In this context, Mr. Yousif Abdulla Taqi, Chairman of Amar Holding Company and Chief Executive Officer and board member of Al Salam Bank – Bahrain said ”we are pleased to announce the commencement of activities associated with the development of the first phase of a modern integrated Investment Park in Al-Hidd. Mr. Taqi pointed out that the start of this project reflects, without a doubt, the great confidence of the Company and its board of directors in the ability of the Bahraini economy to overcome the global financial crisis and the expected bright future for light industrial and logistics services in Bahrain in general and the Al-Hidd area in particular in light of the opening of Khalifa port and the expansion of Bahrain International Airport in addition to the availability of a modern network of roads linking Al-Hidd city to all important destinations in Bahrain as well as the King Fahad causeway leading to Saudi Arabia.
Mr. Taqi further stated that this project will enhance a flourishing picture of the Bahraini economy, no doubt drawing further investments and projects to the area. In turn these will not only bring with them advanced technologies and attract international investments and enterprise start-ups, but will also greatly support the efforts of the government in creating well paid jobs for competent Bahrainis.
Dr. Hassan Al Bastaki, Chief Executive Officer of Amar Holding Company provided further detail of the project explaining that the first phase of the project will cover an estimated total area of 600 thousand square meters (i.e. 6 million square feet) and the rough cost of preparing the land for construction and building the infrastructure is BD50m, or approximately $130m.
He continues to assert that the Company has already appointed a number of internationally renowned consulting firms as required by the project including Master Planning, Traffic Impact, Environmental, Cost, Marina Engineering, Infrastructure, and Hydrodynamics consultants.
As for the detailed components of the project in its first phase, Dr. Al-Bastaki stated that it is still under study and has not been finalized, but its main features include a logistics and warehousing component, an area designated for business offices and another for labor accommodation, in addition to a number of commercial and retail shops necessary to service the area. Additional details about the project are expected to be revealed in the near future as soon as all necessary studies are completed and all required approvals and permits from the authorities obtained.
Saturday, January 10- 2009 @ 13:24 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.