Mueller Middle East is a joint venture between Mumtalakat, Mueller Industries and Cayan Ventures, while Bank ABC is the funding partner.
“We just celebrated 100th anniversary of our company, and what better way to kick start by setting our new base in Bahrain,” said Mueller Industries chairman and chief executive Greg Christopher.
“The facility will supply over 24,000 tonnes of copper tubes and employ 200 people when it reaches full capacity by 2019.”
“We look forward to providing high quality and cost-effective products to our customers over the long term.”
He was speaking during a ceremony held at the Hidd facility, which was held under the patronage of Deputy Premier and Bahrain Mumtalakat Holding Company chairman Shaikh Khalid bin Abdulla Al Khalifa.
Shaikh Khalid said the decision to set up the facility at BIIP was a testament to the quality infrastructure and location.
“This investment greatly strengthens the industrial sector, which is one of the top five economic sectors at the current stage,” said Shaikh Khalid.
“It ensures the effectiveness of the Economic Vision 2030, which aims at diversifying sources of income, expanding the economy and encouraging the private sector to increase its contribution to the national economy.
“Through this joint venture, Mueller Middle East will boost exports from the industrial sector which currently accounts for 20 per cent of Bahrain’s GDP.”
US Ambassador Justin Siberell, who was also present at the launch, said 200 American companies have so far selected Bahrain as their base for business operations because of access to regional market, logistics facilities and skilled workforce.
“This joint venture between Bahrain and US based shareholders demonstrates once again the strong commercial partnership between Bahrain and the United States,” he said.
“We look forward to seeing more such joint venture structures between Bahraini and American partners that will bring jobs and increased prosperity to both our countries.”
Mumtalakat chief executive officer Mahmood Al Kooheji, meanwhile, said Bahrain continued to offer the best investment environment in the region.
“We have managed to create 200 jobs for mostly Bahrainis because of this investment, which will further attract more industries and consolidate our position as a business friendly country,” he added.
“I think the business outlook (for 2018-2019) will be positive despite adjustments being made across the GCC such as the introduction of Value Added Tax.”
Bahrain plans to introduce VAT this year, while Saudi Arabia and the UAE implemented the tax on goods and services from January.
© Copyright 2018 www.gdnonline.com
Copyright 2018 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).