Tuesday 15 October 2019

Investment Gateway - Bahrain landfill works 26pc complete

MANAMA, June 24, 2019

Manara Developments Company, a leading real estate developer in Bahrain, has launched Phase Two of its large-scale Investment Gateway – Bahrain to move in line with the project schedule.

The early works are progressing well with around 26 per cent of its landfill target of Phase Two completed this month, said Manara in its statement.

The main project contractor has laid more than 2.7 million cu m of landfill sand and will soon kick off the BD100-million ($264 million) infrastructure construction phase, it added.

Upon completion, the Investment Gateway – Bahrain project will span a total surface area of 29 million sq ft, making it the largest light industry project available for freehold ownership in Bahrain.

On the new development, managing director Dr Hassan Al Bastaki said: "We are proud to be the Bahrain’s largest and most significant light industry free-hold project. This effectively reflects one of the key pillars of the Bahrain Economic Vision 2030 to qualify the kingdom as a strategic choice for the investment and logistics sectors that recently grown in importance."

Dr Al Bastaki pointed out that all economic indicators signified the importance and relevance of the project during its inception.

The latest economic reports indicate that foreign direct investment for 2018 would reach $1.5 billion, according to the World Investment Report issued in the United Nations Conference on Trade and Development - UNCTAD.

This report, he stated, had further enhanced foreign investment inflows to the kingdom and "a growing interest in the industrial sector which stands as second to the ever-prominent banking sector in terms of attractiveness for foreign investments."

"The project is at the heart of this dynamic growth to create the appropriate infrastructure to attract more investments towards the industry and particularly light industry, exhibitions, entrepreneurship and logistics," noted Dr Al Bastaki.

Phase Two of the Investment Gateway – Bahrain Project is likely to have a clear impact of the national economy as it will inject BD500 million ($1.3 billion) towards the landfill and construction of infrastructure with construction works to commence on the land plots by investors that is estimated at BD200,000 ($527,357) each in addition to creating 10,000 jobs at the very least, he added.

Dr Al Bastaki said the Bahrain government has extended support on numerous occasions that has brought this project to its significance today as it has approved the classification of the project as an investment zone of a unique standard.

"The classification allowed non-Bahraini investment bodies to own property within the project thus driving a higher volume demand and global expertise towards it. This also came with a notable cooperation from the Ministry of Works, Municipalities and Urban Planning in preparing the entrances, exists and roads network leading to and from the site to ease traffic movement," he added.

Dr Al Bastaki said the project would provide 1,600 land plots ranging between 450 to 1,200 sq m with the flexibility to merge and adapt plots based on the needs of each business.

Amongst the main distinguishing factors of this project is its interconnection with the port and Bahrain International Airport through a road network and bridges, which facilitates and reduces transportation costs significantly, he stated.

The project provides the flexibility to establish offices, exhibitions, warehouses, handling services, sales offices and showrooms to cater to the growing commercial and industrial developments in the kingdom, he added.-TradeArabia News Service


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