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Investors to pump $2.7bn in new Bahrain projects

Monday, Feb 02, 2009
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MANAMA: Investors plan to pump more than BD1 billion ($2.65bn) into new industrial projects in Bahrain, according to new figures released by the Industry and Commerce Ministry. Applications to 295 projects, with a total investment value of BD844.8 million ($2.2 billion), were given primary approval by the ministry last year. The projects, which must meet environmental, health and municipal requirements before they get final approval, will provide around 4,650 jobs, out of which 1,692 for Bahrainis. A further 144 industrial projects received a final approval from the ministry after meeting the relevant requirements, with an estimated investment of BD242.1m ($640.6m). They include 17 issued this year and 127 last year. Of the primary-approved projects last year, 106 were in the engineering industry, 83 in aluminium, 46 in petrochemicals and plastics, 34 in food items and medicine, 22 in wood furniture and four in readymade garments. This is compared to last year's 304 primary-approved projects, including 38 licences in petrochemicals and plastics, 98 in aluminium, 25 in wood furniture, 27 in food and medicine, four in readymade garments and 112 in engineering. Projects with final approvals last year included 68 in the aluminium industry, 40 in engineering, 17 in petrochemicals and plastics, 13 in wood furniture, five in food items and medicine and one in readymade garments. There were 144 projects with final approvals, including 15 in petrochemicals and plastics, 58 in aluminium, eight in wood furniture, 10 in food items and medicine, six in readymade garments and 41 in engineering. According to the figures, there was 126 per cent increase in the size of investment between 2007 and last year for primary-approved projects. There was an estimated BD373.3m ($987.6m) worth of investments in 2007 and BD844.8m ($2.2bn) last year. There was also a 32pc increase in the number of projects with final approvals, having an estimated investment of BD242.1m ($640.6m) last year compared to BD183.4m ($485.3m) in 2007. Primary-approved projects increased from 177 (BD158.8m) in 2004 to 295 last year, while approved projects increased from 71 in 2004 to 144 during the same period. The ministry expects the number of licences and industrial projects to further increase this year. --gulf-daily-news.com

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