Bahrain-based Manara Developments said more than 89 per cent of the plots at its ambitious "Investment Gateway - Bahrain" project have been sold out in record time.

It is the first industrial project in the Muharraq governorate that enables the investor to obtain ownership of the land with the ownership certificate in hand, said a statement from Manara.

Managing director Dr Hasan Al Bastaki said Investment Gateway – Bahrain stands as one of Manara’s major developments underway, denoting that the project is currently in its early phase and all the performance indicators collected so far advocate to proceed with the master plan which is unique in the kingdom.  

He said that the decision undertaken in September 2014 to changing the zoning of the “Investment Gateway – Bahrain” project into a unique zone site, represents one of the major steps towards incentivising and stimulating investment in Bahrain and particularly foreign direct investment (FDI) thus permitting non-Bahraini individuals and companies to own plots in this project.

Manara Developments, stated the official, had worked during early phases of initiation to set up the project as distinct and unique to its competitors in Bahrain, in addition to the high quality of these areas and the service mix present in these areas in general.

On the plot sale success, Dr Al Bastaki said this was mainly because of the 'thirst' in the industrial investment sector in the kingdom among the investors for different sectors of the industry.

"A major lure is the prime location of “Investment Gateway - Bahrain” that attracts investors, as the project falls in between Bahrain International Airport and Salman Industrial Area in Hidd, and the expressway linking to Mina Salman thus situating the project as a meeting point for the Kingdom’s major commercial establishments offering wholesale, retain, light industry motor vehicles, accessories and other commercial activities,” he noted..

He pointed out that all these characteristics promote speed of transportation and close proximity to the Kingdom’s ports.

"The flexibility for long-term investment upon ownership of the industrial plots in this vibrant location, and the possibility of investment by the owners have been main factors in attracting investors with long term strategic visions," he added.

Dr Al Bastaki pointed out that the project had aspired in its earliest stages to be a focal point for major establishments like Ebrahim Khalil Kanoo, Yousif Khalil Al Moayyed & Sons, Montreal Motors, Trafco Group, Ceramica Delmon and Bahrain Limo, in addition to Ramez Stores, Yoko Marine Construction, Mohammed Ali Zainal Co. (Maza) and other major establishments with a multiplicity of business activities in the Kingdom of Bahrain.

The plots at the project are ideal for offices, showrooms, storage facilities, handling services, and sales offices, all of which are essential requirements to undergo a smooth business in Bahrain and particularly Muharraq governorate.

On the project's progress, Dr Al Bastaki said the infrastructural construction work, which started in the third quarter of last year, is progressing well and is on schedule for completion in the third quarter of 2016.

Infrastructural construction works will include the internal transportation network, sewage system, electrical wiring, and the communication network in order to develop a modern and progressive infrastructure with potential for future developments and improvements, he added.-TradeArabia News Service