| 21 Jul 2008 |
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Bahrain Logistic Zone to be pivotal Middle East hub
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Investments up to US$600 million anticipated
The BLZ is the Middle East's first boutique multimodal logistics hub focussing on re-export and value-adding logistics activities. With zero tax, goods can be imported and re-exported without incurring customs duties and 100% foreign ownership is permitted. Located adjacent to the new state-of-the-art Khalifa bin Salman Port in Northern Bahrain which will be operated by APM Terminals and will have a capacity of 2.5 million TEUs, the BLZ will play an integral part in supporting the key initiative to drive Bahrain as a transhipment hub for the region.
Bahrain is currently ranked 2nd in the Middle East in the World Bank's Logistics Performance Index and it is expected that the BLZ will become the focal point for international, regional and local businesses wishing to expand and trade more efficiently within the region.
"Bahrain now has the best logistics facilities in the Middle East. The BLZ capitalises on our proximity and connections to the growing Middle East economies of Saudi Arabia, Qatar and the UAE, and our access to the Northern Gulf. The Zone is connected to major land, sea, and air routes to these regions and markets," said Shaikh Mohammed bin Essa Mohammed Al Khalifa, Chief Executive of the Economic Development Board of Bahrain (EDB)Economic Development Board of Bahrain (EDB)
, the body responsible for overseeing the economic development strategy of Bahrain.
"Barriers that prevent foreign investors from accessing Middle Eastern markets will be eased and transit time for cargo delivered to the northern Gulf locations of KSA, Kuwait, Iran and Iraq will also be significantly reduced."
The first phase of Bahrain Logistics Zone is expected to attract over 50 local, regional and international tenants creating over 2,400 logistics related jobs while generating investments exceeding $280 million.
The logistics sector is a key contributor to the Bahraini economy, which grew by 6.3% in 2007. According to Transport Intelligence (Ti), a United Kingdom-based analyst, the worldwide contract logistics industry grew by 9 percent last year to $220bn in 2007 according to figures released on 1 July 2008. Companies already utilising the country's logistics capabilities include developer ProLogis ProLogis -Search using: News, Most Recent 60 Days Company Profileand investment group Arcapita. Danzas part of DHL group and CEVA Logistics, one of the world's leading logistics companies have already signed and announced major undertaking to site facilities at the BLZ.
"The BLZ has enormous economic growth potential for Bahrain. More than 2,400 medium to high wage logistics related jobs will be created, this is testament to the government's commitment to increasing employment and investing in an educated and skilled national workforce," continued Shaikh Mohammed bin Essa Mohammed Al Khalifa.
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About The Bahrain Economic Development Board (EDBEDB) The Bahrain Economic Development Board (EDBEDB
) is a dynamic Government agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom. The role of the Bahrain EDBEDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDBEDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDBEDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDBEDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics and health, education and training.
More information on the Bahrain EDBEDB is available on the Bahrain's EDBEDB's website on www.bahrainedb.com
EDBEDB Mission Statement
Our mission is to grow and diversify Bahrain's economy by developing a strategy that supports the advancement of a modern and liberalized business environment, encourages inward investment and enables us to compete in the global marketplace.
We are dedicated to raising living standards by creating greater opportunities for our citizens and to make Bahrain the Gulf's most welcoming, business friendly location. We will accomplish these goals by working in partnership with the public and private sectors, and by being passionate, professional and innovative in all that we do.
About the Bahrain Logistics Zone
The Bahrain Logistics Zone, which was launched on 13 May 2008, is the region's first boutique logistics area that focuses on re-export and value-adding logistics activities.
It is a customs-free logistics area regulated and operated by the General Organisation of Sea Ports alongside Bahrain's new state-of-the-art Khalifa bin Salman Port, aiming to provide simplified, streamlined and efficient multimodal transfer of cargo.
For more information on the Bahrain Economic Development Board (EDBEDB), please contact:
Samia Yakub:
+973 1758 9891
samia.yakub@bahrainedb.com
Natasha Sterling:
+973 3 995 6730
natasha.sterling@promoseven.com
For more information on BLZ, please contact:
Bassam Ameen
Head of Business Development
Bahrain Logistics Zone
+973 1735 9641
bassam.ameen@gop.gov.bh
© Press Release 2008
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