It also provides countless competitive advantages, most notably a single-window operation that boosts the efficiency of performance and eases procedures of doing business, along with multiple tax exemptions, repatriation of capital and profits, full foreign ownership of the business, and quick access to regional and global markets.-- Tradearabia News Service
Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
