Manama: Investment Gateway Bahrain is one of the Manara’s major developments underway as 89% of the plots have already been sold, according to Dr. Hasan Al Bastaki, Managing Director of Manara Developments.
“The decision undertaken in September 2014 to changing the zoning of the Investment Gateway Bahrain project into a unique zone site represents one of the major steps towards incentivizing and stimulating investment in the Kingdom of Bahrain and particularly foreign direct investment (FDI) thus permitting non-Bahraini individuals and companies to own plots in this project,” he said.
A key feature, he said, that will characterize this project and the Kingdom of Bahrain as a whole into a prime investment district to a multiplicity of light industry and logistical support establishments on both the local and regional levels.
“This step contributes greatly to the Bahrain Economic Vision 2030, which aims to develop Bahrain into an attractive destination for foreign direct investment, and a regional Middle Eastern services hub in terms of the provisions of logistical services. This is further represented by the wide array of companies choosing to set up their regional branches on the island. He further stressed on the ease of economic accessibility to the thriving economies of the gulf region, and the availability of sophisticated land, sea, and air transport means between ports and airports, notwithstanding logistics zones in multiple locations around the gulf, and ongoing infrastructure development initiatives, and Bahrain’s trade alliances with over 60 countries worldwide thus promoting an open trading environment in the Kingdom.
“Manara Developments has worked during early phases of initiation to set up the project as distinct and unique to its competitors in the Kingdom of Bahrain, in addition to the high quality of these areas and the service mix present in these areas in general.
“The success and overwhelming response witnessed in phase one of the sales in the project is primarily the reason for proceeding with the second phase of sales, while the second phase of sales is now achieving the same success witnessed in Phase one. Dr. Al Bastaki described this interest as a “thirst” in the industrial investment sector in the Kingdom of Bahrain for all different varieties of industry, evidenced by the sale of more than 89% of all plots offered at record time.
“Is not only the prime location of Investment Gateway – Bahrain that attracts investors, as the project falls in between Bahrain International Airport and Salman Industrial Area in Hidd, and the expressway linking to Mina Salman thus situating the project as a meeting point for the Kingdom’s major commercial establishments offering wholesale, retain, light industry motor vehicles, accessories and other commercial activities”. He pointed out that all these characteristics promote speed of transportation and close proximity to the Kingdom’s ports.”
He also pointed out that amongst the main features of this project are “ the flexibility for long term investment upon ownership of the industrial plots in this vibrant location, and the possibility of investment by the owners of which was a main factor to attract investors with long term strategic visions”.
Dr. Al Bastaki added that the project’s competitive pricing is a main characteristic of which Manara maintained for the Investment Gateway – Bahrain to provide a wide range of opportunities on the offered light industrial and commercial plots at competitive prices to build demand towards this vibrant location and further deliver a promising platform for businesses in the Kingdom of Bahrain.
Dr. Hasan Al Bastaki confirmed that infrastructural construction works that have been agreed upon earlier last year are in progress as per the initial schedule, where it started in the third quarter of last year and scheduled for completion in the third quarter of next year 2016.
The tender for this project has been launched by the company on the 13th of April 2014 to appoint a design consultant to design a 66kv electrical substation, and the company is anticipating bids to evaluate and appoint a bidder. This bid serves to fulfill and a major part of the infrastructural works of which will enable the launch of more plots at “Investment Gateway – Bahrain”. Further, the tender was launched to major international companies specialized in the field of infrastructural design and engineering and operating in the Kingdom of Bahrain.