$13 billion commitment to Bahrain International Investment Park
Bahrain International Investment Park
The Kingdom's Minister of Industry and Commerce has announced a $13 billion commitment to Bahrain International Investment Park.
Minister Hassan Fakhro said on Thursday that within the next few years, the Bahrain International Investment Park will benefit from more than $13 billion, alongside with other commitments.
Speaking at the opening of the Zayani Polymers plant, the park’s new $37 million development, Dr. Fakhro explained that the new projects will increase job opportunities and employ approximately 8,000 people. So far, 28 projects have begun operation, with 23 more underway and another 20 in the initial stages. Among the newest companies to invest in Bahrain International Investment Park, is Singapore’s Engineering Company MTQ and Ilium France.
Bahrain has long sought to take advantage of its proximity to Saudi Arabia, with the world’s largest economy.
Companies also benefit from free trade agreements signed with the USA in 2004. A year later, the Bahrain International Investment Park was open and 75% of its lands leased. There are 20 companies actually operating, in addition to 27 under construction, and other companies on their way to begin construction, or in the process of pre-signing the rent contract.
Bahraini companies were the first to operate in the Park, however, they welcome projects from Asia, Europe and the USA, as well as other parts of the Middle East. (Source: www.yallafinance.com)