KFH-Bahrain CEO & MD inspects progress at BIO development site.

14.01.2009

Mr. Abdulhakeem Alkhayyat, CEO and Managing Director of Kuwait Finance House – Bahrain yesterday conducted an inspection visit to the site of Baytik Industrial Oasis (BIO), a state-of-the-art industrial park at the Bahrain International Investment Park (BIIP) in Hidd, Kingdom of Bahrain.

The 154,000 m² industrial oasis, developed by Kuwait Finance House – Bahrain (KFH-Bahrain), is expected to complete its first phase in September 2009. BIO is designed specifically to provide value added benefits to investors in the technology, manufacturing and service sectors. The project is created in collaboration and accordance with the plans set by the Ministry of Industry and Commerce aimed at driving economic diversification in the industrial sector to greater levels.

The project to date has completed 50% of its first phase. Alkhayyat's visit was scheduled as part of the follow up of the construction to ensure that it is executed in an exemplary manner within the scheduled timeframe.

Accompanying Alkhayyat, were senior officials from KFH-Bahrain & Baytik Industrial Oasis, project supervising engineers and representatives of the contractors.

During his meeting with the project consultants and contractors, Alkhayyat gave a number of remarks on the project and asked for speedy completion of the work within the scheduled time.

"BIO is currently one of the most important infrastructure projects being implemented by KFH-Bahrain. It will bolster the industrial development witnessed by the Kingdom and we are striving to ensure that both phases are completed on time." said Alkhayyat.

He said the project, a first of its kind in the Kingdom of Bahrain, aims to drive further economic diversification in the industrial sector, generating greater inward investment and stimulating job creation, by capitalising upon the ongoing expansion in the industrial sector and fast growing demand for industrial based real-estate projects.

Alkhayyat pointed out that one of the main objectives of BIO is to provide an ideal location for both regional and international industrial companies engaged in highly productive and economically beneficial activities.

Alkhayyat also expressed his thanks and appreciation to the Ministry of Industry and Commerce, headed by H.E. Dr Hassan Fakhro, Minister of Industry and Commerce for his continued support with all developments in the private sector that focus on the continued growth of industry in Bahrain. On this ocassion, we would like to reemphasize our confidence in the Ministry's approach and vision, and encourage all Ministries and Government entities to share this vision for the future success of the Kingdom.

Mr. Osama Al Khajah, Chairman of BIO and Head of Project Development at Kuwait Finance House – Bahrain said "BIO is keen on delivering the project on scheduled time, and ensure all modern international and industrial standards are applied throughout the various facilities of the project. We aim to establish an industrial city, that is unique across the country and the region. Without doubt, BIO will give further momentum to the economy of Kingdom of Bahrain and the region at large, as it creates more job opportunities".

"Due to the initiative and support of the Government of Bahrain, such mega project make every person feel proud and very thankful. Work is progressing according to schedule on the first phase of BIO including the infrastructure and factory units, and to date we received an overwhelming investor response", he added.

Mr. Nader Al Moayyed CEO of Baytik Industrial Investments Co. said "There is a tremendous amount happening on site at the moment, and it is encouraging to see how quickly the project is progressing. We are very pleased with the service we've received from our contractors, and are confident that future phases of the project will run equally smoothly".

"Having the consulting team of on the site around the clock ensures that everything progresses well, and that every aspect of the project is correctly monitored at every step," said Al Moayyed. "We are committed to seeing this project through as efficiently as possible, and to maintaining the current rate of progress, so that the project is completed and delivered on schedule and to the highest of standards", he concluded.

The project is planned to be implemented in two phases. Phase 1 covers an area of 117,400 m² where as Phase 2 covers 37,000 m².

Phase 1 of the Project comprises of Advanced Factory Units for leasing purposes. These will be in the form of 6 Units made out of pre engineered buildings; each unit will consist of 4 Modules of equal sizes, for more flexibility. Phase 1 will also include an eight storey Knowledge Base Building with a total built up area of 9,870.00 m². The building shall be finished in all common areas with the rentable space left in a shell form.

Furthermore, BIO will offer potential tenants a host of facilities including those aimed at meeting their security, logistics and administrative needs as well as providing for unparalleled access to sea, air and road transportation. It is located only 5 minutes by road to the Bahrain International Airport; the existing seaport of Mina Salman and the new Hidd deepwater port. In addition, there is direct motorway access to Saudi Arabia, the region's largest market, via the 25km Saudi-Bahraini Causeway.