Newly Opened 'Salman Industrial City' to Play Important Role in Attracting Foreign Direct Investment
10 January 2010, Manama: The opening of the new Salman Industrial City, which includes 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, is a landmark event which will play a valuable role in attracting foreign direct investment to Bahrain, according to Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of Bahrain’s Economic Development Board (EDB).
The Salman Industrial City has been named after His Royal Highness 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, and the most free in the Middle East and North Africa (MENA) region, in the annual Index of Economic Freedom, published by the Heritage Foundation and Wall Street Journal. Bahrain was the only economy in the MENA region to rank among the world’s top 20 for the 16th consecutive year since the launch of the Index in 1995, and the report noted that “Bahrain is home to many multinational firms that do business in the region. It has a modern communications and transportation infrastructure, a reliable regulatory structure, and a cosmopolitan outlook”.
Sh. Mohammed stated: “The opening of the Salman Industrial City is a landmark event for Bahrain, and it will play an important role in helping to attract foreign investment into the Kingdom. The inflow of investments within Salman Industrial City has already reached US$3.5 billion and will reach over US$7.6 billion after its various projects are completed, which is a reflection of the benefits identified by international industrial companies in setting up operations in Bahrain and gaining access the surrounding markets through the excellent direct air and road links.”
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Notes to editors
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
More information on the Bahrain EDB is available at: www.bahrainedb.com
Further information
Samia Yakub, Bahrain Economic Development Board
Tel: +973 17 589 891
Email: internationalmedia@bahrainedb.com
Victoria Geoghegan, Bell Pottinger
Tel: +44 (0)207 861 3925
Email: vgeoghegan@bell-pottinger.co.uk