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. 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 specialized in blending, packaging & drumming of drilling upstream & downstream petrochemicals and chemical additives, while the activity of Proud Lubricants and Grease IND is manufacturing of Lubricants, Grease, Plastic Products & Tins. A leading destination for innovation 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 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. 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 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." Al Mazrouei lauded the economic stimulus packages adopted earlier by the Sharjah government to strengthen the presence of foreign investments and ensure business sustainability. Various investment benefits 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 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," 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 said: "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 HFZA's 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 world's 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. — SG
