Hamriyah Free Zone Authority (HFZA) and Sharjah Airport Freezone Authority (SAIF), have signed an investment agreement with Saipem, Italy-based oil and gas industry contractor.
According to the report by Wam news agency, the agreement entails that Saipem will invest in 6ha of land in the region, as part of its operations in the Middle East and North Africa.
Saud Salem Al Mazrouei, director of the Hamriyah Free Zone Authority, and Sharjah Airport Free Zone Authority, said that this investment was the culmination of HFZAs efforts in attracting foreign investments to the emirate of Sharjah, and this in turn highlights it as an important economic centre. He pointed out that the free zone in Hamriyah is characterised by several factors that make it attractive to investors.
Saipem began its operations in the 1950s with limited activity in the supply of land pipes, drilling and construction. Over time, it has expanded its operations to more than 68 countries, while employing over 40,000 employees worldwide.