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Officials from Fontana Gruppo and Sigma Enterprise signed the agreement.
Global investment platform Investopia has unveiled one of the main outcomes of its annual conference in Abu Dhabi on 2-3 March 2023, the annual meeting of international Italian companies entering the UAE market through partnership agreements under its umbrella. These agreements include the industrial sector, as well as the construction of a factory that operates according to the circular economy.
With this in mind, GREENTHESIS Italia, an independent group listed in Italy, specialized in the integrated management of waste cycles based on the logic of circular economy and environmental sustainability, announces the signing of a Memorandum of Understanding with Sharaf Investments, part of the Sharaf Group, one of the largest companies in the UAE one.
Under the partnership, GREENTHESIS has acquired 20% of the equity of Green Future Battery Recycle, a UAE-based company owned by Sharaf Investment, and the two parties will jointly build and manage the first new factory in the UAE to process and recycle used lead-acid batteries mainly from the automotive industry.
The plant, which is expected to start operating by the end of 2023, will process 22,000 tons of batteries per year and will recycle around 13,000 tons of lead and around 1,000 tons of plastic per year.
On the occasion, Giovanni Buzzetti, Chairman of the GREENTHESIS Board of Directors, commented: “The stability of the UAE has opened the door for GREENTHESIS to participate in a real facility featuring production activities that are fully aligned with the principles of the circular economy and fully aligned with our business plan .”
In the field of fastener industry, Sigma Enterprise, a distributor and service provider of a wide range of industrial products in the UAE, has signed a cooperation agreement with Fontana Gruppo, the Italian group of the world’s largest fastener producer. Sigma is an industry leader in the UAE and the GCC covering industrial fasteners, assembly and installation systems and fastener manufacturing technology and is part of Mazrui International.
Under the agreement, both parties will collaborate to analyze the potential of the fastener market and develop a new strategy for the sector in the UAE.
It is worth noting that the market size of the fastener industry will reach US$79.54 billion in 2021. According to the forecast of International Research Corporation, the market is expected to grow from USD 82.56 billion in 2022 to USD 110.91 billion in 2030, at an annual growth rate of 4.3%. forecast period.
Commenting on the partnership, Giuseppe Fontana, CEO of Fontana Gruppo, said: “The new partnership with Mazrui International represents an important opportunity for expansion and development of the Group, as it allows us to enter the UAE market and further develop the industrial sector. Fontana therefore Gruppo is ready to offer its expertise in this field.”
It is worth mentioning that the UAE and the Italian Republic announced in March 2023 to upgrade their bilateral relations to the level of “Strategic Partnership”.
The theme of Investopia Conference 2023 is “Envisioning Opportunities in an Era of Change” with three sub-themes: Envisioning Opportunities in Today’s Economy, The Future of National Wealth, and Growth Opportunities in an Era of Decarbonization.
This year’s conference included 35 sessions and roundtables, bringing together more than 2,000 investors, government officials, thought leaders and entrepreneurs from more than 40 countries.
Investopia is a global platform designed to drive global investment, foster growth, accelerate innovation and contribute to the prosperity of future generations.
Investopia is supported by several local and global partners including Abu Dhabi Department of Economic Development, Crypto.com, Mubadala, Invest in Sharjah, SALT, IFC, iConnections, UAE Development Bank, GKSD, MEVCA.
Initiated by the UAE Government as one of the major strategic initiatives under Project 50 to build the best and most dynamic economy in the world and held under the auspices of the Ministry of Economy, Investopia is committed to creating a new An ecosystem where the world’s investment stakeholders work together to develop innovative models for future business environments and partnership models that will generate new investment opportunities in new economies.
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