Sharjah’s free zones marked major achievements and milestones in 2024, reinforcing their pivotal role in establishing the emirate as one of the most attractive destinations for local, regional, and international businesses.
During the last year, the Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone Authority (SAIF Zone) attracted more than 1,600 companies from various countries worldwide, including the US, Africa, India, Japan, the UK, Spain, Belgium, and others.
The two authorities have adopted a well-structured strategy focused on attracting high-value investments to support the objectives of the “We the UAE 2031” vision, which aims to achieve significant economic growth across all sectors.
This approach also promotes Sharjah’s national strategies, particularly regarding promoting economic diversification. The investment portfolio in the two zones spans a wide range of industries, including energy, manufacturing, oil and gas, gold and diamonds, e-commerce, petrochemicals, food production, maritime, and logistics services.
HFZA: international investments
The Hamriyah Free Zone Authority attracted 900 companies and corporations in 2024, further solidifying its position as a premier destination for foreign investment.
Notable among these was Jagdamba Global Equipment Solutions, an Indian company specializing in heavy industries such as trailers, semi-trailers, steel structures, and oil pipelines. The company built a new production facility in the free zone, sprawling over approximately 644,000 sq ft.
Additionally, Ikigai Steel inaugurated a manufacturing plant in Hamriyah Free Zone, stretching over an area of 548,000 sq ft, with an annual production capacity of 30,000 tons and an initial investment of AED 30 million.
Other key investors include Singapore-based SEGAL Group, renowned for its expertise in maritime and ship repair industries, which established a factory in the free zone spanning 162,000 square feet.
Similarly, Italy’s “Raccortubi S.p.A.”, a leading manufacturer of oil pipeline materials and stainless steel and nickel-alloy fittings, set up strategic warehouses in the zone on a 20,000-square-foot area with total investments reaching AED 25 million.
A global destination for oil and gas investments
HFZA continued to enhance its investment appeal in the oil and energy sector, as it signed an agreement with US energy giant Halliburton. Under the agreement, the company announced plans to increase its investments and expand its presence in the UAE by establishing a new drilling tool calibration facility in the Hamriyah Free Zone, spanning an area of nearly one million square feet.
Furthermore, Petrozo Energy, a leading Singapore-based oil and gas trading company, signed an agreement with HFZA, under which it established a new oil product plant spanning around more than 430,000 square feet, with an investment value of AED 120 million.
Meanwhile, GreenKeep Logistics, known for its end-to-end service solutions to various oil-well drilling contractors, inaugurated 12 warehouses in the free zone to expand its business.
A leading hub for iron and steel industry
HFZA has cemented its status as a key center for the iron and steel manufacturing industry in the Middle East and Africa. The zone hosts over 450 companies operating in this sector, covering an area of 50 million square feet. This represents approximately 16% of the free zone's total 300 million square feet.
Among the prominent steel companies investing in the Hamriyah Free Zone are ArcelorMittal, Lamprell, Eversendai, Technomak, Unger Steel, and Zinkpower Group. Also notable is the state-of-the-art 1,399,300-square-foot Belleli Energy facility in Hamriyah, which is equipped with heavy mechanical workshops and advanced machinery designed for manufacturing essential equipment for the oil, gas, and energy industries.
In a global acknowledgment of these achievements, the Hamriyah Free Zone Authority clinched prestigious international awards at the 2024 iteration of the Global Free Zones of the Year Award by fDi Intelligence, a publication by the Financial Times Group, for the second consecutive time.
These accolades are the Best Free Zone Globally in 2024, the Highly Commended Industrial Free Zone Globally, and the Highly Commended Industrial Free Zone in the Middle East.
SAIF Zone: international investments
During the last year, the Sharjah Airport International Free Zone Authority successfully attracted over 700 international and local companies.
Among the most prominent companies were Azerbaijan's Vittorio International Fragrance Company, which constructed a 215,000-square-foot production facility in SAIF Zone, with investments amounting to AED 25 million.
Moreover, EMX, the logistics arm of 7X, opened a new 6,500-square-foot logistics warehouse in the zone to ensure smooth and reliable delivery services across the UAE and enhance its local delivery network.
Additionally, Tokai Optical, a prestigious Japanese company renowned for its expertise in prescription lens manufacturing, leased a 4,300-square-foot warehouse in the free zone, with an initial investment of AED 8 million.
