Leading logistics provider opens $20m joint venture facility in Bahrain

The new joint venture facility, Schmidt Logistics Bahrain, was inaugurated on Wednesday.
Updated 08 November 2017
0

Leading logistics provider opens $20m joint venture facility in Bahrain

nogaholding, the investment and business development arm of National Oil and Gas Authority (NOGA) in Bahrain, and Schmidt Heilbronn inaugurated on Wednesday its new joint venture facility, Schmidt Logistics Bahrain.
The $20 million facility is expected to create around 100 jobs in the logistics sector (directly and indirectly). Located in the Bahrain Logistics Zone, it will support the zone’s expanding operations, particularly in the chemical and petrochemical logistics market.
Mohamed bin Khalifa Al-Khalifa, Bahrain’s minister of oil and chairman of nogaholding, said: “We would like to congratulate Schmidt on the launch of our new joint venture facility here in Bahrain, where there is great demand for its highly-specialized services.”
“Our new facility will have a significant positive impact on the regional chemical and petrochemical industries and facilitate quicker and easier transportation of goods around the GCC. Through our partnership with Schmidt we are proud to have supported the establishment of this facility, and will continue to provide support for its operations in the future.”
Thomas Schmidt, CEO and managing partner of Schmidt Group, said: “This new development is a reflection of the huge growth we see in the regional logistics industry. It also represents the confidence we have in Bahrain as one of our key strategic operational bases in the Gulf region. We originally chose to locate a significant proportion of our services in Bahrain because of the strong transportation links with neighboring countries, excellent logistics infrastructure and supportive regulations.”
He added: “We are now in a position to be able to capitalize further on these competitive advantages and expand our regional offering.”
Khalid Al-Rumaihi, chief executive of the Bahrain Economic Development Board (EDB), said: “The manufacturing and logistics sector is one of the strongest in the Kingdom and Bahrain attracted more than $200 million of investment into this sector in the first half of the year — investments that will create more than 1,000 jobs over the next three years. Joint investments such as Schmidt Logistics Bahrain enable the growth of this world-class industry and attract companies with specialized expertise and operational skills to Bahrain to support the supply chain, creating high-quality employment opportunities for the local market.”
Joint efforts from nogaholding, the Ministry of Transportation and Telecommunications, Bahrain EDB, Supreme Council for the Environment and Customs Affairs have led to the establishment of Schmidt Logistics Bahrain.


Bank Aljazira launches Noor Innovation Program

Updated 10 December 2018
0

Bank Aljazira launches Noor Innovation Program

Bank Aljazira has launched the “Bank Aljazira Noor Innovation Program” under the umbrella of the Fintech Saudi initiative.

The program, aligned with Saudi Vision 2030, was launched on Wednesday at the Jeddah Hilton hotel. 

It aims to foster the financial technology system in the Kingdom in order to make the country a leading center of financial technology that embraces a thriving and liable system and covers banks, investors, companies, universities and state institutions, thereby contributing to the fostering of financial inclusiveness and increase of digital financial business.

The launch ceremony was attended by executives from Bank Aljazira and Fintech Saudi, public and private sector officials and experts and specialists in the financial technology field.

“The launch of this financial technology challenge by Bank Aljazira aims to foster the bank’s position as a leader in digital banking services field in the Kingdom. 

“It also reflects the bank’s responsibility to the community,,” a press release said.