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SHARJAH / WAM
Hamriyah Free Zone Authority (HFZA) has reinforced its reputation and position as a prominent destination regionally and globally despite of 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, while 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 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.