Kuwait Finance House (KFH) - Bahrain has reached agreement with the Industry Ministry to invest in the creation of the KFH Industrial Oasis within the government-sponsored Bahrain International Investment Park (BIIP) at Hidd. The park will cover an area of about 155,000 square metres and KFH will spend $25 million on infrastructure.
The bank will also assist in providing financing to prospective tenants and hopes to attract total investment of about $200 million into the area. Construction is due to begin in early 2006 on the first phase, comprising 11 factories and a four-storey office building. Completion is set for the second half of 2007. Seven further factories and a six-storey office block are planned under a second-phase expansion, due for completion 18-24 months later. KFH-Bahrain is investing heavily in the kingdom. It holds a 50 per cent interest in the Durrat al-Bahrain resort and is the backer of the planned $1,500 million integrated petrochemicals, power and water complex at Sitra.
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