Siemens Signs Tenant Agreement with Baytik Industrial Oasis “a Subsidiary of Kuwait Finance House - Bahrain (KFH-Bahrain)” .

16.10.2010

MANAMA, Bahrain: Baytik Industrial Investments (BII), a wholly-owned subsidiary of Kuwait Finance House - Bahrain (KFH-Bahrain), has announced it has signed an agreement with Siemens WLL Bahrain.

The company has leased a total area of 25,000 square feet and will be the first tenant to move in and enjoy the benefits of Baytik Industrial Oasis’s (BIO) state-of-the-art, pre-built advanced manufacturing units designed especially for technology and manufacturing companies such as Siemens.

Mr. Abdulhakeem AlKhayyat, Managing Director and CEO of Kuwait Finance House Bahrain, and Chairman of Baytik Industrial Investments commented at the signing ceremony, “We are pleased to welcome an international, well recognised brand such as Siemens to Bahrain and hope they have a long and productive tenure at Baytik Industrial Oasis. In line with Bahrain’s Economic Vision 2030, BIO has heavily invested in a world class infrastructure to attract global leaders in the industrial sector.

Mr. AlKhayyat added, “With a total project area of 162,000 square meters, that includes all facilities such as roads, electricity, telecommunications and other infrastructure, any BIO-based enterprise need only bring their equipment, knowledge and expertise to the Oasis.”

“We have taken considerable care to ensure that all materials used and each facility is built to the highest international standards with the needs of global occupiers in mind, such as BIO’s first tenant Siemens,”

“We would like to thank both the Ministry of Industry & Commerce and the Bahrain Economic Development Board for their continued support and assistance to BIO.” added Mr. AlKhayyat.

Mr. Osama Alkhaja, Chairman of Baytik Industrial Oasis said, “Aiming to generate greater inward investment and stimulate employment by capitalising on the ongoing expansion in the industrial sector, BIO is the first project of its kind in the Kingdom. Located within the BIIP, a newly established area in Salman Industrial City, BIO focuses on the technology, manufacturing, light industry service and knowledge based sectors and has been designed to attract occupiers with value added activities. The project is planned to be implemented in two phases. Phase 1 covers an area of 117,400 square metres while Phase 2 covers 45,000 square.”

Mr. Nader AlMoayyed, CEO of Baytik Industrial Investments said, “The recently completed Phase 1 of the project comprises of six pre-built advanced manufacturing units for lease, each consisting of four modules of equal sizes. Providing flexibility in options, a company can invest in single or multiple units covering up to 9,600 square metres. Our dedicated logistics area, built to serve all the logistic requirements within the BIIP, was also completed during Phase 1.”

“As an incubator for business growth, BIO-based companies such as Siemens benefit from: pre-built advanced manufacturing units built to a world-class standard; zero % corporate tax; 100% foreign ownership; superior infrastructure; duty free access to all GCC markets; excellent connectivity through road, air and sea; an FTA with the US; and access to a talented and well trained workforce pool. And these are just some of the benefits.” added Mr. AlMoayyed.