Kuwait Finance House-Bahrain MD & CEO Inspects Baytik Industrial Oasis” .

20.01.2011

Manama, Bahrain: Mr. Abdulhakeem Alkhayyat, Managing Director & CEO of Kuwait Finance House – Bahrain,  recently undertook an assessment visit to the Baytik Industrial Oasis (BIO) site. BIO, a state-of-the-art industrial park within the Bahrain International Investment Park (BIIP), is set to complete the project in the first quarter of 2011.

Aimed at ensuring that construction is executed within the planned timeframe and that the quality of the final product is strictly maintained, Mr.Alkhayyat’s visit is part of a routine inspection personally conducted by the MD & CEO. Senior officials from KFH-Bahrain and BIO along with Project Engineers and representatives from the contractors were also present for the inspection tour.

Commenting during the tour, Mr. Mr.Alkhayyat said “Looking into the future, BIO will become the standard for all such future projects on the Island. Providing world-class infrastructure for international investors in the technology, manufacturing and service sectors, KFH-Bahrain’s investment in BIO is in accordance with Bahrain’s Vision 2030.” 

“I wish to personally extend my thanks to the Ministry of Industry and Commerce and the Economic Development Board for their valued support and continued assistance to this landmark project. I would also like to congratulate the various contractors and engineers who have ensured BIO’s construction remains in line with leading international standards,” added Mr. Alkhayyat.

Giving a broad assessment on the progress of the project, Mr. Osama Al Khajah, Chairman of BIO and Head of Project Development at KFH-Bahrain said, “BIO’s phase I expected to complete construction within Q1 2011. Creating a platform for international investment, BIO will help diversify Bahrain’s industrial sector. Adding direct value to the Kingdom’s economic outlook, as the project is in accordance with the strategies set forth by the Ministry of Industry and Commerce.”

“Stimulating job creation and enhancing the local population’s ability to upgrade their skill set, BIO aims to meet the professional demands of a rapidly maturing youth population. By attracting international experts who impart business skills to local Bahraini population, we facilitate knowledge transfer which is necessary for the progress of the nation,” said Mr. AlKhajah.

“The first of its kind in Bahrain, BIO is keen on delivering the project as per scheduled time,” said Mr. Nader Al Moayyed, CEO, Baytik Industrial Investments. “By ensuringthat all current international and industrial standards are adhered to our facilities will be unique to the region. With convenient and cost-effective land, sea and air access, BIO’s strategic location makes it an economically smart choice for regional and international industrial companies.”

Giving more details on the project, Mr. AlMoayyed said, “The project was planned and is being constructed in two phases. Phase 1 covers an area of 1.25 million square feet whereas Phase 2 covers 500,00 square feet. Phase 1 of the Project provides new industrial units available for rent, the units offer an excellent specification and are available immediately, enabling businesses to start operations without delay, with a host of economic incentives such as duty free entry into the GCC, no corporate tax, 100% foreign ownership and an unparalleled location with easy access to all GCC markets, BIO is the perfect space to realize your business vision”

“Most recently, BIO 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 benefit from BIO’s state-of-the-art facilities” added Mr. Almoayyed.