Italian oil and gas services firm to invest in Sharjah

Under the terms of its agreement with Sharjah’s Hamriyah Free Zone Authority (HFZA), Saipem will invest in 59,338sqm of land in the emirate

Italy's Saipem has signed an investment agreement with Sharjah's Hamriyah Free Zone Authority [representational image].
Italy's Saipem has signed an investment agreement with Sharjah's Hamriyah Free Zone Authority [representational image].

Italy-headquartered oil and gas services company, Saipem, has signed an investment partnership agreement with Sharjah’s Hamriyah Free Zone Authority (HFZA), it has been revealed.

Under the terms of the agreement, Saipem will invest in 59,338m2 of land in the emirate, UAE news agency, WAM, reported.

The Italian company, which employs more than 40,000 people worldwide, will reportedly use the land for its operations in the Middle East and North Africa.

According to the news agency, Saud Salem Al Mazrouei, director of HFZA and Sharjah Airport Free Zone Authority, described the newly formed partnership with Saipem as the culmination of HFZA’s efforts in attracting foreign investments to the emirate and highlighting it as an important economic centre.

Saipem's other partnerships in the region include engineering and construction (E&C) deals with Saudi Aramco, worth $1bn (SAR3.75bn), which were awarded in November 2016.

The contracts cover the development of fields in Marjan, Zuluf, and Safaniya, located in the Arabian Gulf. 

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