Sharjah's Hamriyah Free Zone Authority (HFZA) has signed an investment agreement with Saipem, a leading Italian oil and gas services company, for the latter to set up a major base in the zone.

As per the agreement, Saipem will take up a 59,338-sq-m plot of land for the company's operations in the Middle East and North Africa, said a Wam news agency report.

Saud Salem Al Mazrouei, director of the Hamriyah Free Zone Authority (HFZA), and Sharjah Airport Free Zone Authority, said this investment is the culmination of the HFZA’s efforts in attracting foreign investments to the emirate of Sharjah.

He pointed out that the free zone in Hamriyah is characterised by several factors that make it attractive to investors.

Saipem's activities cover more than 68 countries and the company employs over 40,000 people worldwide.