Sep 14 2009
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First Bahrain warehouse development reaches key construction milestone
Work on USD 45 million Development on Schedule
Manama, September 14, 2009: First Bahrain, an innovative regional real estate developer, today announced the achievement of a significant milestone, being the completion of 50% of the construction of the company's logistics and warehousing project at the Bahrain Investment Wharf (BIW) . Main construction work of the project is being undertaken by Abdullah H. Al Darazi & Sons, who are working on schedule to complete the project on time by December 2009. Tenants are expected to be able to occupy the buildings from 1 January 2010.
Amin Al Arrayed, General Manager of First Bahrain commenting on the project's significant milestone said: "'We are pleased to confirm that construction work in Bahrain's unique SME-focused logistic community is well on its way to completion. First Bahrain's delivery on this development, on time and on budget, is a critical step forward for us as a company, especially in light of the current global financial situation and related shocks to the real estate sector of the regional economy. It also demonstrates our strong commitment to innovation as we produce a new concept designed to serve and empower small and medium-sized businesses in their path to growth and success. This demand driven concept, which addresses a shortage of quality and flexible storage space, promises to transform the regional logistics and warehousing sector."
Strategically located at the Bahrain Investment Wharf within close proximity to the Khalifa Bin Salman Port and accessible to all major transport links, the development will offer secure and cost effective storage solutions tailored specifically to meet the needs of the small to medium enterprises (SMEs). The state-of-the-art storage spaces are being built to highest quality and standards. In order to accommodate the needs of all tenants, space will be available from as little as 250 square metres to as much as of 1000 square metres. The modern warehousing spaces can be used solely for storage, or as a combined storage and office facility, ideal for encouraging startups and smaller companies, while allowing existing companies room to expand.
Upon completion, the logistics and warehousing project, spread across 716,000 square feet of industrial land, will elevate the standards of warehousing developments in the Kingdom of Bahrain by providing a wide range of value added services designed to stimulate the business growth of its' family of tenants.
In addition to the physical warehousing space, the development will offer a wide range of value-added services, including a 24/7 security service, flexible pricing structure, interactive website integrated with online procurement and billing system, and a hassle free boutique business centre equiped with state-of-the-art ICT provision . All this will be complemented with a set of premium facility management services.
About First Bahrain
First Bahrain Real Estate Development Company is an innovative regional real estate developer established in Kuwait in October 2004. The organisation has a paid up capital of KD 31.5 million
Dedicated to achieving sustainable returns through collaborative relationships, First Bahrain creates enduring value for all stakeholders with a demand-driven investment approach. Operating out of Bahrain and Kuwait, First Bahrain is strategically positioned to execute projects across the GCC, in accordance with the principles of Sharia.
Issued on behalf of First Bahrain by Hill & Knowlton.
For press information contact:
Hill & Knowlton
Tel: +973 1753 3235
Fax: +973 1753 3370
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