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real estate developer First Bahrain held a groundbreaking ceremony for its 716,000 square feet logistics and warehousing project at the Bahrain Investment Wharf (BIW).
The first phase of the $45 million development, funded in part through debt secured from Kuwait Finance House, is now under construction. The contractor, Abdullah H Al Darazi & Sons, is pursuing an aggressive schedule to complete the work prior to the end of 2009 with the entire project due for completion in 18 months.
First Bahrain's BIW project is aimed at raising the bar for warehousing development by developing modern spatial solutions catering to the needs of small to medium enterprises (SMEs).
Amin Al Arrayed, general manager of First Bahrain, said: "First Bahrain applies a strategic and demand-driven approach to its investments, and identifies niche opportunities within existing markets. The groundbreaking ceremony at BIW signifies the start of the construction on Phase 1 of the project, which will offer well managed, accessible, and state-of-art warehousing facilities for the Bahrain SME sector. We are also proud to have the backing of KFH, and are on track to deliver the entire project within 18 months."