250 international gold and jewelry companies
SAIF Zone has further strengthened its position as a regional investment destination for the gold, jewelry, and gemstone industries. Its Gold, Diamond, and Commodities Park is recognized as one of GCC’s largest gold refinery hubs, accommodating over 55 gold refineries and hosting more than 250 regional and international companies specializing in gold, platinum, silver, and titanium manufacturing and trade.
During 2024, SAIF Zone successfully attracted Heesung PMTech Middle East, a Korean company specializing in recycling platinum group metals (PGMs). The company established a state-of-the-art refinery covering 6,500 square feet within the free zone, with a total investment of approximately AED 4 million.
Global investment destinations
H.E. Saud Salim Al Mazrouei, Director of the Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone Authority (SAIF Zone), emphasized that the significant accomplishments and milestones achieved by both zones in 2024 reflect the resilience and strength of Sharjah’s economy.
These achievements are guided by the wise directives of His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who has prioritized efforts to diversify Sharjah’s economy and enhance the competitiveness of its free zones.
As a result, these zones continue to attract foreign direct investment, fostering growth as hubs for advanced industries and commercial activities across various sectors. Both HFZA and SAIF Zone have firmly established themselves as leading investment destinations in the Middle East and globally, hosting over 15,000 companies from 160 countries worldwide.
Sustained growth
Al Mazrouei noted that these achievements create a strong impetus among Sharjah's free zones to strengthen their developmental role and further their contributions to the emirate’s economy in 2025. This progress is underpinned by the steady growth of Sharjah’s economy, driven by the diversity and complementarity of its sectors and their alignment with the emirate's strategic ambitions and development plans.
This is reflected in Sharjah's 2025 general budget recently approved by His Highness the Ruler of Sharjah, with total expenditures of approximately AED 42.007 billion, the largest in the emirate's history.
The economic development sector accounts for 27% of the new budget, while the infrastructure sector ranks first as it makes up 41% of the total general budget for 2025. This focus enhances the competitiveness of HFZA and SAIF Zone in attracting both foreign and local investments across various vital sectors.
Furthermore, the two zones play a pivotal role in facilitating global trade flows owing to their strategic geographic locations and proximity to major airports and ports, alongside their integrated public-private sector strategies and their focus on supply chain flexibility and innovation. Both zones also enjoy unparalleled connectivity to global trade networks across the Middle East, Africa, Europe, and South and West Asia.
International participation
As part of their efforts to expand operations and attract new investments, Sharjah Airport International Free Zone and Hamriyah Free Zone Authority extensively engaged with investors and top global company representatives during 2024.
These engagements focused on promoting the two zones’ positions as premier global trade hubs while addressing the specific needs of investors considering Sharjah as an investment destination. This proactive approach included visits to multiple countries worldwide alongside active participation in international and domestic exhibitions spanning various sectors.
Notable among the global events that SAIF Zone successfully participated in during the year was Mines and Money, Europe's largest mining event, which took place in London, UK.
The free zone also made a remarkable appearance at SIAL Paris 2024, Bangkok Gems and Jewelry Fair, the Watch and Jewellery Middle East Show at Expo Centre Sharjah, and the Global Rail Transport Infrastructure Exhibition and Conference (Global Rail) 2024, held at the Abu Dhabi National Exhibition Centre (ADNEC).
Similarly, HFZA demonstrated strong presence at notable events including the Digital Economy Technologies Conference and Exhibition “Seamless Middle East 2024”, Gulfood 2024, The Big 5, SteelFab 2024, the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2023), and Italy's 'Critical Process Equipment Days'.
Also, during the year, the two free zones focused on organizing a series of informative seminars to raise investors' awareness of the best global practices in commercial and industrial activities, including health and sanitary requirements in the food industry among other fields.
Additionally, both zones have provided all the necessary means to help investors set up their businesses, ensuring the success and advancement of their projects.
600 smart services
In line with their commitment to innovation and sustainability, both HFZA and SAIF Zone enhanced their operational frameworks in 2024 by leveraging cutting-edge digital technologies to create flexible and inclusive work environments.
Together, they now offer a comprehensive portfolio of 600 smart services, designed to optimize operational efficiency, streamline business activities, and deliver an investor experience centered on efficiency, speed, and excellence.
The two free zones also strengthened their focus on environmental sustainability by adopting innovative strategies to build an integrated system of eco-friendly services.
This included signing a strategic partnership agreement with "Bee’ah Group" in addition to organizing targeted initiatives, including events and workshops, to encourage businesses and investors to embrace effective environmental solutions that are focused on energy efficiency, natural resource preservation, and emission minimization.
