Sharjah’s free zones achieved significant milestones in 2024, solidifying the emirate’s position as a leading destination for businesses both locally and internationally. The Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone Authority (SAIF Zone) welcomed more than 1,600 companies from various countries, including the United States, Africa, India, Japan, the United Kingdom, Spain, and Belgium, among others.

In particular, the HFZA attracted 900 companies, focusing on the iron and steel manufacturing sector within the Middle East and Africa. This growth was highlighted by the authority receiving international recognition at the 2024 Global Free Zones of the Year Award by fDi Intelligence, a Financial Times Group publication, marking its second consecutive win in this category.

SAIF Zone also recorded substantial growth, bringing in over 700 local and international companies from a variety of sectors. It has reinforced its status as a vital investment hub for the gold, jewellery, and gemstone industries. The Gold, Diamond, and Commodities Park within SAIF Zone is now recognized as one of the largest gold refinery hubs in the Gulf Cooperation Council (GCC), home to over 55 gold refineries and more than 250 companies specializing in the trade and manufacturing of gold, platinum, silver, and titanium.

Saud Salim Al Mazrouei, Director of HFZA and SAIF Zone, stated that these achievements reflect the resilience and strength of Sharjah’s economy. He attributed this success to the visionary directives of His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, the Supreme Council Member and Ruler of Sharjah, who has focused on diversifying the economy and enhancing the competitiveness of the emirate’s free zones.

As a result of these efforts, both HFZA and SAIF Zone have established themselves as premier investment destinations in the Middle East and globally, now hosting over 15,000 companies from 160 countries. Al Mazrouei emphasized that the successes achieved in 2024 will motivate the free zones to further their developmental roles and contributions to Sharjah’s economy in 2025.

The emirate’s 2025 general budget reflects this growth, with the economic development sector accounting for 27 percent, while the infrastructure sector leads with 41 percent of the total budget. In 2024, HFZA and SAIF Zone committed to innovation and sustainability, enhancing their operations through advanced digital technologies to create more flexible and inclusive work environments.

They now offer a comprehensive portfolio of 600 smart services aimed at improving operational efficiency and streamlining business processes. Additionally, both zones have prioritized environmental sustainability by implementing strategies to promote eco-friendly services, including a strategic partnership with “Bee’ah Group” and hosting workshops to encourage businesses to adopt energy-efficient practices and minimize emissions.