Bahrain project to boost industrial sector
Manama, August 17, 2011
A key Bahrain Industrial Gate project, considered among the largest in Bahrain, will attract major investment and boost the development of the sector in the kingdom, said a top official.
A marketing agreement has been signed by Bahrain Credit and Ahmed Mansour Al Ali Company, the owner of the Bahrain Industrial Gate project, under the patronage of Industry and Commerce Minister Dr Hassan Fakhro.
Dr Fakhro stressed the importance of the Bahrain Industrial Gate project, in Ras Zuwaied, which is on an area of about six million square feet, and said it will play a key role in the development of the industrial sector.
Under the terms of the agreement, Bahrain Credit will conduct the exclusive marketing of the industrial scheme.
The scheme offers options to those seeking investment opportunities including purchase and obtaining funds to establish industrial projects.
Dr Fakhro called on Bahraini and Gulf industrial and commercial companies which export their products and services to Bahrain to benefit from this industrial land, pointing out that Bahrain enjoys an attractive environment for investment and is free from taxes and the possibility of taking advantage of the Free Trade Agreement with the US.
The performance of the national economy, which was not influenced by the recent crisis, proves investor confidence in the kingdom, he said, adding 329 companies registered during the past three months, an increase by nearly 30 per cent.
He said demand for industrial land by 2010-end reached nearly 6 million sq m, eight times the supply, which reflects Bahrain's competitive advantage in attracting industries.
He said upcoming major projects included investment by a specialised company in food and a project of a group of global investment companies to set up a firm for building and industrial materials, in co-operation with the private sector. Its investment is expected to reach about $25 billion during the next 10 years.
In addition, a multi-billion-dollar integrated economic city project will represent a quantum leap in the economic performance of Bahrain in the region, he added. – TradeArabia News Service