New facility to bolster steel production to 30,000 tonnes annually
Ikigai Steel FZE has announced it will establish a new factory in Hamriyah Free Zone in Sharjah stretching over an area of 548,000sqft and boasting an annual production capacity of 30,000 tonnes.
The factory will be equipped with state-of-the-art plant and equipment, providing cutting edge technologies and high-end solutions for the iron and steel industry, backed by an estimated initial investment of AED 30mn.
An agreement sealing this venture has been signed by HE Saud Salim Al Mazrouei, Director of the Hamriyah Free Zone Authority (HFZA), and Rajendran, Chairman, Ikigai Steel, in the presence of officials from both sides.
“We will spare no effort to support the Emirate’s economic diversification plans and attract high-quality investments in order to consolidate Sharjah’s reputation as a global investment destination,” commented Al Mazrouei.
“The ‘Operation 300bn’ and the ‘Make it in the Emirates’ initiatives not only provide investors with competitive advantages and extensive opportunities but also an ideal business environment, supporting the continuous growth and empowerment of the industrial sector,” Al Mazrouei added.
Steel and steel products
“We look forward to manufacturing high-quality steel and steel products for the local and regional markets, including Saudi Arabia and Qatar. Initially, the company plans to employ approximately 500 people, focusing on producing top tier steel and steel products,” remarked Rajendran.
The Hamriyah Free Zone is renowned globally as a leading hub for the iron and steel industry, making it one of the most critical sectors within the zone, the press communique concluded.
