May 18, 2024

Hamriyah Free Zone inks investment deal with UAE’s Grankraft

 Hamriyah Free Zone inks investment deal with UAE’s Grankraft
  • Al Mazrouei: the deal is significant step towards strengthening Sharjah’s status as a primary destination to attract investments in industrial sector, building and construction sector, and construction technology
  • J. George: Grankraft is on the cusp of a new phase with its investment in HFZA and benefiting from its unique advantages

Sharjah, December 25,2021

The Hamriyah Free Zone Authority (HFZA) has added another industry leader to its investor base after the UAE’s Grankraft company, specializing in metal production for building iconic landmarks, has leased approximately 323,000 sq ft plots of land, with an investment value of AED 22 million in the first phase and AED 45 million in the second phase, bringing the company’s total investment to AED 67 million.

This came during the signing of a Memorandum of Understanding (MoU) by HE Saud Salim Al Mazrouei, Director of the Hamriyah Free Zone Authority, and Mr. J. George, Director of  Grankraft, in the presence of officials from both sides.

The Sharjah-based company, Grankraft, is renowned for the implementation of iconic landmarks in the UAE with a strong market presence across the GCC and the world.

Through a spectrum of services ranging from design, manufacturing and installation, Grankraft is the mind behind the construction of some globally renowned projects such as a resort at Sheybarah South for The Red Sea destination , the hand sculpture at the Museum of the Future in Dubai, the Meydan Hotel in Dubai, the Royal Opera House Muscat, Museum Across Ages in Muscat and the Wave Plaza in Muscat.

The company, which has internationalized its operations during the last years extending its reach beyond GCC region, has also integrated a new Fit-Out division, which added to the current inhouse capabilities, it strengthens Grankraft’s construction services to become a one-stop shop providing every construction and engineering service needed for the building industry under one company. Grankraft has multiple manufacturing plants distributed across UAE, cutting-edge technological capabilities, as well as the highly skilled team of around 800 members including their advanced engineering department

Best creative solutions

“Hamriyah Free Zone always strives to attract companies offering the best services and creative solutions in diverse sectors such as manufacturing and construction technology. This is in line with the vision of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, so as to strengthen the emirate’s position as an incubator for advanced technologies in the industrial sector and new innovations,” said Saud Salim Al Mazrouei.

“Grankraft’s investment in HFZA confirms the leading position of Sharjah as a favored destination for companies operating the industrial and construction sector, which is a key economic sector in Sharjah and UAE, and one of the pillars of the emirate’s economic diversification strategy,”

“Hamriyah Free Zone’s stellar performance and great reputation as a preferred destination for companies and investments in the construction and innovative sectors, as well as the availability of commercial and logistical infrastructure and unrivaled global connectivity, made it a destination for foreign direct investment and international companies,” added Al Mazrouei.

He pointed out that HFZA offers unique advantages for investors and companies to speed up the spread of their products and solutions and increase their revenues, as well as their direct access to markets with more than 3.5 billion consumers across various sectors in the Middle East, Africa and South Asia.

This comes in line with UAE’s strategic directions and objectives set by the wise leadership for the upcoming stage, noted Al Mazrouei.

A new phase for Grankraft

Mr. J. George, Director of Grankraft underlined that his company is always looking for new ways to develop its services so that it can implement iconic landmarks and projects, adding that “Grankraft is on the cusp of a new phase with its investment in Hamriyah Free Zone and taking advantage of its strategic location and outstanding services.

He noted that the presence of a 14-meter-deep water port, as well as the logistic facilities network, was a key factor for choosing HFZA as it will enable Grankraft to manufacture facilities for one of its iconic projects for The Red Sea destination in Saudi Arabia under development by  The Red Sea Development Company. This project is one of its kind, since for the first time the company is building a complex integrated seamless stainless steel orbs with mirror finish in its Hamriyah Free Zone plant and shipping it from Hamriyah port to the Red Sea Islands.

He lauded the services and facilities provided by Hamriyah Free Zone and the support and keenness of its officials to provide all needs swiftly and seamlessly, stressing that these factors would help the company carry out its activities effectively and efficiently, and enhance its competitiveness and access to a large segment of customers in regional markets.

In addition to offering industrial and commercial plots of land, HFZA, the second-largest industrial free zone in the UAE, provides advanced infrastructure and modern facilities that strengthen external expansion plans for investors, especially in import and re-export to the world’s markets. It also provides countless competitive advantages, most notably a single-window operation that boosts the efficiency of performance and eases procedures of doing business, along with multiple tax exemptions, repatriation of capital and profits, full foreign ownership of the business, and quick access to regional and global markets.