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Armacell eyes investment in Bahrain

Manama, April 24, 2014

A high-level delegation from Armacell, a world leader in the market for flexible technical insulation material, has discussed investment opportunities with Transportation Minister and Economic Development Board (EDB) acting chief executive Kamal Ahmed.

Company officials were briefed on opportunities and benefits available in the kingdom, particularly the open and free economic environment, reported the Gulf Daily News, our sister publication.

The delegation was also briefed on the kingdom's policy on attracting manufacturing companies, and efforts taken to attract foreign investment into Bahrain.

Armacell was also encouraged to establish operations in the kingdom.

Ahmed said he was pleased to note that the German manufacturer was interested in Bahrain as a destination from where international companies could look to benefit from the Gulf market now worth $1.5 trillion.

"This is testament to what Bahrain offers in terms of an encouraging environment for investment, with competitive start-up costs and a qualified workforce," he said.

The company, with its headquarters in Munster, Germany, has a gross annual turnover of 500 million euros ($692 million).

Armacell has around 2,500 employees and manufactures products at 20 plants in 13 countries in four continents.

It produces thermoplastic insulation materials, covering systems, fire protection and noise control solutions as well as special foams for multitude of industrial applications.

"We are confident that the advantages Bahrain's economy offers, as well as its supporting infrastructure, are attractive factors for international companies," EDB executive director of business development Vivian Jamal said.

"One example of this is in the number of companies operating at Salman Industrial City.

"We place a great deal of emphasis on the economic returns to the kingdom and the jobs created in our efforts in attracting a new company to Bahrain," she said.

The meeting was attended by Armacell executive vice-president Dr Karl Paetz-Lauter, general manager Neville D'Souza and finance manager Raghuram G. – TradeArabia News Service

Tags: | Bahrain Investment | Armacell |

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