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UAE Freezones Biz News Updates
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Hamriyah Free Zone attracts $10bn FDI
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,” said Saud Al-Mazrouei, director of
Commercial Affairs,as he presented the awards.
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.
May 1 2014 |
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Courtesy Arab News
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