Contract Signed For 200 Million Dollar Plant To Be Built In Salman Industrial City

MANAMA, Bahrain, Dec. 23, 2011 /PRNewswire-USNewswire/ -- Information Affairs Authority -- The Ministry of Industry and Commerce announced that a new contract has been signed to establish a Polyester Film Plant in Salman Industrial City at an investment of 200 million USD. Dr. Hassan Abdulla Fakroo, Minister of Industry and Commerce, signed the contract with the delegation headed by Mr. Cheerag Arya, CEO of JBF which was founded in 1982 and has its headquarters in Mumbai.

The contract with JBF covers the establishment of the large industrial project in Bahrain International Investment Park (BIIP) to build on the allocated site measuring 65,000 square meters. The plant will produce polyester films used in packaging of electronics and food products, and will be mainly marketed in the European Union and the United States in order to benefit from the free trade agreement with USA. Construction of the project is expected to start in the beginning of 2012.

JBF is a publicly listed company employing a total of 2,500 people globally. It has achieved a yearly turnover of 1.5 Billion USD. The new plant is expected to provide 300 jobs with a production capacity of 90,000 tons in the first phase, which can be expanded and diversified at a later stage.

JBF's CEO appraised the strategic location of Bahrain as a unique investment destination in the region due to the exceptional incentives and facilities offered to the investors from around the world.

HE Dr. Fakroo stressed that the Government of Bahrain welcomes investments, especially the high value-added, export oriented and environmentally friendly projects that have a positive impact on the national economy. He explained Bahrain's investment opportunities, facilities and incentives offer a lot to regional and international companies, highlighting the modern and reliable infrastructure, suitable environment and reasonable cost of living needed for successful investment.

SOURCE Kingdom of Bahrain

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