Phase two of Bahrain's Investment Gateway project begins

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MANAMA: Manara Developments Company has announced the commencement of phase two of its large-scale “Investment Gateway – Bahrain” project in line with schedule.

Manara announced that as of June, the project has completed 26 per cent of its landfill target of phase two, as the main project contractor laid more than 2.7 million cubic metres of landfill sand and will continue for approximately 18-21 months for the BD100 million infrastructure construction phase to proceed.

Upon completion, the “Investment Gateway – Bahrain” project will span a total surface area of 29m square feet making it the largest light industry project available for freehold ownership in Bahrain.

“We are proud to be Bahrain’s largest and most significant light industry free-hold project. This effectively reflects one of the key pillars of Bahrain’s Economic Vision 2030 to qualify the kingdom as a strategic choice for the investment and logistics sectors that have recently grown in importance,” Manara Developments managing director Dr Hassan Al Bastaki said.

He said the government has extended support on numerous occasions that have brought this project to its significance today as it has approved the classification of the project as an investment zone of a unique standard. The classification allowed non-Bahraini investment bodies to own property within the project thus driving a higher volume demand and global expertise towards it.

Phase two of the “Investment Gateway – Bahrain” project is likely to have a clear impact on the economy as it will inject approximately BD500m towards the landfill and construction of infrastructure notwithstanding the construction works to commence on the land plots by investors that is estimated at BD200,000 each in addition to creating up to 10,000 jobs.

In addition to the major locally and regionally recognised companies that have chosen “Investment Gateway – Bahrain” as a base for their diverse portfolios, the project also allows an opportunity for young entrepreneurs to take part in the second phase to freely develop their operations in line with their business needs that are of a unique nature. In light of the recent trends of supporting new and upcoming young entrepreneurs and business owners, Tamkeen had recently announced the provision of BD300m to support SMEs in line with the Industry, Commerce and Tourism Ministry’s directives to support Bahrainis in this sector and to increase its participants from 36,000 to 43,000 over the next five years and increasing SME exports from 8pc to 20pc thus attracting further cash inflows.

Dr Al Bastaki also added that the project would provide approximately 1,600 land plots ranging between 450 and 1,200 square metres with the flexibility to merge and adapt plots based on the needs of each business.

Amongst the main distinguishing factors of this project is its interconnection between more than one port and Bahrain International Airport along with a road network and bridges leading to these ports, which facilitate and reduce transportation costs significantly.

The project provides the flexibility to establish offices, exhibitions, warehouses, handling services, sales offices and showrooms that are resultant from the growing commercial and industrial movement in Bahrain.

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