First Bahrain Announces USD 25 Million Warehousing and Logistics Facility at BIW
The agreement to lease the land for the facility in BIW was signed between First Bahrain’s General Manager, Amin A. Al Arrayed, and the Bahrain Investment Wharf Chairman, Mr. Ahmed Al Qattan. The signing ceremony was also attended by BIW CEO Muhannad Al-Durrah and First Bahrain’s Head of Investments, Mounther H. Al Sabbagh.
The development will meet the increasing demand from small and medium enterprises (SME’s) for comprehensive modern warehousing and logistics facilities for the operation and growth of their businesses.
“First Bahrain believes in developing projects which both serve the growing needs of local SME’s and will stimulate growth in the sector,” stated Mr. Al Sabbagh. “First Bahrain’s facility at BIW will cater to a niche market which has increased substantially due to recent economic growth in the Kingdom. The project will offer flexible unit floor plans in a fully secured environment. Strategically located with easy access to airports, seaports and overland routes to Saudi Arabia, First Bahrain’s facility is expected to deliver direct cost savings to SME’s engaging in import and export activities.”
Mr. Al-Durrah added, “Our partnership with leading companies such as First Bahrain continues to build the importance of the BIW development in the economic scene in Bahrain, as an increasing amount of both regional and international companies invest in the project.”
The facility is being designed by international engineering firm Tebodin Consultants & Engineers. The complex, to be built in two phases over an area of 43,000 square meters, will offer approximately 150 units for lease which will range in space from 80 square meters upwards. Phase one is due for completion in Fall 2008. The design of the facility will ensure the use of advanced technologies for security monitoring, access, and fire control systems. These advanced systems are especially valuable in light of recent safety mishaps in Bahrain where warehouse fires and other unfortunate incidents have resulted in millions of dollars of losses, in terms of both product and property.