India-based Forpack Industries, a leading manufacturer of recycled kraft board and coreboard paper, has reached an agreement with the Sharjah Airport International Free Zone (SAIF Zone) to set up its first headquarters in the UAE.

 

It has signed a deal to lease four warehouses at SAIF Zone’s U2 area on a total 25.833 sq ft area.

 

With this move, SAIF Zone has further enhanced and secured its position as a prominent hub for global investors, remarked its Director Saud Salim Al Mazrouei after signing the deal with Samir Lakhani, Chairman of Forpack Industries, in the presence of senior officials.

 

"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," noted Al Mazrouei. 

 

On the tieup, 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," he added.

 

The Indian company has more than 20 years of accumulated experiences and it 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.

 

"As per the MoU, the company will be investing around AED10 million, and the working annual turnover is estimated at around AED 50 million," he noted.

 

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