April, 2024

Hamriyah Free Zone attracts $10bn FDI

honoruingSHARJAH- Hamriyah Free Zone Authority (HFZA), the second largest industrial free zone in the UAE, has attracted over $10 billion FDI, according to the latest presentation by the authority.

This was revealed in a ceremony organized by HFZA to honor the top local and international banks in the UAE. HFZA honored 25 banks at a reception that was held at the Chamber of Commerce & Industry (SCCI) in Sharjah.

“We would like to express our gratitude to the banking industry for their support and cooperation. This bond will prosper and continue to enhance the development growth of all parties,” Saudi-based English newspaper Arab News quoted  Saud Al-Mazrouei, director of Commercial Affairs,as  saying.
The fast growing Hamriyah Free Zone Authority has attracted over 5700 Investors from 154 countries since 1998. The zone is home to more than 1000 Industries.

“The success of this achievement is partly due to the banks’ continuous support over the years” added Al Mazrouei.

“There were times when adverse market conditions and tight liquidity positions poised serious challenges for our investors. But the banking industry consistently continued to bolster business development and initiatives in the Free Zone.

They deployed highly supportive financial solutions, shared opportunities, coped with challenges, and achieved common development goals with our investor community,” Al Mazrouei pointed out.

Rashid Alleem, chairman of Sharjah Electricity and Water Authority (SEWA) and former director general of the HFZA graced the occasion as the guest of honor.

In a presentation, T. V. Ramesh, director of Finance & Strategic Planning of Hamriyah Free Zone Authority, illustrated the growth of the free zone from 1998 onwards. It started with 19 companies in 1998, and currently has over 5700 companies. “It may touch 6100 by the end of this year” he added.

In addition, a number of big projects, including construction of 32 warehouses and water network projects, have been going on.

“These will be completed by the middle of this year,” Ramesh explained in his presentation.

Hamriyah 7 Magnificent Zones is an innovative approach that is making a significant, visible difference to the SME community at HFZA.

The seven sub zones comprise Oil & Gas Zone; Petrochemical Zone; Steel City; Construction World; Timber Land; Maritime City and Perfume Land complimented by E-Office packages.

This innovative approach has already attracted hundreds of SMEs from around the globe.

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