Bahrain International Investment Park (BIIP) is optimistic about attracting an array of investors, following the announcement of its expansion to include the east region of the Salman Industrial City in Hidd area, a BIIP official at the Gulf Industry Fair said.

The addition of 0.5 million sq m of land will expand the existing 2.5-million-sq-m business park into a 3-million-sq-m development positioned as a location for foreign direct investment (FDI) and export-oriented projects.

The business park, which currently employs 4,500 people, is also poised to be the fastest generator of jobs in the kingdom, the official said and added that the park would create job opportunities for about 7,000 people by the end of 2018.

According to him, investments at the park from projects in various stages of development have reached BD722 million ($1.9 billion) since its establishment in 2005.

About 79 per cent of the BIIP land has been allocated to projects and the park authorities are engaged in marketing the remainder. “We are talking to a lot of companies who are upbeat about the potential investments in the park,” he said.

As many as 116 projects have been approved by the park with companies from Germany, Singapore, India, Saudi Arabia and Bahrain coming on board. Of these, 72 projects are operational, 30 are under construction and the rest are under lease agreement.

Nearly 72 per cent of all approved projects are in manufacturing with the remaining 28 per cent in international services operations, the park official said.

Meanwhile, the official said BIIP is enthused about the opening of the $90-million biscuit plant for Mondelez International in the second quarter of the current year. “The official opening of Mondelez International’s second plant at BIIP will be in September,” he said.

Launched in January 2015, it is being built over a 250,000-sq-m area by Mondelez International, the world’s leading maker of chocolate, biscuits, candy and powdered beverages under the company’s iconic brands such as Oreo, Ritz, BelVita, TUC biscuits and Tang.

Formerly known as Kraft Foods, it has already invested more than $75 million in a cheese and powdered-beverage plant, which has been operating at the BIIP since 2008.

Some of the incentives offered by BIIP include: no corporate tax with a 10-year guarantee; duty-free access to GCC markets; free trade agreement with the US; 100 per cent foreign ownership; renewable 25-year leases; no recruitment restrictions for the first five years; and duty-free imports of raw materials and equipment.

BIIP is exhibiting at Stand D5a at the GIF, which opened today (February 7) at the Bahrain International Exhibition and Convention Centre, and will run till February 9. – TradeArabia News Service