The global investment platform, Investopia, has revealed one of the key outcomes of its annual conference held on 2-3 March 2023 in Abu Dhabi, which is the entry of international Italian companies into the UAE market through partnership agreements under the umbrella of its annual conference. These agreements included industrial fields, as well as building a factory operating according to the circular economy.
In light of this, the Italian company GREENTHESIS, an independent group, listed in Italy, specializing in the integrated management of the waste cycle in a logic based on the circular economy and environmental sustainability, announced the signing of an MoU with Sharaf Investments, part of Sharaf Group, one of the largest companies in the UAE.
Under this cooperation, GREENTHESIS acquires 20% of the share capital of the UAE company Green Future Battery Recycle, owned by Sharaf Investment, in which both parties will work together to build and manage a new plant, the first in the Emirates, for the treatment and recovery of used lead-acid batteries deriving mainly from the automotive sector. The plant is expected to start operating at the end of 2023 and will process 22 thousand tons of batteries per year and will allow the recovery, each year, of both about 13 thousand tons of lead, and about 1 thousand tons of plastic.
On this occasion, Giovanni Buzzetti, Chairman of the Board of Directors of GREENTHESIS, commented: “The stability of the UAE is opening doors for GREENTHESIS through participation in a real facility distinguished by production activities that are fully consistent with the principles of circular economy and perfectly compliant with our Business Plan.”
Read more: Investopia signs MOU with JC Media Group
Within the field of fasteners’ industries, SIGMA Enterprise, a distributor and service provider for a wide range of industrial products in the UAE, signed a partnership agreement with the Italian group Fontana Gruppo, the world’s largest producer of fasteners. Sigma is an industry leader covering industrial fasteners, assembly and mounting systems, and fastener manufacturing technology in the UAE and GCC, and is part of Mazrui International.
Under the agreement, both parties will collaborate to analyze the potential of the fastener markets and develop new strategies for this industry in the UAE.
It is noteworthy that the market size of the fasteners industry reached $79.54 billion in 2021. According to international research companies, this market is expected to grow from $82.56 billion in 2022 to $110.91 billion by 2030, representing an annual growth rate of 4.3% during the forecast period.
Growth opportunity
Commenting on this partnership, Giuseppe Fontana, Fontana Gruppo CEO, says: “The new collaboration with Mazrui International represents an important opportunity for the Group to expand and grow because it allows us to enter the UAE market, and further develop the industrial sector. Therefore, Fontana Gruppo is ready to provide its expertise in this field.”
It is worth mentioning that the United Arab Emirates and the Republic of Italy announced elevating their bilateral relations to the ‘Strategic Partnership’ level in March 2023.
Investopia conference 2023 focused on the theme “Envisioning Opportunities in Times of Change” and three sub-themes: Envisioning Opportunities in Today’s Economy, The Future of the Wealth of Nations, and Growth Opportunities in Times of Decarbonization. The conference this year included 35 sessions and roundtables, and brought together more than 2000 participants like investors, government officials, thought leaders, and entrepreneurs, from more than 40 countries.
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