Saturday, September 9, 2017

Manara completes key IGB building sale

Manara Developments, a leading real estate company, has announced the successful sale of an entire building within 'The Workshops – Investment Gateway - Bahrain' project that was initiated last year, to BAS Developments Company (BDC).

The key building is part of the greater “Investment Gateway - Bahrain” project that consists of five buildings, each comprising three floors and hosts five commercial shops and two workshops as well as accommodation for up to 100 workers with the entire range of services required, said a statement from Manara.

The workshop covers a total area of 58,885 sq ft, it added.

Each building will occupy 10,777 sq ft area and is equipped for a wide range of industrial activities such as metalwork workshops, furniture assembly, carpentry in all its varieties, automotive services, commercial storage, glass manufacturing, packaging, export platforms, as well as commercial showrooms and other activities that find a suitable home in the “Investment Gateway - Bahrain” project.

A signing ceremony was held at BDC’s headquarters, where the company CEO Salman Al Mahmeed and managing director of Manara Developments Company Dr Hasan Al Bastaki inked the sale contract.

Speaking at the event, Al Mahmeed commended the high level of professionalism of which the deal was administered between BAS Developments and Manara.

"The provision of such facilities that precisely meet companies’ needs with such attention to detail, would surely favorably impact the development of companies and uplift their operations with ease," he noted.

"The availability of such facilities, which the market was longing for, would strengthen Bahrain’s regional position as a regional logistics hub," he added.

Dr Al Bastaki expressed delight at its first building being purchased by a prominent company like BAS Developments.

"The project has been designed in a holistic fashion with the companies’ requirements in mind as it provides a wide range of services and logistical operations within close interconnected locations of which ease all aspects of the operations within a single building, from transportation of workforce as well as raw materials and finished products, to administrative and financial functions related to the businesses themselves," he explained.  

Manara is keen to provide suitable services to meet its clients’ needs and further elaborating, he added.

According to him, the “Investment Gateway - Bahrain” project is a first-of-its-kind project dedicated to light industrial activities and logistics in Bahrain where plots are being offered for sale rather than lease and the owner will receive the title deeds soon after purchasing a property.

"This is contrary to temporary arrangements in most other industrial areas in Muharraq as the owner may utilize the land as seen best suitable for the business intended," he noted.

The locations will have the capacity to serve as offices, showrooms, storage facilities, handling services, and sales offices, all of which are essential requirements to undergo smooth commercial and industrial activities.  

Amongst the major factors distinguishing this project are not only its prime location of that attracts investors, as the project falls in between Bahrain International Airport and Khalifa Port, and a modern transportation network linking it to the Kingdom’s major land, sea and air ports, said the developer.

"The project offers a wide array of positive economic impacts for the developments currently under construction, as it will generate at least 5,000 jobs of a diverse nature, and will yield approximately $1 billion in order to construct the logistic units, and industrial and commercial showrooms and other establishments," noted Dr Al Bastaki.

"Investment Gateway - Bahrain” offers a bundle of well-rounded solutions for light industrial zones in Bahrain. This comes after thoroughly studying the experiences of the existing industrial zones, and better understanding the needs of industrialists in Bahrain, and particularly to those looking to establish their regional bases in the kingdom," he added.-TradeArabia News Service

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