Sharjah’s freezones attract over 1,600 international firms in 2024

Sharjah’s freezones marked major achievements and milestones in 2024, reinforcing their pivotal role in establishing the emirate as one of the most attractive destinations for local, regional, and international businesses.

During the last year, the Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone Authority (SAIF Zone) attracted more than 1,600 companies from various countries worldwide, including the US, Africa, India, Japan, the UK, Spain, Belgium, and others.

In 2024, the Hamriyah Free Zone Authority attracted 900 companies and corporations across diverse sectors, specifically for the iron and steel manufacturing industry in the Middle East and Africa.

In a global acknowledgement of these achievements, the authority clinched prestigious international awards at the 2024 iteration of the Global Free Zones of the Year Award by fDi Intelligence, a publication by the Financial Times Group, for the second consecutive time.

The Sharjah Airport International Free Zone Authority experienced significant growth in the past year, attracting over 700 international and local companies from diverse sectors.

SAIF Zone has further strengthened its position as a regional investment destination for the gold, jewellery, and gemstone industries. Its Gold, Diamond, and Commodities Park is recognised as one of GCC’s largest gold refinery hubs, accommodating over 55 gold refineries and hosting more than 250 regional and international companies specialising in gold, platinum, silver, and titanium manufacturing and trade.

Saud Salim Al Mazrouei, Director of HFZA and the SAIF Zone, emphasised that the significant accomplishments and milestones achieved by both zones in 2024 reflect the resilience and strength of Sharjah’s economy.

These achievements are guided by the wise directives of His Highness Sheikh Dr Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who has prioritised efforts to diversify Sharjah’s economy and enhance the competitiveness of its free zones.

As a result, these zones continue to attract foreign direct investment, fostering growth as hubs for advanced industries and commercial activities across various sectors.

Both HFZA and SAIF Zone have firmly established themselves as leading investment destinations in the Middle East and globally, hosting over 15,000 companies from 160 countries worldwide.

Al Mazrouei noted that these achievements create a strong impetus among Sharjah’s free zones to strengthen their developmental role and further their contributions to the emirate’s economy in 2025.

This progress is underpinned by the steady growth of Sharjah’s economy, driven by the diversity and complementarity of its sectors and their alignment with the emirate’s strategic ambitions and development plans.

This is reflected in Sharjah’s 2025 general budget, where the economic development sector accounts for 27 per cent of the new budget, while the infrastructure sector ranks first, comprising 41 per cent of the total general budget for 2025.

In line with their commitment to innovation and sustainability, both HFZA and SAIF Zone enhanced their operational frameworks in 2024 by leveraging cutting-edge digital technologies to create flexible and inclusive work environments.

Together, they now offer a comprehensive portfolio of 600 smart services, designed to optimise operational efficiency, streamline business activities, and deliver an investor experience centred on efficiency, speed, and excellence. The two free zones also strengthened their focus on environmental sustainability by adopting innovative strategies to build an integrated system of eco-friendly services.

This included signing a strategic partnership agreement with “Bee’ah Group” and organising targeted initiatives, including events and workshops to encourage businesses and investors to embrace effective environmental solutions focused on energy efficiency, natural resource preservation, and emission minimisation.

Meanwhile in October 2024 The Hamriyah Free Zone Authority (HFZA) in Sharjah has clinched three prestigious international awards at the 11th edition of Global Free Zones of the Year awards 2024 by fDi Intelligence, recognising the most promising free zones across the world.

The accolades showcase HFZA’s growing reputation as a top investment destination and business hub in the Middle East.

HFZA was ranked as the second-best free zone globally in 2024, earning the Global Free Zone of the Year Award. In addition, HFZA received high commendations in two key categories: Highly Commended Industrial Free Zone – Middle East and Highly Commended Industrial Free Zone – Globally.

WAM