MANAMA, 4 October 2005 -- Kuwait Finance House, Bahrain ("KFH-Bahrain"), a leading provider of Islamic commercial and investment banking services, yesterday announced plans for the establishment of a state-of-the-art industrial park in Bahrain to be known as the KFH Industrial Oasis following a meeting between Abdulhakeem Alkhayyat, general manager of KFH-Bahrain and Minister of Industry and Commerce Dr. Hassan Abdullah Fakhro. The meeting was attended by Osama Alkhaja, head of corporate finance at KFH-Bahrain and Nader Al-Moayyed, undersecretary at the Ministry of Industry and Commerce.
The project, a first of its kind in Bahrain, is aimed at driving further economic diversification in the industrial sector, generating greater inward investment and stimulating job creation in Bahrain by capitalizing on the ongoing expansion in the industrial sector and fast growing demand for industrial based real-estate projects in Bahrain.
KFH Industrial Oasis will comprise of 155,000 sqm2 of land to be located within the Bahrain International Investment Park (BIIP), a newly established area located in the Hidd industrial zone, which focuses on the technology, manufacturing and service sectors and has been designed to attract investors with value added activities. BIIP covers over 250 hectares with 25.5km of readily equipped infrastructure such as roads, street lighting, sewage systems, landscaping and desalination systems.
Initial investments to be undertaken by KFH-Bahrain will be about $25 million for the development of the necessary infrastructure, which upon completion will be sublet to potential local and international tenants. Target companies include a broad range of businesses from those in the region to Fortune 500 companies and other international firms engaged in manufacturing and service-oriented industries.
© Arab News 2005
