China's Chongqing Polycomp International Corp. (CPIC) and the Saudi Arabian S&A Abahsain Company announced yesterday that they are to establish a major new fiberglass manufacturing facility in Bahrain.
As a result of the deal, a BD75 million ($200 million) joint-venture will be established in Bahrain that will create 1,000 to 1,200 new jobs.
Under the terms of the agreement, the parties will establish a major new fiberglass manufacturing facility at the Bahrain International Investment Park (BIIP).
Established in 1991, publicly listed CPIC is one of the largest fiberglass manufacturers in China with a capacity of 420,000 tonnes a year, from 10 manufacturing plants operating in three locations in China. The group employs 5,000 people.
S. & A. Abahsain, on the other hand, was founded in Al Khobar in 1947 and is one of the top 50 companies in Saudi Arabia. In August 2009, Abahsain commenced production at its new $65 million fiberglass manufacturing facility at the BIIP, with a production capacity of 60,000 MT of Glass Fiber annually.
"CPIC and S&A Abahsain are now to invest $200 to $300 million in the development of a 45,000 square metres manufacturing joint venture with a capacity of 140,000 to 210 tonnes per year at the BIIP. The new Bahrain-based company will create 1,000 to 1,200 new jobs," a joint statement issued after the agreement at the Ministry of Industry and Commerce said.
"I welcome the decision of CPIC and Abahsain to choose Bahrain for this project which will create many new jobs in Bahrain's growing manufacturing sector. This is the largest investment to date in the Bahrain International Investment Park and is a testament to Bahrain's competitiveness as an international manufacturing location," said Dr. Hassan Fakhro Minister of Industry and Commerce, who received Wu Ming, Chairman of CPIC, and Abdullah Abahsain and Khawaja Maqsood from S&AAbahsain at his office.
By Mahmood Rafique
© Bahrain Tribune 2010
