Bahrain firm launches JV with China’s CPIC
Manama, September 25, 2013
A new joint venture agreement between Abahsain Fiberglass and CPIC China was signed yesterday (September 24) at the Bahrain International Investment Park, a report said.
Patronising at the event, Industry and Commerce Minister Dr Hassan Fakhro welcomed more than 150 key industrialists from China, Saudi Arabia and Bahrain, according to the report in the Gulf Daily News, our sister publication.
The minister described last week's visit by His Majesty King Hamad to China as "very successful" and expressed his confidence that as a result of the visit, Bahrain will become a hub for future Chinese investments in the Middle East.
Abahsain Fiberglass was one of the first companies to build a manufacturing plant at the park in 2007 and they commenced manufacturing operations in 2009. Today they produce more than 30,000 tonnes of finished product annually and employ over 200 people.
The company is owned by the Abahsain family from Al Khobar, and is one of the top 50 family-owned companies in Saudi Arabia.
CPIC is one of the largest manufacturers of fibreglass in China in addition to being recognised as a global player in the industry.
Globally the company produces 600,000 tonnes of finished product per year and employs 6,000 people.
Dr Fakhro welcomed the new joint venture saying that by combining their strengths, the new partnership will become the leading player in the regional fibreglass market. The joint venture will produce 200,000 tonnes of fibreglass and entail a total investment of $200 million.
The minister has taken a very close interest in this project since its inception and in 2012 he visited the CPIC headquarters in Chongqing China to encourage the partners to move forward with the project. Industrial investment at the park has reached BD547 million ($1.44 billion), reports our sister paper Akhbar Al Khaleej.
A total of 52 companies are operating in the park with investment of BD187 million, while 46 companies are set to start operations with a total investment of BD360 million. Occupancy rates in the park reached 82 per cent, Dr Fakhro told our sister paper Akhbar Al Khaleej, pointing out that the ministry is carefully reviewing the projects before granting them licences.
He also unveiled plans to develop new industrial zones, some of which will be announced soon. – TradeArabia News Service