Amar Holding starts work on Al-Hidd project
Manama, January 10, 2009
Amar Holding Company has announced the commencement of the first phase of its project in Al-Hidd related to the development of an Investment Park in Bahrain.
The project includes light industrial and logistics services and facilities, warehouses, a business park, labor accommodation, and retail shops.
Yousif Abdulla Taqi, chairman of Amar Holding Company and chief executive officer and board member of Al Salam Bank – Bahrain said, 'We are pleased to announce the commencement of activities associated with the development of the first phase of a modern integrated Investment Park in Al-Hidd.'
Taqi pointed out that the project launch reflects the confidence of the company and its board of directors in the ability of the Bahraini economy to overcome the global financial crisis and the expected bright future for light industrial and logistics services in the Kingdom.
With the opening of Khalifa port and the expansion of Bahrain International Airport, the Al Hidd city will become a vital point thanks to a modern network of roads linking Al-Hidd city to all important destinations in Bahrain as well as the King Fahad causeway leading to Saudi Arabia, he said.
Taqi pointed out that the project will enhance a flourishing picture of the Bahraini economy drawing further investments and projects to the area.
'These will not only bring with them advanced technologies and attract international investments and enterprise start-ups, but will also greatly support the efforts of the government in creating well paid jobs for competent Bahrainis,' he noted.
Dr. Hassan Al Bastaki, chief executive officer of Amar Holding Company, said the first phase will cover an estimated area of 600,000 sq m and the rough cost of preparing the land for construction and building the infrastructure will be BD50 million ($130 million).
With regard to the detailed components of the project in its first phase, Dr Al-Bastaki said it was still under study and has not been finalised.
But its main features include a logistics and warehousing component, an area designated for business offices and another for labor accommodation, in addition to a number of commercial and retail shops necessary to service the area.
Additional details about the project are expected to be revealed in the near future as soon as all necessary studies are completed and all required approvals and permits from the authorities obtained.-TradeArabia News Service