Polymatech Electronics plans $100m semiconductor plant in Bahrain
MANAMA, 2 hours, 38 minutes ago
Polymatech Electronics plans to invest $100 million in establishing a semiconductor manufacturing facility in Bahrain, N Eswara Rao, the Managing Director and CEO, announced during the Gateway Gulf 2024 forum in Manama.
The investment marks a significant development in the region's technology landscape, aligning with Bahrain’s economic diversification strategy, a Bahrain News Agency report said.
In his remarks to Bahrain News Agency (BNA), Rao outlined the phased approach of the project, stating: "We are investing $100 million in phase one in Bahrain."
This initial phase is split into two stages: Phase 1A involves a $16.5 million investment in leased premises, where operations are set to begin in the second week of January 2025. Phase 1B, with an investment of $83.5 million, will focus on constructing a dedicated facility on company-owned land, with operations proposed to start by October 2026.
Polymatech Electronics, with a research department in London, UK, and a marketing office in Singapore, is a leading semiconductor manufacturer, with existing plants in the US and France. The expansion to Bahrain will make the kingdom a hub for Polymatech’s operations in the MENA region.
"We are setting up a manufacturing facility in Bahrain, which will serve as a hub for the MENA region," Rao explained.
The company’s Bahrain-based operations will initially focus on producing medical and horticultural electronics, with the ambitious goal of scaling up to 10 billion chips annually.
Rao credited the Economic Development Board (EDB) of Bahrain for its critical role in streamlining the process for this investment, expressing appreciation for their support.
"The facility is expected to go live by January 2025," Rao confirmed, adding that the company anticipates swift progress in scaling up its manufacturing capabilities.
Attending the Gateway Gulf 2024 forum provided Polymatech with valuable networking opportunities. Rao noted, "We have met a couple of people who are interested in the project," and expressed optimism about the investment's prospects, supported by strategic backing from the Bahraini government and the EDB.
