The Sharjah Airport International Free Zone (SAIF Zone) has further enhanced and secured its prominent position as a global investors hub following the signing of 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 the SAIF Zone’s U2 area with a total area of 25.833sq.ft.
The deal was signed by HE Saud Salim Al Mazrouei, Director of Sharjah Airport International Free Zone, and Mr. 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 targeted for approx. AED 50 Million per annum, while the business plans include the provision of 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 as one of the most prominent and competitive free zones in the region in terms of attracting direct foreign investments and providing all the means of success and distinction to businesses wishing to expand into regional and global markets.
Welcoming the deal and the joining of Forpack Industries to SAIF Zone's investors base, Saud Salim 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 gained a firm foothold and 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 HH Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah,” added Al Mazrouei.
Supporting promising industries
Al Mazrouei pointed out that attracting such quality investments clearly underpins and bolsters the national strategies and plans and the UAE’s Unified Industrial Brand Identity – Make it in the Emirates, which is one of our key strategic pillars at SAIF Zone, especially that the plastic industry is one of the most important promising manufacturing industries in the UAE and the Gulf region. The plastic industry is also considered among the industries set out by the UAE Industrial Strategy "Operation 300bn" that is in line with the state’s priorities, as a key contributor to the growth of the national economy and the development process for the next 50 years.
For his part, 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 stated that his company began with the production of 3500 Metric tons per month back in the 2000s, reaching 72,000 Metric tons of production in 2020 and now targeting 100,000 Metric Tons of production by 2025, noting that the new industrial facilities are furnished with Italian machines with a production capacity of 1000 kilograms per hour, where 60% of the production will be allocated to the UAE markets and 40% to the European, American, and South Asian markets.
Founded in 2000 in western India and south Gujarat, B N Papers has grown significantly wading through the business cycle dynamics over the last 20 years consistently producing high-quality recycled Kraft Paper & Coreboard paper to the Corrugation & Cylindrical Packaging Industry.