Bahrain: 'Salman Industrial City' to attract foreign investors
Saturday, 9th January 2010
His Majesty King Hamad officially laid the foundation stone for Salman Industrial City on January 9th, 2010. The new Salman Industrial City will include several key areas in the Hidd area, such as the Bahrain International Investment Park, Bahrain Investment Wharf and Hidd Industrial Zone, and is adjacent to the new Khalifa Bin Salman Port. It is a landmark event which will play a valuable role in attracting foreign direct investment to Bahrain, according to Sheikh Mohammed bin Essa Al Khalifa, Chief Executive of Bahrain's Economic Development Board (EDB).
The Salman Industrial City has been named after HH Prince Salman Bin Hamad Bin Isa Al-Khalifa, Crown Prince of Bahrain and EDB Chairman, in recognition of his work and vision to develop the national economy and build a better life for every Bahraini, through his work with the EDB and the launching of a number of national initiatives, including the deregulation of the telecommunications industry and the establishment of Mumtalakat to manage the government's non-oil assets.
The industrial sector plays a major role in the Bahrain economy, contributing approximately 16% of Gross Domestic Product, and the new Salman Industrial City offers a number of opportunities for international companies seeking to establish a position in the combined trillion dollar Gulf market.
The surrounding infrastructure including Bahrain International Airport and King Fahd Causeway to Saudi Arabia-and the planned construction of the causeway linking Bahrain to Qatar provide an excellent transport network to reinforce Bahrain's strategic location at the heart of the Gulf. In addition, Bahrain was recently ranked as the 13th freest economy in the world.
Jobs at the Salman Industrial City are expected to more than double to around 34,000 within a few years. Investments in the venture, which already house 160 companies, are also expected to more than double to nearly $8 billion (BD3bn).
Text and photograph: Barbara Schumacher