Baytik Industrial Oasis on-track and nearing completion

BIO On track

27.07.2009

Bahrain-based Baytik Industrial Investments (BII), a wholly-owned subsidiary of Kuwait Finance House - Bahrain (KFH), has announced the 75% completion of Baytik Industrial Oasis (BIO). Located within Bahrain International Investment Park (BIIP) in Hidd industrial area, BIO is first project of its kind in the Kingdom.

Encompassing 154,400 square meters of land, the first tenants of the project are set to move in by end of 2009. Leasers will benefit from BIO’s state-of-the-art pre-built advanced manufacturing units designed especially for companies engaged in high-technology manufacturing and assembling, light industry, SMEs and industrial processing.

"Regardless of the current economic climate, I’m pleased to report that BIO’s construction is on target. With 75% complete, we’re looking to lease nearly half the units by December 2009," said Osama Al Khaja, Chairman, Baytik Industrial Oasis.

"Our partnership with BIIP is in line with our vision to accelerate the rate of economic development in Bahrain. With one of the most open economies in the Middle East and ranking 19th worldwide, boasting the Gulf’s lowest operating and living costs and a one hour drive away from 50% of Saudi Arabia’s economy, BIO – Bahrain is an ideal location for any company looking to take its first steps into the GCC market," added Al Khaja.

Nader Al Moayyed, Chief Executive Officer, Baytik Industrial Investments said, "The project is in line with Bahrain’s Ministry of Industry and Commerce’s initiatives for economic diversification and will bring in much needed investment into the Kingdom’s industrial sector."

"Apart from the low cost of power; an integral factor in any industry, companies setting up in BIO will benefit from the following: zero tax for ten years, exemption from import duties on raw materials and equipments, duty free access to all GCC markets, free trade access to USA," added Mr. Al Moayyed.

With pre-built facilities including roads, electricity, telecommunications, desalination, sewage and other infrastructure built to the highest international standards in place before tenants move in, tenants looking to setup in Bahrain will only need to bring their knowledge and expertise to the park.

By showcasing its project at the Crans Montana Forum hosted in Bahrain and the GCC Europe Expo in London, BII has generated considerable international interest in Bahrain’s latest industrial offering.

"We consistently endeavor to deliver on our promises for Phase I of BIO and look forward to starting construction on Phase II in early 2010," concluded Mr. Nader Al Moayyed.