Bahrain: Mina Salman port handed over to APM Terminals |
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Privatisation of ports is a strategic turn in the history of the Kingdom as it will help the private sector to save around $1 billion during the period of the contract, the President of Customs, Ports and Free Zones, Shaikh Duaij bin Salman Al Khalifa, said after the formal handing over of the port's key to the APM Terminals at a ceremony yesterday.
Shaikh Duaij said: "The handover to APM Terminals Bahrain is considered to be largest privatisation project implementation in Bahrain's history with the number of government employees involved up to 700. There is no doubt that the decision of the privatisation will prove to be sound both in terms of its economic benefit to the economy as well as the expected reduction in both the ports services and shipping costs. Around 90 per cent of APM Terminals staff is Bahraini. The project will create high potential and favourable opportunities for both our commercial and industrial sectors as it is expected that the difference in cost of transportation between our ports and the southern Gulf will decrease by 20 per cent which translates into a total reduction of BD350 million for the total concession period."
Shaikh Duaij said that with the privatisation of the Mina Salman, Bahrain's shipping and cargo business has entered into a new era of progress and development. "The privatisation involved the highest number of public sector employees of 700, and 640 employees were offered golden handshake by the APM Terminals.
The rest of the employees will continue for the time being."
He said that according to their requirement around 300 Bahrainis will be appointed by the APM Terminals, giving a chance to the local human resources to learn new heights of excellence while working with the international company like APM Terminals.
"The appointment of APM Terminals comes as a direct result of the vision of the Chairman of the Economic Development BoardEconomic Development Board
, Shaikh Salman bin Hamad Al Khalifa, in successfully filling its goals of completing the privatisation of Bahrain's ports sector. Jorgen H Madsen, managing director APM Terminals, said the company would invest around $65 million in this project over the period of 18 months. "This is one of the most strategic projects for APM Terminals and we will continue to work closely with the local authorities to enhance the scope of benefits for the locals. We will offer high-level job training to the locals as part of our commitment to the localisation as we don't want to have expat workforce."
By Business Correspondent
© Bahrain Tribune 2006
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