Despite Covid-19’s global economic fallout, the Hamriyah Free Zone Authority (HFZA) has reinforced its reputation and position as a prominent destination regionally and globally 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.
Global Vision Specialty Chemicals is specialized in Blending, Packaging & Drumming of Drilling Upstream & Downstream Petrochemicals and Chemical Additives, while the activity of Proud Lubricants and Grease is the manufacturing of Lubricants, Grease, Plastic Products & Tins.
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.
Al Mazrouei pointed out that this new investment was a testament to Sharjah’s 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 emirate’s economic diversification strategy and development plans, stressing the importance of attracting such specialized companies to bolster 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," he added.
Al Mazrouei also lauded the economic stimulus packages adopted earlier by the Sharjah Government to strengthen the presence of 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 of the two companies.
"After a deliberate study, we’ve 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 Sharjah’s free zones," he added.
Pinto pointed out that the petchem firms' primary focus was to boost its presence in the European and Asian markets, thus benefiting from the zone’s sophisticated infrastructure, as well as the facilities and services, and the vast business networking HFZA provides to its investors.
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 world’s markets, he added-TradeArabia News Service