SRS Middle East, a joint venture between UK-based Global Petro Storage (GPS) and leading UAE energy groups Innova Refining Industries and Chemie Tech, has announced its decision to select Sharjah as the destination for its latest investment projects in the region.

The move comes following its recent decision to make Hamriyah Free Zone the starting point for its operations in the Middle East.

The group’s long-term Dh160-million ($43.5 million) investment in the Hamriyah Free Zone includes the construction of a terminal that provides services for industrial reprocessing of waste oils, as well as trading services that include trade, import and fuelling of ships.

The terminal is expected to be fully constructed and operational in early 2020, he stated.

Saud Salim Al Mazrouei, the director of Hamriyah Free Zone Authority and Sharjah Airport International Free Zone Authority, said the decision of SRS Middle East to make Sharjah the headquarters for its operations in the region is a clear indication of the prominent status of the northern emirate globally.

The added benefits offered by Sharjah to foreign investors help make the emirate a prominent destination for establishing businesses and expanding into the markets of the region, he stated.

"There is no doubt that the Hamriyah Free Zone is the ideal choice for direct foreign investment, due to our continuous investment in developing the zone’s infrastructure in order to meet the logistics demands of both small and large enterprises," noted Al Mazrouei.

We also offer a wide range of competitive services and benefits that simplify operations, in addition to our constant dedication to apply innovation to the services we offer to all companies operating in the free zone," he added.-TradeArabia News Service