First Bahrain Real Estate Development Co (First Bahrain) plans to build a $22 million warehousing and logistics facility at the Bahrain Investment Wharf (BIW).

The agreement to lease the land for the facility in BIW was signed between First Bahrain’s general manager Amin A. Al Arrayed and the BIW chairman Ahmed Al Qattan.

The signing ceremony was also attended by BIW CEO Muhannad Al Durrah and First Bahrain’s head of investments Mounther H. Al Sabbagh.

The development will meet the increasing demand from small and medium enterprises (SME’s) for comprehensive modern warehousing and logistics facilities for the operation and growth of their businesses, said an official spokesman.

“First Bahrain believes in developing projects which both serve the growing needs of local SME’s and will stimulate growth in the sector,” said Al Sabbagh.

“First Bahrain’s facility at BIW will cater to a niche market which has increased substantially due to recent economic growth in the Kingdom. The project will offer flexible unit floor plans in a fully secured environment,” he added.

“Strategically located with easy access to airports, seaports and overland routes to Saudi Arabia, First Bahrain’s facility is expected to deliver direct cost savings to SME’s engaging in import and export activities,” said Al Sabbagh.

The facility is being designed by international engineering firm Tebodin Consultants & Engineers. The complex, to be built in two phases over an area of 43,000 square meters, will offer approximately 150 units for lease which will range in space from 80 square meters upwards.

Phase one is due for completion in fall 2008. The design of the facility will ensure the use of advanced technologies for security monitoring, access, and fire control systems.

These advanced systems are especially valuable in light of recent safety mishaps in Bahrain where warehouse fires and other unfortunate incidents have resulted in millions of dollars of losses, in terms of both product and property.- TradeArabia News Service