Within the framework of prospective joint coordination to attract international firms to choose Bahrain as a base for business, the Chief Executive Officer of the Bahrain Development met at the Board’s premises the Chairman of Amar Holding Company and Board member and Chief Executive Officer of Al Salam Bank-Bahrain Mr. and the Chief Executive Officer of Amar Holding Company B.S.C. Dr. Hasan Al Bastaki.
During the meeting, Mr. Taqi and Dr. Al Bastaki gave a briefing on Phase 1 of the investment project carried out by Amar in Al-Hidd. Phase 1 includes the development of a new and fully fledged area for logistics services.
The area will include logistics services, warehouses, light industrial production line and assembly facilities that are friendly to the environment.
The development project will also include a laborers housing area and business park zone allocated for offices and businesses serving the companies operating in the area and those which provide their services to the Bahrain International Airport and Khalifa Port.
Mr. Taqi said that the cost of Phase 1 is estimated at $130m to cover cost of reclamation and the infrastructure. This cost will reach more than $500m when construction costs of the facilities like the warehouses, the laborers housing quarters, residential buildings and others are included.
Shaikh Mohammed bin Isa Al-Khalifa hailed the role played by the Bahraini private sector in general and Bahrain-based Islamic financial institutions in particular aimed at attracting investments and setting up of development projects that contribute to the sustained economic and social growth as well as creating high-income job opportunities for the citizens.
Shaikh Mohammed pointed out that developing logistics services and making Bahrain a center for logistics business in the region is considered one of the main targets set within the Economic Strategy of the Kingdom of Bahrain, which was included in the Economic Vision 2030 announced by His Majesty King Hamad bin Isa Al-Khalifa. The EDB will provide full support, encouragement and facilities to such pioneering projects which are being developed by the private sector, he affirmed.
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