Al Salam Bank-Bahrain announced today that it has established a company dedicated to develop an industrial area in Hidd, recording one of the most important industrial areas development projects ever witnessed in the Kingdom of Bahrain.

Focusing mainly on environment-friendly light industry, the development is planed on a distinguished location close to Bahrain International Airport and Khalifa bin Salman Port. Yousif Taqi, The Bank’s Chief Executive Officer, said that the Bank’s management was able to attract a number of strategic investors to form a partnership that formed this company which will develop the infrastructure for the industrial area and create a suitable and attractive environment for local, regional and international investors.

The founding of this company emanated from the Bank’s and its partners’ realization of the importance of setting up such light industrial-purposed areas which contribute effectively to achieving sustainable economic growth, Taqi said.
He pointed out that this venture would provide essential facilities to set up light industry projects which would create a strong and suitable foundation for technology transfer inwards. This would contribute greatly in positioning the Kingdom on the map of the developed countries in the field of light industry, he added.
Setting up this investment-attracting company gives strong impetus to efforts aiming at creating high-income job opportunities for qualified Bahrainis and, thus, boosts the base of technically competent human resources capable of managing existing and future industrial projects, Taqi noted.

He pointed out that more details on the venture will be disclosed at a later date.

Taqi added that light industry is known to play a vital role in creating job opportunities and is considered in many world countries as a main source for employment apart from adding great value to the local economy.

He stressed that Al Salam Bank-Bahrain by pursuing its strategy in innovating investment solutions in Bahrain – resulting in such a strategic investment project, has gained investors’ trust in its potentials and competence as well as their confidence in the solid investment base in the Kingdom capable of competing internationally. This was boosted by the country’s reputation and strategic location world-wide as well as the extensive experience of the government bodies which set laws and regulations that preserve the stability and safety of the capitals and facilitate their operations by providing suitable infrastructure and creating healthy and appropriate industrial environments, Taqi added.

The Bank’s interest in investing in Bahrain stems from its belief in the promising future of the banking industry as well as in the reliable experience of those in charge of developing the industrial and development infrastructure in the Kingdom that makes them capable to overcome challenges created from time to time by regional