Bahrain-based Baytik Industrial Investments (BII) has announced the 75 per cent completion of its industrial oasis.

BII, a wholly-owned subsidiary of Kuwait Finance House - Bahrain, is set to welcome the first tenants of Baytik Industrial Oasis (BIO) by the end of this year.

Located within Bahrain International Investment Park (BIIP) in Hidd industrial area, BIO is the first project of its kind in the kingdom, encompassing 154,400 square metres of land.

Leasers will benefit from BIO's state-of-the-art pre-built advanced manufacturing units designed especially for companies engaged in high-technology manufacturing and assembling, light industry, small and medium enterprises and industrial processing.

'Regardless of the current economic climate, I'm pleased to report that BIO's construction is on target. With 75 per cent complete, we're looking to lease nearly half the units by December,' said Baytik Industrial Oasis chairman Osama Al Khaja.

'Our partnership with BIIP is in line with our vision to accelerate the rate of economic development in Bahrain.

'Boasting the Gulf's lowest operating and living costs and a one-hour drive from Saudi Arabia, BIO is an ideal location for any company looking to take its first steps into the GCC market.'

'The project is in line with Bahrain's Industry and Commerce Ministry's initiatives for economic diversification and will bring in much needed investment into the kingdom's industrial sector,' said Baytik Industrial Investments chief executive officer Nader Almoayyed.

'Apart from the low cost of power, an integral factor in any industry, companies setting up in BIO will benefit from zero tax for 10 years, exemption from import duties on raw materials and equipment, duty-free access to all GCC markets and free trade access to the US.'

By showcasing its project at the Crans Montana Forum hosted in Bahrain and the GCC Europe Expo in London, BII has generated considerable international interest in Bahrain's latest industrial offering.

'We consistently endeavour to deliver on our promises for Phase I of BIO and look forward to starting construction on Phase II in early 2010,' added Almoayyed.-TradeArabia News Service