SAIF Zone attracts Heesung PMTech Middle East, Korean company specializing in recycling of platinum group metals

6,500-square-foot PGM (Platinum Group Metals) refinery launched with an initial investment of AED 4 million, spearheading growth

• Al Mazrouei: Sharjah, under the wise leadership of HH Sheikh Dr. Sultan bin Mohammad Al Qasimi, has become a global investment hub, celebrated for its diversity and competitive edge.
• Jeongseok Do: The superior facilities at SAIF Zone were pivotal factor in expediting company’s expansion within Sharjah, facilitating seamless access to international markets.
• Company founded in 2004 through joint investment initiative by Heesung Catalysts and Hyundai Motors, listed on South Korea’s Financial Market.
• Heesung PMTech earned the top certification and accolades from London Platinum and Palladium Market, distinguishing itself as the sole entity in the UAE to be honoured with this esteemed international accreditation.
• Platinum Group metals, valued for their distinctive properties, are utilized across various industries, notably catalytic converters for car exhausts, and are recognized as precious metals.

Sharjah, February 5, 2024

Adding yet another feather to its cap and further solidifying Sharjah’s reputation as a preferred destination for specialized global enterprises, the Sharjah Airport International Freezone (SAIF Zone) successfully attracted Heesung PMTech Middle East, a Korean company specializing in platinum group metals (PGM) recycling.

The company has established a state-of-the-art refinery covering 6,500 square feet within the Free Zone, marking an initial investment of approximately AED 4 million for the project’s first phase, which is set to last six months.

HE Saud Salim Al Mazrouei, Director of SAIF Zone, Dohyun Jung, Vice Chairman of Heesung Group, KO Jeong, CEO of Heesung PMTech and Jeongseok Do, General Manager of Heesung PMTech Middle East, inaugurated the cutting-edge facility, with senior officials and executives from both entities attending.

During his visit to the refinery, Al Mazrouei, accompanied by free zone officials, toured the facility, gaining insights into its operational processes and learning about the platinum metal recycling method and its diverse applications.

Additionally, Al Mazrouei visited the research and development laboratory, equipped with state-of-the-art tools for material analysis and exploration, commending the utilization of advanced technologies in this intricate process.

Al Mazrouei stressed that under the wise leadership of His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, the emirate has emerged as a global investment destination known for its diversity and competitiveness. He stated that the strategic investment by the Korean company is a testament to SAIF Zone’s escalating stature on the global stage.

Further, Al Mazrouei said: “We are committed to fostering a business-friendly atmosphere, enabling companies to thrive through investments in essential services, facilities, and infrastructure. Our ultimate goal is to create a conducive environment for growth and expansion into regional and global markets from the free zone.”

“SAIF Zone will spare no effort to attract and boost foreign direct investment flows into the Emirate of Sharjah, positioning it as a leading innovator among Middle Eastern free zones. We achieve this by offering a suite of smart services in a creative and comprehensive manner, thereby facilitating the conduct of innovative and high-quality commercial and industrial operations,“ He added.

For his part, Jeongseok Do emphasized that the high-quality facilities offered by the SAIF Zone were instrumental in the company’s decision to expand its operations in the Emirate of Sharjah. He pointed out that these facilities provide easy and smooth access to regional and global markets, facilitating the company’s ability to serve its customers efficiently.

Do added that, operating in a specialized field critical to numerous industries, the company is keen to boost its presence in a region essential to the global economy. He lauded the constructive cooperation and strategic partnership with the Free Zone, highlighting its significant contribution to the company’s goals.

He highlighted that Heesung PMTech, founded in 2004 in Korea, was the leading company specializing in the recycling of platinum group metals, emerging from a collaborative investment project between Heesung Catalysts and Hyundai Motors.

Heesung PMTech has earned the highest certification and accolades from the London Platinum and Palladium Market, distinguishing it as the sole entity in the UAE to boast such prestigious global recognition.

Platinum group metals, known for their unique properties, are invaluable across multiple industries, particularly in manufacturing catalytic converters for automobiles. The annual worldwide production of these metals is notably lower than that of gold and silver, with platinum and palladium—the principal metals in this group—having an annual production rate of just 200 tons. This limited availability marks them as both precious and costly.

SAIF Zone offers a host of competitive benefits for businesses across the commercial, industrial, and service sectors. Key advantages include streamlined customs procedures, cutting-edge infrastructure, and modern facilities that include fully furnished and air-conditioned executive offices, versatile warehouses with office spaces, and investment-ready rental lands.

The Free Zone also ensures round-the-clock services, quick licence issuance within an hour, efficient shipping and customs clearance, robust security and emergency responses, along with onsite worker accommodation, making it a comprehensive hub for business operations.