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Kuwait Finance House-Bahrain has announced the construction of a multi-million-dinar state-of-the-art industrial park at Bahrain International Investment Park (BIIP) in Hidd.
Officials say the project - the KFH-Bahrain Industrial Oasis - is the first of its kind in the kingdom.
The development aims to drive further economic diversification in the industrial sector, generating greater inward investment and stimulating job creation in Bahrain by capitalising on the ongoing expansion in the industrial sector and fast growing demand for industrial based real-estate projects in the kingdom.
The construction contract for the BD12 million KFH-Bahrain Industrial Oasis project has been awarded to Poullaides Construction Company.
The signature ceremony was attended by Osama Al Khaja from KFH-Bahrain and Chris Poullaides of Poullaides Construction Company.
KFH Industrial Oasis will comprise of 152,500 sqm of land to be located within the BIIP, a newly established area located in the Hidd industrial zone, which focuses on the technology, manufacturing and service sectors. The park has been designed to attract investors with value-added activities.
BIIP covers over 250 hectares with 25.5km of readily equipped infrastructure such as roads, street lighting, sewage systems, landscaping and desalination systems.
The project is planned to be implemented in two phases. Phase 1 covers an area of 107,790 sqm and Phase 2 covers 45,154 sq m.
KFH-Bahrain will invest more than BD13 million to develop Phase 1 of the project. The construction work will end by February 2011. Upon completion the development will be sublet to potential local and international tenants.
Target companies include 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.
Officials say companies should be engaged in areas such as services and knowledge-based activities, high technology manufacturing and assembling, light industry, SMEs and industrial processing.
Phase 1 of the project comprises of 'Advance Factory Units' for leasing purposes. These will be in the form of six units made out of pre-engineered buildings; each unit will consist of four modules of equal sizes, for more flexibility. Phase 1 will also include a six-storey knowledge base building. KFH-Bahrain general manager Abdulhakeem Alkhayyat said: "We are pleased to announce this milestone which will contribute to the economic development and growth in Bahrain. With enormous competitive advantages, Bahrain - and the Hidd area in particular - offer an ideal location for both regional and international industrial companies engaged in highly productive and economically beneficial activities."
Mr Poullaides of Poullaides Construction Company said: "With our vast international experience in all type of major large-scale developments, we have all the necessary skills for developing state of the art KFH Industrial Oasis, which is a visionary project that will not only contribute to the economy of Bahrain but will affect the business affairs of the region."
