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Manama: Manara Developments, the Kingdom’s leading real estate developer announces the commencement of 23 million square feet, phase two, Investment Gateway – Bahrain, the Kingdom’s largest freehold project dedicated to light industry, totaling a total area of 29 million square feet for phase one and two combined.
Commissioned in December 2018 for the reclamation works of the second phase of the project, Great Lakes Dredge & Docks has commenced as per the planned schedule of 18-21 months.
Amar 1 Real Estate Investment Company, is the primary owner of the “Investment Gateway – Bahrain” project with Manara Developments company appointed as the main project development manager.
On this occasion, the company's managing director Dr. Hasan Al-Bastaki said that since the start of work on the reclamation and landfill, Great Lakes Drake & Docks has pumped 450,000 cubic meters of sand to the area to be reclaimed. This step of reclaiming phase 2 came based on the success of the first phase of the project and the increasing demand from investors and investors in Investment Gateway - Bahrain.
The engineering and technical team overseeing the project includes the Bahraini company known as HAJ GULF, which oversees the project, while AECOM Middle East is the engineering company overseeing the project.
The total cost of the reclamation works and infrastructure for the second phase is expected to be approximately BD 100 million. In addition to the cost of the landfill, the owner of the project (Amar 1 Real Estate Investment Co.) will bear the cost of constructing infrastructure works including internal streets, electrical works, water and sewage systems, communications and so forth, making the project attractive and ready for direct use by investors. Manara's Managing Director said that the investment reflects the confidence and strength of Bahrain's economy, particularly in logistics, light industry, handling and support. Studies and forecasts indicate significant growth over the next five years due to the Kingdom's 2030.
He pointed out that the project will provide about 1600 investment plots of approximately 450 square meters and 1200 square meters, with a great flexibility to integrate the plots according to the needs of the investor and the nature of his work.
He also pointed out that the second phase of the Investment Gateway-Bahrain project has major implications for the national economy. The first is the injection of nearly BD 500 million into the national economy in the form of the cost of reclamation, construction of infrastructure and establishment of land plots, To about BD 200,000, in addition to providing at least 9,000 to 10,000 different jobs.
Dr. Al Bastaki said that the “Investment Gateway – Bahrain” project will provide specialized careers and create diverse and multi-level jobs. At the same time, this project provides free space that can be created for entrepreneurial Bahrainis and creative entrepreneurs who aspire to freehold spaces of this project specifically to start their ambitions, and establish their own companies. "In addition to all of what we have said about the Investment Gateway-Bahrain project advantages, that small and medium-sized entrepreneurs will have access to get the required spaces that they can be controlled and tailored to the type of their projects and nature, is an important benefit that attract the investor, especially in light of the increase in local Bahraini business and private enterprises.
At the same time, the “Investment Gateway – Bahrain” project is available to attract foreign investments that can make the Kingdom of Bahrain a leading region in the light industrial, transformational, storage, handling and other logistics industries, as per the benefits and ease terms the project offers. He pointed out that Foreign Direct Investments (FDI) inflow to the Kingdom of Bahrain in 2017 rose 114%, according to the World Investment Report issued by the United Nations Conference on Trade and Development (UNCTAD), which is the fastest growth rate in the GCC region. The contraction in the rate of global flows of direct investments by 23%., As a result of economic reforms in recent years, including the amendment of the Commercial Companies Law and the granting of foreign ownership by up to 100% in a number of additional sectors, which is an example of the openness of the Bahraini business environment supporting the growth of foreign direct investment.
The “Investment Gateway- Bahrain” Project is considered to be the first of its kind, dedicated to light industrial activities and logistics in Bahrain to offer its plots for ownership rather than lease, this is contrary to most temporary arrangements in other industrial areas in Muharraq as the owner may utilize the property as seen best suited for the business intended.
Amongst the major factors distinguishing this project is its prime location which centrally located between Bahrain International Airport and Mina Khalifa Bin Salman and direct access to a well-established network of direct access to the Kingdom’s major land, sea and air ports as it is situated within 3 minutes from Bahrain International Airport and 8 minutes away from Mina Khalifa Bin Salman, and 20 minutes from the entrance of King Fahad Causeway.
Phase one of the project had previously attracted local capital investment towards ownership and investment in the plots for light industry, commercial and logistical activities exceeding 78 million Bahraini Dinars.
Phase one of the project attracted a wide array of major establishments amongst them Ibrahim Khalil Kanoo, Yousif Khalil Al Moayyed & Sons, Montreal Motors, Trafco Group, Ciramica Delmon, Bahrain Limo, Ramez Group, Mohammed Ali Zainal Abdulla, Maza, Phoenix Bahrain, and other major establishments in 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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