MANAMA, 8 July 2007 — Bahrain’s strategy to attract foreign investments by establishing the Kingdom’s position as a gateway to the region for the US and European companies has been reaffirmed with an overwhelming response from the strategic investors to the $1.6 billion Bahrain Investment Wharf (BIW) project.
The chairman of the BIW board, Ahmed Al-Qattan described the response from the investors so far as an excellent take-up in sales to 60 percent in Phase-I and II.
“The response to the BIW from strategic investors is extremely well as we have received commitments from buyers rising 75 percent to 80 percent, making it a success story. What I can say is that the majority of the land has been committed to be taken by investors.”
The project located in Hidd area near Bahrain International Airport will feature an 800,000 square meters industrial zone that will accommodate small and medium enterprises, a 190,000 square meters logistics zone specializing in warehousing and storage, a business park, and a residential zone that will include accommodation for some of the project’s work force.
According to a senior official at the Ministry of Industry and Commerce the BIW being a pioneering project would re-position the Kingdom as the new global investment destination.
The BIW is expected to contribute 7 percent to the GDP once it is fully operational and in addition to creating thousands of new jobs for Bahrainis.
Leading private sector players believe that the steps taken by the government to encourage foreign businesses to enter the Bahraini market, by setting up a one-stop-shop solution would trigger the flow of foreign investments where investors can expedite their projects without waiting for formalities.
The Minister of Industry and Commerce Dr. Hassan Fakhro earlier said that all the measures at the BIW have been taken to maintain Bahrain’s good standing within the WTO, and to ensure Bahrain’s position as the gateway to the US through the free trade agreement between the two countries.
“By encouraging business leaders from the region and around the world to invest in Bahrain, BIW will create an influx of capital that will be redirected into the local economy. In addition, BIW will boost the regional economy by attracting major international players and make the GCC region their new home.”