Over 100 global firms to invest $1.8 billion in Bahrain
The move will also create over 10,000 new jobs according to the Industry and Commerce Ministry (File/AFP)
As many as 103 companies have committed to investing a total of $1.8 billion at the Bahrain International Investment Park (BIIP) in Salman Industrial City, Industry and Commerce Minister Dr Hassan Fakhro said.
Speaking at an event held to mark the production of the one-billionth unit at US-firm Mondelez International's cheese and powdered-beverage plant in Bahrain yesterday, the minister said the companies had the potential to provide over 10,000 jobs at full production.
According to Dr Fakhro, over half of the companies are based in Germany, the US, the UK, France, India, Singapore, China, Japan, Saudi Arabia and other countries, reported the Gulf Daily News, our sister publication.
"These foreign companies represent over 80pc of the total investment commitment of $1.8 billion. More than 58 new projects are already operational and they employ over 3,500 people," he said.
Dr Fakhro said since announcing its first project in Bahrain in July 2006, Mondelez International has surpassed all the commitments it made in terms of investment and employment targets.
Mondelez International was the first company to start operations in the BIIP in late 2007.
The minister added Mondelez has had a strong and positive influence on the decision-making process of many of the foreign companies that have chosen to locate in Bahrain.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- In attempt to keep up with global demand, Aramco will splash $100 billion on downstream investments
- Mellon Global Investments raises over $1 billion in Middle East
- $13 billion commitment to Bahrain International Investment Park
- El-Quqa: Global Opportunistic Fund II Receives USD750 million Firm Commitments Four Weeks Since Launch
- Oman investing over $9 billion in Industrial Park