Strengthening Economic Growth In UAE: Sharjah Free Zones Attract Over 1,600 International Companies In 2024

Sharjah's free zones have achieved significant milestones in 2024, solidifying their status as prime locations for businesses worldwide. The Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone Authority (SAIF Zone) together attracted over 1,600 companies from countries including the US, Africa, India, Japan, and the UK. This influx underscores Sharjah's growing appeal to international enterprises.

The Hamriyah Free Zone Authority welcomed 900 new companies in 2024, with a strong focus on the iron and steel manufacturing sectors in the Middle East and Africa. This achievement was globally recognised when HFZA received prestigious awards at the Global Free Zones of the Year Award by fDi Intelligence for the second year running. Such accolades highlight Sharjah's strategic importance in global trade.

SAIF Zone has cemented its reputation as a key investment hub for gold, jewellery, and gemstones. Its Gold, Diamond, and Commodities Park is one of the largest gold refinery centres in the GCC region. It hosts over 55 refineries and more than 250 companies specialising in precious metals like gold, platinum, silver, and titanium.

In addition to its achievements in attracting businesses, SAIF Zone saw substantial growth last year by welcoming over 700 companies from various sectors. This expansion reinforces its role as a regional leader in investment opportunities across diverse industries.

The success of these free zones is attributed to the guidance of His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi. His directives have focused on diversifying Sharjah's economy and enhancing its competitiveness. As a result, these zones continue to draw foreign direct investment, fostering growth in advanced industries.

Saud Salim Al Mazrouei, Director of HFZA and SAIF Zone, highlighted that these accomplishments reflect Sharjah's economic resilience. He noted that they provide momentum for further development contributions to Sharjah's economy in 2025.

Both HFZA and SAIF Zone have embraced digital technologies to improve operational efficiency. They offer 600 smart services aimed at streamlining business processes while ensuring an investor experience marked by speed and excellence. This commitment aligns with their focus on innovation.

The free zones also prioritised environmental sustainability by forming a strategic partnership with "Bee'ah Group." They organised initiatives like workshops to promote eco-friendly practices among businesses. These efforts aim to enhance energy efficiency and reduce emissions within their operations.

The steady economic growth of Sharjah is evident in its 2025 general budget allocation. The economic development sector accounts for 27 percent of this budget while infrastructure takes precedence with 41 percent. This allocation reflects Sharjah's strategic ambitions aligned with its development plans.

With over 15,000 companies from 160 countries operating within them, HFZA and SAIF Zone are leading investment destinations both regionally and globally. Their achievements underscore their pivotal role in shaping Sharjah's economic landscape through diverse sectoral contributions.

With inputs from WAM