Sharjah-based Hamriyah Free Zone Authority (HFZA) has signed a new lease agreement with Alucor, an international engineering, procurement, and construction (EPC) contractor
Under the agreement, Alucor leased 555,418 sq ft of the inner harbour quayside land inside the free zone to expand its operations and businesses in the region.
Saud Salim Al Mazrouei, director of Hamriyah Free Zone and Suresh Bhatia, chairman of Alucor, signed the lease agreement during a ceremony held at the premises of HFZA in the presence of a number of senior officials and directors from both sides.
Saud Salim Al Mazrouei said, ?Despite the current global economic conditions, HFZA has proven its ability to attract investments from all sectors, thanks to the numerous competitive benefits we offer, which form a crucial factor in the decisions of these companies to have a presence in Sharjah and to take it as a centre for expanding its operations in nearby and distant markets.?
Bhatia said, ?Alucor is extremely pleased and excited to establish new facility in Hamriyah Free Zone. Over the last few years, we have been actively identifying the right investment opportunities to expand our business. While Alucor has several active projects presently being executed, we see the current challenging market conditions as an opportunity to further improve our infrastructure so that we can enhance our market offering and better serve our customers.?
He added, ?With the quayside facilities at HFZA, Alucor is strongly positioned to improve its market share in the manufacturing of large, complex structures and equipment for oil & gas and offshore and renewables market segments, and we strongly believe that our presence and relationship with HFZA will continue to grow in the coming years.?
Alucor was founded in the UAE with more than 30-year of experience in oil and gas, petrochemicals, ports and marine, power and water, mining and metallurgy, and infrastructure industries/market segments.