Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Ikigai Steel FZE has announced it will establish a new factory in Hamriyah Free Zone in Sharjah stretching over an area of 548,000 square feet and boasting an annual production capacity of 30,000 tonnes.
The factory will be equipped with state-of-the-art plant and equipment, providing cutting edge technologies and high end solutions for the iron and steel industry, backed by an estimated initial investment of AED 30 million. Ikigai’s expansion plans are aimed at meeting its long term vision of serving customers and suppliers in the local, regional, and global markets.
An agreement sealing this venture has been signed by HE Saud Salim Al Mazrouei, Director of the Hamriyah Free Zone Authority (HFZA), and Rajendran, Chairman of Ikigai Steel, in the presence of officials from both sides.
Al Mazrouei emphasized that Ikigai’s decision to take the Hamriyah Free Zone as its operational hub is yet another substantial addition to the growing investments HFZA has successfully attracted in line with the wise directives of His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. “We will spare no effort to support the Emirate’s economic diversification plans and attract high-quality investments in order to consolidate Sharjah’s reputation as a global investment destination that serves not only as a launchpad for industrial projects but also as a conduit for industrial supply to regional markets.”
He stated that the success of the free zone in attracting heavy industries, including the iron and steel sector, is also a testament to its effectiveness and excellence in developing the necessary infrastructure for this sector. “HFZA pays special attention to this sector, considering it a crucial pillar in the ongoing economic development, particularly in light of the mega projects underway in the Emirate of Sharjah and the UAE. There is a growing demand for iron and steel products to support vital projects,” he added.
He reaffirmed that the Hamriyah Free Zone is committed to providing comprehensive facilities and services to companies, enabling them to enhance efficiency and productivity and support the goals of the “Operation 300bn” and the “Make it in the Emirates” initiatives. Such initiatives not only provide investors with competitive advantages and extensive opportunities but also an ideal business environment, supporting the continuous growth and empowerment of the industrial sector.
For his part, Chairman Rajendran said: “The competitive advantages, robust infrastructure, advanced legislation and conducive environment for investment were all behind our decision to expand in Hamriyah Free Zone. HFZA prioritizes heavy industry and provides exceptional incentives and facilities, allowing us to enhance production efficiency.”
“We look forward to manufacturing high-quality steel and steel products for the local and regional markets, including Saudi Arabia and Qatar. Initially, the company plans to employ approximately 500 people, focusing on producing top tier steel and steel products.” Rajendran added, lauding the unwavering support and cooperation extended by HFZA’s management and officials of the Hamriyah Free Zone.
The Hamriyah Free Zone is renowned globally as a leading hub for the iron and steel industry, making it one of the most critical sectors within the zone. It attracts substantial foreign investments and hosts numerous multinational and international companies serving regional and global markets. These entities benefit from the free zone’s world class infrastructure and seamless connectivity with global markets.
