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Manama: Manara Developments Company, the Kingdom’s leading real estate developer announced the commencement of phase two of its large-scale “Investment Gateway – Bahrain” project to move in line with the project schedule.
‘Manara’ announced that as of June 2019, the project has completed 26% of its landfill target of phase two, as the main project contractor laid more than 2.7 million cubic meters of landfill sand and will commence for approximately 18-21 months for the BHD 100m infrastructure construction phase to proceed.
Upon completion, the “Investment Gateway – Bahrain” project will span a total surface area of 29 million square feet making it the largest light industry project available for freehold ownership in the Kingdom of Bahrain.
Managing Director of Manara Developments, Dr Hassan Al Bastaki commented on the second phase of “Investment – Gateway – Bahrain” stating: “We are proud to be the Kingdom of Bahrain’s largest and most significant light industry free-hold project. This effectively reflects one of the key pillars of the Bahrain Economic Vision 2030 to qualify the Kingdom as a strategic choice for the investment and logistics sectors that recently grown in importance”.
Dr. Al Bastaki further elaborated: “All economic indicators signified the importance and relevance of the project during its inception. The latest economic reports indicate that foreign direct investment would reach USD 1.5 billion in 2018, according to the World Investment Report issued in the United Nations Conference on Trade and Development - UNCTAD” adding that this report has further enhanced foreign investment inflows to the Kingdom and “a growing interest in the industrial sector which stands as second to the ever prominent banking sector in terms of attractiveness for foreign investments. He further iterated that “the project is at the heart of this dynamic growth to create the appropriate infrastructure to attract more investments towards the industry and particularly light industry, exhibitions, entrepreneurship and logistics”.
Dr. Al Bastaki further added that the Government of the Kingdom of Bahrain has extended support on numerous occasions that have brought this project to its significance today as it has approved the classification of the project as an investment zone of a unique standard. The classification allowed non-Bahraini investment bodies to own property within the project thus driving a higher volume demand and global expertise towards it. This also came with a notable cooperation from the Ministry of Works, Municipalities and Urban Planning in preparing the entrances, exists and roads network leading to and from the site to ease traffic movement.
Phase two of the “Investment Gateway – Bahrain” Project is likely to have a clear impact of the national economy as it will bring an injection of approximately BHD 500 million towards the landfill and construction of infrastructure notwithstanding the construction works to commence on the land plots by investors that is estimated at BHD 200,000 each in addition to creating 0,000 to 10,000 jobs at the very least.
Moreover, in addition to the major locally and regionally recognized companies that have chosen “Investment Gateway – Bahrain” as a base for their diverse portfolios, the project also allows an opportunity for young entrepreneurs to take part in the second phase to freely develop their operations in line with their business needs that are of a unique nature. In light of the recent trends of supporting new and upcoming young entrepreneurs and business owners, ‘Tamkeen’ had recently announced the provision of BHD 300 million to support SME’s in line with the Ministry of Industry, Trade and Tourism’s directives to support Bahraini’s in this sector and to increase its participants from 36,000 to 43,000 over the next five years and therefore increasing SME exports from 8% to 20% thus attracting further cash inflows.
Dr Al Bastaki also added that the project would provide approximately 1,600 land plots ranging between 450 to 1,200 square meters with the flexibility to merge and adapt plots based on the needs of each business.
Amongst the main distinguishing factors of this project is its interconnection between more than one port and Bahrain International Airport along with a road network and bridges leading to these ports, which facilitate and reduces transportation costs significantly. The project provides the flexibility to establish offices, exhibitions, warehouses, handling services, sales offices and showrooms that are resultant from the growing commercial and industrial movement in the Kingdom of Bahrain.
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About Manara Developments Company B.S.C. (Closed)
Manara Developments Company BSC (Closed) is a Bahrain - based real estate Development Company with a diverse project portfolio. Manara is determined to bring new insights, a fresh perspective and an all considered approach to real estate development in the Middle East market.
Manara Developments is driven by a core desire to become one of the top regional real estate developers by delivering a distinct portfolio of projects that are sensitive to their surroundings and leave a positive imprint on the community which houses them, from a social, economic and environmental perspective. Wherever possible, the Company will source national resources and will deploy the latest in design, construction and environmental technologies to help deliver socially-aware projects synonymous with quality, sustainability, value-for-money and on-time delivery.
The company’s mission is guided by a sincere, humanistic ‘All Considered’ philosophy stemming from a deep-rooted sense of social responsibility – to develop conscientiously with the best interests of the community in mind and strive to deliver.
For more information, please contact:
Mr. Nawaf Ali Alghanim
Manager – Marketing and Corporate Communications
Mobile : +973 39 820 121
Tele : +973 17 518 667
Fax : +973 17 131 074
Email : n.alghanim@manara.bh
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