First Bahrain starts work on $45m BIW project
Manama, April 27, 2009
First Bahrain, an innovative regional real estate developer, said construction work has started at the company's $45 million warehousing development at the Bahrain Investment Wharf (BIW).
The company on Monday held a groundbreaking ceremony for the 716,000 sq ft logistics and warehousing project at BIW. The development is being funded in part through debt secured from Kuwait Finance House.
First Bahrain’s BIW project was conceived due to a clear shortage of quality warehousing space in the Kingdom, and is aimed at raising the bar for warehousing development by developing modern spatial solutions catering to the needs of small to medium enterprises (SMEs).
Amin Al Arrayed, general manager of First Bahrain, said the company applies a strategic and demand-driven approach to its investments, and identifies niche opportunities within existing markets.
"The groundbreaking ceremony at BIW signifies the start of the construction on first phase of the project, which will offer well managed, accessible, and state-of-art warehousing facilities for the Bahrain SME sector."
"We are also proud to have the ongoing backing of KFH, and are on track to deliver the entire project within 18 months," he noted.
The BIW warehousing development, in close proximity to the new Shaikh Khalifa Port, is a prime example of First Bahrain’s demand-driven investment approach, as well as its approach to exploring untapped opportunities in Bahrain’s real estate market.
The development also reflects First Bahrain’s entrepreneurial spirit and its ability to differentiate its offerings, Al Arrayed said.
The BIW groundbreaking ceremony follows the recent appointment of Abdullah H. Al Darazi & Sons as main contractor for the development.
Also serving in the project team are consultants Tebodin Middle East, the Project and Construction Managers, and BWS Middle East, who perform duties as Quantity Surveyors.
"The first phase of the project is now under construction. Abdullah H. Al Darazi & Sons, is pursuing an aggressive schedule to complete the work by the end of 2009 with the entire project due for completion in 18 months," said an official.
In addition to the physical warehousing space, the development will offer a range of value-added services, including a 24/7 security service, state-of-the-art ICT provision, assistance on fit out, and leasable forklifts.
The warehousing space will be divided into individual units, starting with 1,000 sq ft and with an option to combine units to accommodate larger tenants’ needs.
The small to medium, modern and safe warehousing spaces can be used solely for storage, or as a combined storage and office facility, ideal for encouraging startups and smaller companies and in allowing existing companies to expand.-TradeArabia News Service