Gulf Today, Staff Reporter

SharjahThe Hamriyah Free Zone Authority (HFZA) in Sharjah has entered into a strategic agreement with Halliburton, one of the world’s leading providers of products and services to the energy industry, in yet another significant move bolstering its appeal as an investment destination in the oil and energy sector.

Under the agreement, Halliburton will expand its footprint within the UAE by establishing a cutting-edge facility for calibrating drilling tools used in the oil industry. The state-of-the-art facility is set to occupy a substantial area of more than one million square feet within the Hamriyah Free Zone, promising to be a game-changer in the sector.

The official announcement of the new facility was made following the signing of the agreement by Sheikh Khaled Bin Abdullah Al Qasimi, Chairman for Sharjah Ports, Customs and Free Zones Authority, and Lance Loeffler, Halliburton’s MENA Region Senior Vice President, in the presence of Saud Salim Al Mazrouei, Director of the Hamriyah Free Zone Authority, senior officials and executives from both entities.

Halliburton boasts an impressive track record in the UAE, where it has been operating for nearly five decades. With a presence in 70 countries worldwide, the company is committed to expanding its operations within the UAE and the broader region.

Through its strategic presence in HFZA, Halliburton looks forward to achieving rewarding returns from its investments in Sharjah, which is renowned for its global competitiveness and has solidified its stature as a preferred regional investment and economic hub. Its decision also supports HFZA’s vision and relentless efforts, aimed at strengthening Sharjah’s position as a premier destination for attracting investments in the industrial sector, particularly heavy industries.

Sheikh Khalid emphasized that Halliburton’s choice of the Hamriyah Free Zone adds yet another quality investment to the free zone, which has been famous for its efficiency and excellence in providing state-of-the-art infrastructure tailored to heavy industries—a sector of paramount importance in the HFZA.

Sheikh Khaled stressed that the free zone is committed to realising the vision of His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who is dedicated to fortifying efforts aimed at supporting economic diversification initiatives, attracting high-quality investments, and solidifying the emirate’s standing.

“Functioning as a global gateway for launching industrial projects, the Hamriyah Free Zone has excelled in its mission to draw heavy industries, including those within the oil and energy sector. This accomplishment underscores the free zone’s commitment to facilitating investors’ seamless access to comprehensive logistics services, thereby fostering a supportive environment for business growth,” he added.

For his part, Lance Loeffler said: “We are excited to locate our new drilling tool calibration facility in the Hamriyah Free Zone. The state-of-the-art facilities, advanced communications and transportation network, and logistics services allow this innovative facility to deliver leading technological solutions to our clients in the MENA region.”

Halliburton, a leading American multinational corporation established in 1919, has its headquarters in Houston, Texas, United States. It is renowned for conducting the largest fracking operations globally and boasts a diverse workforce comprising employees from 130 different nationalities.

The Hamriyah Free Zone stands as one of the UAE’s largest free zones, offering industrial and commercial lands. It distinguishes itself through its advanced infrastructure and modern facilities, which play a pivotal role in bolstering the external expansion initiatives of its investors. Particularly noteworthy is its support for import and re-export activities to global markets.

The free zone offers a multitude of competitive advantages, prominently including a streamlined, single-window operations system that elevates performance efficiency and simplifies business transactions. Moreover, it provides a range of tax exemptions, grants investors the freedom to repatriate capital and profits, allows for full ownership of businesses, and facilitates seamless communication with both regional and global markets.

Meanwhile, Sharjah Economic Development Department “SEDD” launched the ninth edition of its Business Licenses Report in Sharjah for 2022, which includes an integrated picture of the economic situation and indicators of investment and commercial establishments, which the Department works to encourage and develop its performance in the emirate.

Commenting on that, HE Hamad Ali Abdalla Al Mahmoud, SEDD Chairman, stated that this report includes all the variables related to business activity in Sharjah. Also, HE clarified that presenting the status of business licenses in the emirate did not come only through issuance and renewal numbers, but through a number of vital indicators such as sectors, activities, geographical distribution, legal forms, as well as the distribution of investments of different countries and nationalities in the emirate. HE added that the Department is keen, by issuing such reports, to provide all information and data within a framework of full disclosure, transparency and scientific methodology to the investors so that they can work in a clear and organized manner in the market.

Likewise, HE explained that SEDD, through reviewing business data over the past years, has developed the business sector and improved all statistical and electronic services it provides based on customer and investor experiences. In addition, SEDD focuses on the current trend in studying the market, works on building economic indicators, pays attention to setting proactive visions, concentrates on the time and accuracy of transactions, facilitates procedures for incorporation contracts, while also provides more data and informational linkage with customer service centers and data governance in the Department. These are all procedures that serve the investors and provide them with the means of work and investment with the least possible effort as well as economic and capital cost.