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Ikigai steel to set up shop in Sharjah: Sharjah’s Hamriyah Freezone Authority (HFZA) signed an agreement with steel manufacturer Ikigai Steel to set up a new steel factory in the freezone with an initial investment amounting to AED 30 mn, according to a press release. The steel firm will invest the initial AED 30 mn into the development of the 51k sqm steel factory, which will have an annual production capacity of 30k tons of steel.
More details: The factory will create some 500 jobs and will focus on producing high-quality steel products to be exported to “the local and regional markets, including Saudi Arabia and Qatar,” the company’s chairman said. No further details indicating the timeline for the project were disclosed.
HFZA has been getting recent attention from industrial investors: US energy services firm Halliburton signed an agreement with HFZA earlier this month to build a high-tech facility to manufacture drilling tools for the oil industry. The freezone is aiming to attract more investors from the heavy industry 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,” HFZA director Saud Salim Al Mazrouei said.
