Manama : Edamah, the real estate arm of the kingdom sovereign wealth fund, and Bahrain Mumtalakat Holding Company have signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of Interlink Metals and Chemicals for a 50,000 sqm industrial plot at Askar, which will be used for a Titanium multiphase facility valued at upwards of $200 million.
The establishment of this landmark first-of-its-kind project and milestone agreement was supported by the Bahrain Economic Development Board. Following the award of a Golden License, which expedited the lease signing and land allocation, the establishment of the Bahrain Titanium facility solidifies the island nation’s position as an established exporting hub, contributing to its economic diversification and enhancing its global competitiveness.
Interlink selected Bahrain as the destination for its groundbreaking project due to the kingdom’s strategic location, and well-established exporting capabilities. During the initial phase of the project, Bahrain Titanium will operate an electron-beam furnace (EB) for producing commercially pure titanium slabs and ingots, alongside a vacuum-arc (VAR) furnace for manufacturing of titanium alloys.
This phase will initially have a capacity of 4,000 tonnes per annum, with planned capacity increases in the future and there will be a comprehensive downstream expansion into forged bars, round, and tubed titanium products.
Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB) highlighted Bahrain’s efficient facilitation of the project, utilising duty-free access to 24 markets.
The engagement of the Swiss manufacturer enhances Bahrain’s economy and reinforces connections with significant markets, providing a pathway for leaders in logistics and manufacturing to reach the Middle East, North Africa, and beyond, she added.
The facility will be purpose-built to serve fast-growing industries such as medical, aerospace, automotive, and energy, meeting the increasing global demand for titanium products, a niche commodity gaining traction worldwide and surging Bahrain’s exports to international markets.
Abdulla bin Adel Fakhro, Minister of Industry and Commerce said that as the first specialised titanium facility in the region, interlink has established itself as a major global player in titanium trading and supply, affirimg that their presence in Bahrain enhances the diversity, quality, and investment appeal of the national industrial sector, bolstering Bahrain’s economic competitiveness and solidifying its position as a premier export hub globally.
Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Bahrain Real Estate Investment Company (Edamah) expressed his pride in signing this agreement with Bahrain Titanium.
“This agreement marks a crucial step in facilitating their local operations enabling them to take advantage of Bahrain’s strategic location and world-class logistics infrastructure. As the first facility of its kind, this landmark signing underscores our commitment to expanding and diversifying Bahrain’s robust property portfolio with premium projects that foster innovation across priority sectors of the economy, in line with the national vision,” Shaikh Abdulla bin Khalifa said.
Igor Raykhelson, Chairman of Interlink Metals and Chemicals, said that Bahrain was a clear destination of choice given its Free Trade Agreement ratified with the US, strategic location, competitive operating costs, and availability of experienced and highly skilled local talent.
“The blueprint for the new Bahrain-based plant outlines the use of state-of-the-art technology and advanced manufacturing processes to meet the highest industry standards in energy efficiency and waste management, with a minimal carbon footprint,” he added.
