01 July 2016

Inovest, the founder and project manager of Bahrain Investment Wharf (BIW) labour accommodation project, has signed several agreements with VKL Holdings to complete the $140-million development in Bahrain.

Located within BIW in Salman Industrial City at Hidd, the project was launched in 2007 and is being developed by Inovest subsidiary BIW Labour Accommodation Company on two adjoining plots of land, covering a total area of 120,000 sq m. Each of the plots is designed as a residential gated compound with communal facilities and services to accommodate more than 20,000 workers employed in BIW and Salman Industrial City.

The first compound comprises 25 buildings of which 17 have been completed together with some key facilities for more than 7,000 workers. The remaining nine buildings have been partially developed and were on hold since 2010 as a result of the financial crisis.

The new agreements appoint Al Namal Contracting, a subsidiary of VKL Holdings, to complete construction on the remaining buildings within the first compound, which are expected to be completed by October this year. This will take the total capacity of the compound to 10,000 industrial workers.  

In addition, VKL Holdings will invest $70 million in developing the second compound, which will accommodate an additional 10,000 workers.  Work will commence on this phase during the third quarter this year and is expected to be completed in 24 months.

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