A key agreement has been signed for the development and running of a BD600 million industrial investment project in Hidd.

Al Khaleej Development Company (Tameer), which acquired 170 hectares of land from the government for development in December 2005, gave the authority to Bahrain Investment Wharf (BIW) to operate the project on their behalf.

Industry and Commerce Minister Dr Hassan Fakhro signed the agreement with Tameer chairman Sameer Al Nufaisy and BIW chairman Ahmed Al Qattan.

The project, located adjacent to Bahrain Industrial Investment Park in Hidd, will accommodate industrial logistics, business, information technology and residential parks.

The BIW is a joint venture between Tameer and the Industry and Commerce Ministry.

Dr Fakhro described the project as one of the largest of its kind implemented in Bahrain by the private sector.

"The agreement acquires special significance as it is model project that would attract more investment," he added.

"The project will be developed in three phases, starting with the development of infrastructure like electricity networks, roads and water lines.

"The second phase will include industrial complexes comprising medium and small factories as well as complexes for logistic support and transport and storage services."

The project will also include housing accommodation for 20,000 workers in a 120,000 square metre area, which will be built at a cost of $75 million (BD28 million).

The project will create thousands of industrial related jobs.