Bahrain GOP posts good revenue growth
Manama, July 4, 2012
Bahrain's General Organisation of Sea Ports (GOP) achieved a significant increase in revenue last year which hit BD11.7 million ($31 million) despite difficult local market conditions and is looking forward to 2012 with renewed optimism, said a senior official.
Last year was yet another successful and productive one for the GOP, with revenues exceeding those of 2010 and significant growth in nearly all sectors under its guidance,' said chairman Shaikh Daij bin Salman Al Khalifa.
'The gross revenue for the year rose to BD11.7 million ($31 million) compared to BD10.1 million the previous year. The surplus for the year was BD7.66 million, a 21 per cent rise on 2010's BD6.32 million,' he added.
GOP in its annual report said the future outlook is very positive and it hopes to achieve much better results in 2012.
The organisation will continue to invest significant sums to enhance the port infrastructure and facilities, the report stated.
'The year 2012 is set to continue the ongoing investment in the future of Bahrain's maritime sector, with a suite of new developments scheduled for completion, and an active calendar of events and initiatives set to launch,' it added.
For GOP, relationships with Europe, Asia, the US and other export hubs continue to be key, and strengthening Bahrain's global maritime industry position remains the priority, said the GOP report.
'However, the method now has new strategic direction under the guidance of the GOP's Strategic Plan 2011-2016,' it said.
Shaikh Daij said this success was achieved with the active co-operation and support of the port operating company APM Terminals Bahrain, at a time when the shipping industry was relapsing into a state of despair similar to 2009.
'In spite of difficult market conditions, almost all GCC countries have been expanding their port infrastructure and facilities, which reflect their optimism about the future and determination to position themselves well to handle anticipated heavy increase in cargo volumes, once the global economy fully recovers.
'Bahrain is no exception and as custodians of the kingdom's vital port and maritime infrastructure, GOP has been sparing no effort in further strengthening the country's maritime infrastructure and the nation's glorious seafaring credentials in line with its own strategic objectives and the Economic Vision 2030 and National Economic Strategy 2009-2014,' he said.
'A major initiative of GOP in this regard is the establishment of Bahrain Logistics Zone (BLZ), a multi-model logistics park, with a mission to enhance the volume of export and re-export cargo throughput,' he said.
'There are now indications, at the dawn of 2012, of resumption of significant investment flows. The BLZ offers businesses and investors involved in export or value added re-export developed land for building their own facility or pre-built warehouse space to high international standards at competitive prices.
'Tenants have moved ahead with construction of their facilities and the BLZ has already won several international recognitions including the Free Zone Authority Award for the year 2011 at the Seatrade Middle East and Indian Subcontinent Awards ceremony,' he said.-TradeArabia News Service
More Industry, Logistics & Shipping Stories
- Morocco revives plan to sell stake in port operator
- Sabic opens new $126m research facility
- UAE women entrepreneurs set for growth
- Major cruise liner docks at Abu Dhabi port
- MAG boosts Iraq shipping capacity by 60pc
- Sabic to distribute $2.4bn dividends in H2
- Pearl diving 'regains popularity' in Bahrain
- AerCap to buy AIG aircraft leasing unit for $5.4bn
- Safco to pay $1.6 per share cash dividend
- UAE ranked 17th globally for merchandise export