The Hamriyah Free Zone Authority (HFZA) has emphasized the importance of innovation in the business sector as a key driving force for economic growth and productivity improvement, and transformation towards a knowledge economy, in addition to its role in tackling the challenges facing the private sector.
The Authority also pointed to the value-added of innovation to all countries seeking to enhance their position and competitiveness on the global economic map.
This was stated during a speech delivered by HE Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority, during the opening of the 5th MAHABIZ 2022 at the Grand Hyatt Dubai.
HFZA participated in the conference, organized by GMBF Global (Gulf Maharashtra Business Forum), as a Title Sponsor. The global Business Event brought over 600 Entrepreneurs from all across the globe coming together for opportunities to network, share knowledge, and form meaningful partnerships.
The two-day event also touched on a number of economic issues, most importantly, the innovation in the business sector and the electronic market, and topics of interest to the local and global business sector.
In his speech, Al Mazrouei said: “The United Arab Emirates is very keen to deepen its trade ties in fast-growing economies in Asia and Africa, and draw over $150 billion in foreign investment to reposition itself as a global hub for business and finance. Being the commercial and trading hub of the Middle East, UAE has maintained a strong trade momentum despite pandemic headwinds and is keen to further strengthen its relations with key trading partners as the global economy recovers and trade rebounds. The UAE and India have enjoyed a strong trade relationship for many years and as these relations continue to grow, we see the trade markets grow and diversify. India is the UAE’s second-largest trading partner, with around $40 billion in non-oil trade before the pandemic hit. The UAE is also India’s second-largest export destination after the US, with exports valued at about $29 billion in 2019-20.”
Al Mazrouei signaled the importance of Africa as one of the most important markets for the United Arab Emirates that seeks to play a larger role in developing several key sectors in African countries such as infrastructure, oil, gas, mining, energy, Food, transport, logistics, ports, and IT.
Investing in innovation
He emphasized the importance of investing in innovation, creativity, research and development, particularly given the rapid changes taking place in the global economy. He added: “The UAE has early on realized this trend, making it stand out today as a platform for innovation at the regional and global levels and a perfect environment for business sectors seeking excellence in services and products, thanks to the proactive vision of the government that continues to develop mechanisms, services and legislation to keep pace with the modern developments and economic growth.
Al Mazrouei stressed the need to ramp up efforts to boost innovation in the private sector, pursuant to the objectives of the National Innovation Strategy, by developing cities, smart apps, and IT so as to ensure the improvement of the quality of services provided.
He went on to say that the UAE free zones are one of the most important integrated economic solutions, with adaptability to the global economic climate with its various fluctuations by turning challenges into success.
“HFZA is a vivid example of that, whether in terms of the Sharjah government’s support for its investors and the privileges they enjoy, or the services and facilities provided by the zone. This includes the swift issuance of licenses, top-notch administrative, technical, and logistical services, and smart platforms and digital services that made the Hamriyah Free Zone one of the world’s most flexible free zones,”
This is in addition to the competitive advantages and prospects and opportunities for growth in Sharjah, thanks to the strategic location connecting the East and West and unrivaled global connectivity.
The Director of Hamriyah Free Zone shed light on the Authority’s strategy, which is based on economic diversification in terms of providing the appropriate environment to attract new sectors, cooperating with business institutions, participating in major exhibitions, developing infrastructure to enhance investors’ experience.
He said that Hamriyah Free Zone provides all the support and facilities for investors to expand their businesses in the Middle East and GCC, including numerous incentives, top-notch services, and the highest standards of security and safety for their facilities.
Despite the fluctuations in the performance of a number of emerging economies and the global economy in 2021, HFZA’s performance was powerful and competitive, Al Mazrouei noted.
He added that the Authority has attracted foreign companies from the United States of America, African countries, India and others, extending over an area of two million and 850 thousand square feet, with a total value of investments amounted to about AED 271 million.
Such figures are the fruits of what we offer at HFZA from various facilities and incentives, which enhanced its attractiveness to foreign investors.
Al Mazrouei called on businessmen to take advantage of the exceptional benefits offered by the Hamriya Free Zone. He added: “Spread over 30 million SQM, it is one of the largest and fastest-growing industrial free zones in the Middle East. Thanks to the unrivaled benefits we provide like strategic geographic location, world-class infrastructure, 100% foreign ownership, no customs duty and no corporate and income taxes, long-term residency, and a business-friendly environment, HFZA is home to more than 6,700 companies from more than 160 countries and we are an ideal destination where Small and Medium Business Enterprises as well as Large Industries co-exist and flourish together.