Bahrain International Investment Park opens its doors
The business park of 2.5-million-sq-m in Hidd at the Gulf Industry Fair, which opened in Bahrain on Feb 4, is a highlight of business opportunities Bahrain International Investment Park (BIIP) offers. A total number of 105 companies exist at the park out of which 30 were approved of last year, and when in full use can create jobs for 10,000 people. With a total project value of BD689 million ($1.8 billion) at the BIIP, 53 are operational (worth BD262 million) and 12 (worth BD130 million) are under construction while 8 have been signed up for leasing and 32 are in the pre-lease stage.
Amid landmarks at BIIP are Mondelez’s (Kraft Foods) five year celebrations of production at the park in March, Reckitt Benkiser’s official opening of its new manufacturing facility in June, Abahsain settlement of a joint venture agreement with CPIC China in building a new manufacturing facility and increasing output in September. Of all BIIP projects, 80 percent are into manufacturing and the rest consist of internationally traded services. In order to attract and accommodate more global companies the second office building of the investment park is expected to be completed this year. Some of its top companies include Alstom, NCR, American Express, Alfred Talke, Kitetsu, Thyrocare Laboratories and TUV Nord.
Situated within minutes of the Bahrain International Airport and the Khalifa Bin Salman Port, the business park offers a tax-free location with incentives to trade in the GCC and Middle East. “The park has seen a steady growth in the number of companies that have started operations, rising from 31 in 2011 to 43 in 2012 and to 53 in 2013,” stated Dr Hassan Fakhro, Bahrain’s Minister of Industry and Commerce.