Ikigai Steel in deal to set up new factory in Hamriyah Free Zone

Ikigai Steel in deal to set up new factory in Hamriyah Free Zone

Ikigai Steel has announced plans to establish a new factory over a 548,000 sq ft area within the Hamriyah Free Zone in Sharjah. On completion, the state-of-the-art plant will boasts an annual production capacity of 30,000 tonnes. Backed by an estimated initial investment of AED30 million ($8.2 million), the factory will provide cutting edge technologies and high-end solutions for the iron and steel industry, Ikigai Steel's expansion plans are aimed at meeting its long term vision of serving customers and suppliers in the local, regional, and global markets, said its Chairman Rajendran after signing the deal with Hamriyah Free Zone Authority (HFZA) Director Saud Salim Al Mazrouei in the presence of senior officials. "The competitive advantages, robust infrastructure, advanced legislation and conducive environment for investment were all behind our decision to expand in Hamriyah Free Zone. HFZA prioritizes heavy industry and provides exceptional incentives and facilities, allowing us to enhance production efficiency," stated Rajendran. "We look forward to manufacturing high-quality steel and steel products for the local and regional markets, including Saudi Arabia and Qatar. Initially, the company plans to employ approximately 500 people, focusing on producing top tier steel and steel products," he added. Al Mazrouei pointed out that