Initiative aims at meeting future logistics aims
Bahrain has slashed the timeframe for land applications in response to demand for industrial space and as part of the government strategy to build a powerful logistics and manufacturing sector.
The initiative, introduced by the Bahrain Ministry of Industry, Commerce, and Tourism, guarantees that complete applications for industrial land will be assessed within a maximum of only 18 working days.
Bahrain has invested heavily in establishing industrial zones throughout the country in recent decades, and by 2020, even more investment will see the development of vast new industrial zones.
Connected to Saudi Arabia via road bridge, Bahrain is looking to solidify itself as a key player in an increasingly competitive region.
Bahrain currently operates eight industrial zones totalling over 10 million square miles.
Minister of Industry, Commerce and Tourism, H.E. Zayed R. Alzayani, said: “When Bahrain International Investment Park (BIIP) reaches full occupancy, we anticipate that investments by Bahraini and foreign industrial companies will have exceeded US$2 billion, creating more than 10,000 jobs.”
Bahrain’s large-scale infrastructure development is currently valued at over $32 billion.
H.E. Khalid Al Rumaihi, Chief Executive of Bahrain Economic Development Board, said: “The manufacturing sector is a key pillar of Bahrain’s economy, accounting for almost 15% of GDP.
“Over the past five years, the sector has grown by 18% and is the second largest non-oil contributor to the economy, after financial services.
“The Kingdom offers numerous competitive advantages for manufacturing. We are continuously improving the business environment to ensure the best possible experience for companies and investors.”