First Bahrain Real Estate Development Company (First Bahrain) has signed an agreement with an Islamic project financing facility of Kuwait Finance House - Bahrain (KFH-Bahrain) to develop a $25 million warehousing and logistics facility.

The project will be located at the Bahrain Investment Wharf (BIW), strategically located near the new Shaikh Khalifa Port due to open in October this year.

Amin A. Al Arrayed, general manager of First Bahrain said that he was delighted that negotiations with KFH-Bahrain had come to a successful conclusion.

'The financing comes in perfect timing as we have just received our building permits from the Muharraq Municipality and we expect to receive tenders from contractors within the week. We would like to thank KFH-Bahrain for all of their efforts and belief in First Bahrain and we look forward to working with them on future transactions,” he said.

The company had taken an aggressive approach during the pre-financing period of the project to set the stage for a fast track construction schedule.

'We have been hard at work on the design and now the project financing is complete, we are ready to begin construction,' Al Arrayed said.

The complex which will be built in two phases over an area of 43,000 sq m will offer approximately 150 units for lease which will range in space from 80 sq m upwards. The first phase is due for completion in mid 2009.

Strategically located with easy access to airports, seaports and overland routes to Saudi Arabia it will meet the increasing demand from small and medium enterprises (SME’s) for comprehensive modern warehousing and logistics facilities for the operation and growth of their businesses.

The facility is being designed by international engineering firm Tebodin Consultants & Engineers.-TradeArabia News Service