The investment and business development arms of National Oil and Gas Authority in Bahrain, nogaholding, and Schmidt Heilbronn have launched its new joint venture, Schmidt Logistics Bahrain.
According to a statement, this new project, which costs around $20 million and located in the Bahrain Logistics Zone will create around 100 jobs.
Sheikh Mohamed bin Khalifa Al Khalifa, the Minister of Oil and chairman of nogaholding said: “Our new facility will have a significant positive impact on the regional chemical and petrochemical industries and facilitate quicker and easier transportation of goods around the GCC.”
Thomas Schmidt, CEO and managing partner of Schmidt Group, added: “This new development is a reflection of the huge growth we see in the regional logistics industry. It also represents the confidence we have in Bahrain as one of our key strategic operational bases in the Gulf region.”
Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB), said the manufacturing and logistics sector is one of the strongest in Bahrain and has attracted more than $200 million of investment in the first half of the year – investments that will create more than 1,000 jobs over the next three years.