Malaysian engineering and construction company Eversendai has signed a new investment agreement with Sharjah government for the leasing of an additional 1.3 million sq ft area in Hamriyah Free Zone Authority (HFZA) at Sharjah, UAE, said a report.

The move comes as part of the expansion strategy of the group which currently leases 2.27 million sq ft in the area, stated Emirati news agency Wam.

The agreement was signed in the presence of Saud Salim Al Mazrouei, the director of HFZA and Sharjah Airport Free Zone Authority (SAIF Zone), it stated.

Al Mazrouei said HFZA aims to balance attracting new investors and the expansion of existing investors by providing a favourable business environment that contributes directly to the success of each investment projects.

"Eversendai Engineering Group is one of the biggest manufacturer of iron as well as builders of complex projects such as construction of towers, power stations, airports and shopping centers," he added.