The First Bahrain Real Estate Development Co (First Bahrain) has announced plans to build a $22 million warehousing and logistics facility at the Bahrain Investment Wharf (BIW).
The agreement to lease the land for the facility in BIW was signed by First Bahrain’s general manager, Amin A Al Arrayed, and the BIW chairman, Ahmed Al Qattan. The signing ceremony was also attended by BIW CEO Muhannad Al-Durrah and First Bahrain’s head of investments, Mounther H Al Sabbagh.
The development will meet the increasing demand from small and medium enterprises (SMEs) for comprehensive modern warehousing and logistics facilities for the operation and growth of their businesses.
“First Bahrain believes in developing projects which both serve the growing needs of local SME’s and stimulate growth in the sector,” said Al Sabbagh. “First Bahrain’s facility at BIW will cater to a niche market which has increased substantially due to recent economic growth in the kingdom. The project will offer flexible unit floor plans in a fully secured environment. Strategically located with easy access to airports, seaports and overland routes to Saudi Arabia, First Bahrain’s facility is expected to deliver direct cost savings to SMEs engaging in import and export activities.”
In his remarks, Al-Durrah said: ‘’Our partnership with leading companies such as First Bahrain continues to build the importance of the BIW development in the economic scene in Bahrain, as an increasing amount of both regional and international companies invest in the project”.
The facility is being designed by international engineering firm Tebodin Consultants & Engineers. The complex, to be built in two phases over an area of 43,000 sq m, will offer approximately 150 units for lease which will range in space from 80 sq m upwards. Phase one is due for completion in the fall of 2008. The design of the facility will ensure the use of advanced technologies for security monitoring, access and fire control systems. These advanced systems are especially valuable in light of recent safety mishaps in Bahrain where warehouse fires and other unfortunate incidents have resulted in millions of dollars of losses, in terms of both product and property.
First Bahrain Real Estate Development Company is a regional real estate developer established in Kuwait in October 2004 with a paid up capital of KD30 million ($ 106.8 million).
Its principal shareholders are leading regional institutions and high-profile real estate investors including Global Investment House, Wafra International Investments, Esterad Investment Co, Action Group Holdings and Al Manar Financing and Leasing.
In January 2006, Tameer set about establishing Bahrain Investment Wharf, putting Bahrain on the map as a destination for investors and their business needs.
BIW is set to help create job opportunities within Bahrain and inject immense capital into the local economy, while attracting foreign investment, and enhancing Bahrain’s reputation on the world stage.
