MANAMA, 17 January 2008 — Kuwait Finance House (KFH)-Bahrain is setting up a world-class industrial park on the island, with an aim to bring in investments worth more than $200 million.
The project is being established by the Kuwait Finance House (KFH)-Bahrain, it was revealed.
The BD12-million construction contract for The KFH Industrial Oasis, which will be located at Bahrain International Investment Park (BIIP) in Hidd, has been awarded to Poullaides Construction Company. “The project will help create more than 2,000 industrial and related jobs,” KFH Industrial Oasis Chairman Osama Al-Khajah said.
“This will be the first private industrial park in Bahrain, to be built in a total area of more than 150,000 square meters. The park is designed for clean industries and knowledge-based activities.”
The project, which aims to drive further economic diversification in the industrial sector, is designed by leading Bahraini architect Dheya Towfiqi, who will also act as the project manager, said Al-Khajah.
“A broad range of businesses from those in the region to Fortune 500 companies and other international firms engaged in manufacturing and service-oriented industries will be housed in the park,” he said.
The project will be developed in two stages. The first phase covers an area of 11,766square/metres, while Phase II covers 45,154 square meters.
“KFH-Bahrain will invest more than BD13 million to develop Phase 1,” said Al-Khajah.
”The construction work will end by February 2011. Details of the investment in the second phase have not been finalized.”
The first phase comprises 24 advanced factory units, and the five-storey building will provide modern, state-of-the-art office space.
KFH-Bahrain General Manager Abdulhakeem Al-Khayyat said it would be a great milestone, which would contribute to the economic development and growth of Bahrain.
Nader Almoayyed, chief executive officer of Beitek Industrial Investment, a subsidiary of KFH (under formation), said the specialized industrial zone would help in the transfer and settlement of technology and add more value to the industrial sector.
