 Business & Finance Club - Manama : Work on a BD56.7 million ($150 million) factory being built by Arabian Sugar Company (ASC) in Hidd industrial area in Bahrain is gathering pace, said company officials.
ASC, which is building the plant, had made steady progress in completing the project's foundation work, they said.
Company managing director Anmar Jalil Al Arrayed said the factory was running on schedule to be in production by the fourth quarter of next year. On completion the plant will produce 585,000 tonnes of sugar a year, he added.
The plant is being set up within the Bahrain Industrial Investment Park and designed with European technology to produce the highest quality 'Icumsa 45' sugar.
'The deficit of white sugar produced in the region compared to the demand has led to ASC signing more off-takes with leading sugar wholesalers in the region with further interest mounting,' said an ASC statement.
'There have been requests from two other companies in the last two months to guarantee their supply of white sugar which are currently being discussed.
'In fact, the demand to sign off-takes with ASC is far more than our ability to produce, so it is a good position to be in.
'Equipment and machinery have been ordered and is coming from the EU after having been approved by the technical project manager.'
Arabian Sugar Company is being promoted by Tanmiyat Aloula Holdings - a Bahrain firm focusing on investments in the industrial sector.
Its partners include the Social Insurance Organisation, International Investment Bank, Kuwait International Bank, Almohaisen Group, Al Nafea Group, Albabtain Group and other high calibre shareholders from the GCC as well as a partner from Spain.
The project is being managed by the UK-based sugar technology and engineering firm Sugar Knowledge International, which is overseeing the complete construction of the plant and co-ordinating with its Spanish contractors.
Officials earlier said the factory planned to hire a substantial number of Bahrainis, in keeping with the country's Economic Vision 2030.
'The sugar factory is expected to provide many job opportunities for Bahrainis in addition to training opportunities,' added the statement.- |
