Investments pour in to Bahrain industrial park
Manama, February 4, 2014
Bahrain International Investment Park (BIIP) is highlighting the benefits it offers for industries planning to set up base within the 2.5-million-sq-m business park in Hidd at the Gulf Industry Fair, which opened in Bahrain today (Feb 4).
Bahrain’s Minister of Industry and Commerce Dr Hassan Fakhro, who last month announced record investment results for the BIIP in 2013, indicated that 30 new investment projects were approved during the year, bringing to 105 the total number of companies at the park and creating job opportunities for 10,000 people when fully operational.
According to Dr Fakhro, at the end of 2013, the total value of the 105 projects at the BIIP was BD689 million ($1.8 billion), out of which 53, worth BD262 million ($694 million), are operational and 12, worth BD130 million ($345 million), are under construction; while leases have been signed for eight projects valued at BD45 million ($119 million) and 32 projects worth BD252 million ($668 million) are in the pre-lease stage.
Of the approved projects, 80 per cent are involved in manufacturing while the remaining constitute internationally traded services.
Outlining the major achievements of the BIIP, the minister said the park has seen a steady growth in the number of companies that have started operations, rising from 31 in 2011 to 43 in 2012 and to 53 in 2013.
Among the milestones at the BIIP, in March, Mondelez (Kraft Foods) celebrated five years of production at the park and confirmed plans for a further expansion. In June, Reckitt Benkiser officially opened its new manufacturing facility - their first in the Middle East. In September, Abahsain finalised a joint venture agreement with CPIC China to build a new manufacturing facility and increase output to more than 200,000 tonnes of fibreglass per year by 2016.
Two other ventures saw their facilities come on line: In November, JBF India marked the completion of its new $200 million plant and commenced production of specialised polyethylene film; while in December, Arabian Sugar Company commenced production of white sugar in Phase One of its new $140 million refinery.
Some of the top global companies at the BIIP include Alstom, France; NCR, US; American Express US; Alfred Talke, Germany; Kintetsu Japan; Thyrocare Laboratories India; and TUV Nord, Germany.
The BIIP has also seen the completion the first office building which now accommodates a range of international services companies, with the construction of the second office building this year to continue to attract global companies.
The business park is offering a tax-free location with significant incentives to trade in the GCC and Middle East. It is situated within minutes of both the Bahrain International Airport and the Khalifa Bin Salman Port and enjoys access to Saudi Arabia via the 25-km Saudi-Bahrain King Fahd Causeway.
BIIP is present at Stand 1E61 at the exhibition, which is open till Thursday. - TradeArabia News Service