27,000 new jobs in Bahrain

Manama : The BD152 million Investment Gateway – Bahrain project, which is touted to create around 27,000 jobs, was officially launched yesterday.

The launching ceremony was held under the patronage of Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa.

The project is financed by Manara Developments (supported by Al Salam Bank Bahrain) and is located on an artificial island built between Hidd, Galali and Amwaj Islands.

“Despite the support received by the Kingdom’s economy from local corporates, it’s time to shift to the next stage and invite investors to contribute to the growth of the real-estate sector. Bahrain has the abilities to be a perfect investors’ destination,” Shaikh Khalid said.

During the launch, Manara Developments Managing Director Dr. Hassan Al Bastaki said, “The project’s location is perfectly suitable for investors, as it’s only five minutes away from Bahrain International Airport, 10 minutes from Khalifa bin Salman Port and around a 20-minute drive from King Fahd Causeway.” He added that the project includes commercial outlets, exhibitions, malls and warehouses.

“The project will create around 27,000 jobs. BD400 million is the revenue expected from the project. It’s unconditionally opened for investors of any nationality.”

Speaking to DT News on the sidelines of the event, Manara Developments Chairman Yousif Taqi said, “The first phase of the project is ready and the infrastructure of the area is completed. Investors could start constructing their facilities from today. We sell the lands and provide infrastructural services while investors should bear the construction expenses. It’s up to them to build a warehouse or a showroom. As a bank, we’re ready to assist them with facilitated financing schemes. Around 95 per cent of the first phase of the project has been sold already.”

Dr. Al Bastaki told DT News, “The second phase of the project will be completed by the end of 2016 and would be similar to the first one. It will include industrial properties, commercial outlets and workshops. The Kingdom is encouraging investors to invest here. However, 65 to 70pc of the purchases were made by local corporates.”

Attending the ceremony were Cabinet Affairs Minister Mohammed Al Mutawa, Electricity and Water Affairs Minister Dr. Abdulhussain Mirza, Works, Municipalities Affairs and Urban Planning Minister Essam Khalaf and Al Salam Bank Bahrain Chairperson HH Shaikha Hessa bint Khalifa bin Hamad Al Khalifa.