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 the 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.