Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority, HFZA, and Sharjah Airport Free Zone Authority,SAIF Zone, has signed a new investment agreement whereby Eversendai Engineering Group will lease an additional 1,301,572 square feet. The agreement is part of the expansion plan of the group which currently leases 2,272, 993 square feet in the area.

Al Mazrouei commented that HFZA aims to balance attracting new investors and the expansion of existing investors by providing a favorable business environment that contributes directly to the success of each investment projects. He pointed out that Eversendai Engineering Group is one of the biggest manufacturer of iron as well as builders of complex projects such as construction of towers, power stations, airports and shopping centers, etc.

The new expansion project is part of the Group's strategy to increase the production capacity currently estimated at 150,000 tons of steel annually to develop its services to the oil and gas sector.

Al Mazrouei stated, "HFZA is keen to diversify investments in the free zone to promote economic exchange within investors which will contribute to the revitalization of all industries in the long run."

He further added that there are a number of new investment agreements expected to be signed in the coming months which will confirm Sharjah's status as a distinct economic center in the Middle East and the world.