Sharjah's SAIF Zone Signs Deal With India's Forpack Industries

Sharjah's SAIF Zone signs deal with India's Forpack Industries

SHARJAH, (Pakistan Point News - 28th Apr, 2021) The Sharjah Airport International Free Zone (SAIF Zone) has further enhanced and secured its position as a prominent hub for global investors after signing an investment deal with the Indian Forpack Industries, a leading manufacturer of recycled Kraft board & Coreboard Paper.

Under the terms of the deal, Forpack Industries is set to establish its first headquarters in the UAE by leasing four warehouses at SAIF Zone’s U2 area across a total area of 25.833 square feet.

The MoU was signed by SAIF Zone's Director Saud Salim Al Mazrouei and Samir Lakhani, Chairman of Forpack Industries, in the presence of senior officials from both sides.

According to the MoU, the company's current capital investment is estimated at AED 10 million, and the working annual turnover is estimated at around AED 50 million, while the business plan will include producing total packaging solutions, the production and marketing of industrial pallet wrap Stretch film and LLDPE cling film, and the manufacturing of cardboard boxes and tissue paper products.

The deal with the Indian company, which has more than 20 years of accumulated experiences, is yet another testament to SAIF Zone's growing position among the region's most competitive free zones in terms of attracting direct foreign investments and providing all the means of success to businesses wishing to expand into regional and global markets.

Al Mazrouei said, "This agreement represents a new global recognition of the lucrative opportunities provided by the Emirate of Sharjah and SAIF Zone to investors and companies willing to get the most out of growth opportunities in the industrial and logistical services sector in the region, as well as the advantages provided by the 'U2 area', which is equipped with new world-class warehouses and state-of-the-art equipment in the field of warehouse engineering and design."

The Emirate of Sharjah has become a perfect destination for establishing businesses owing to the availability of sophisticated infrastructure, outstanding logistics services, the strategic location, and the presence of lucrative investment opportunities, thanks to the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, he added.

Al Mazrouei pointed out that attracting such quality investments underpins and bolsters the national strategies and plans and the UAE’s Unified Industrial Brand Identity – Make it in the Emirates, especially that the plastic industry is one of the most important promising manufacturing industries in the UAE and the GCC region, and a pillar of the UAE Industrial Strategy "Operation 300bn", contributing to the growth of the national economy and the development process for the next 50 years.

Samir Lakhani, said, "This deal is a significant step forward towards enhancing our capabilities worldwide and is a reflection of our strategy aimed at developing our processing and manufacturing capabilities. By investing in SAIF Zone with its strategic location and competitive advantages, I can confirm that we are on the right track to strengthen our bonds with our customers in new parts of the world and enhance the competitiveness of our company."

Lakhani noted that the new industrial facilities are furnished with Italian machines with a production capacity of 1,000 kilogrammes per hour, with 60 percent of the production to be allocated to UAE markets and 40 percent to European, American, and South Asian markets.