VKL Holdings to complete Labour Accommodation Project

Manama : Inovest yesterday announced it has signed several agreements with VKL Holdings to complete its US$140 million labour accommodation development within Bahrain Investment Wharf (BIW), Salman Industrial City-Hidd. 

The Labour Accommodation project, launched in 2007, is being developed on two identical adjoining plots of land, covering a total area of 120,000 square meters. Inovest is the founder and project manager of BIW Labour Accommodation project. 

The first compound is comprised of 25 buildings of which 17 have been completed together with some of the key facilities including a supermarket, restaurant, clinic and landscaped areas, collectively accommodating more than 7000 workers.   The remaining 9 buildings within the compound have been partially developed and were on hold since 2010 as a result of the financial crisis that affected a great number of real estate projects.  

As per the deal, BIW has appointed Al Namal Contracting Co. (a subsidiary of VKL Holdings) to complete the construction works on the remaining 9 buildings within the first compound. The project expecting completion by October 2016 would bring up the total capacity of the compound to 10,000 industrial workers.   

VKL Holdings also signed an agreement with BIW to invest in developing the second BIW Labour Accommodation Compound for an expected investment value of US$70m. Work will commence during the third quarter of 2016 and is expecting completion within 24 months. 

Commenting on the move, Murad Al Ramadan, CEO of Inovest and Director of BIW Labour Accommodation Co. said, “These types of projects compliment the industrial infrastructure of Bahrain, and encourage new business entrants to invest in the industrial sector.”

From his end, Dr. Varghese Kurian, Chairman of VKL Holdings said, “It has always been part of our mandate to develop and invest in industries that are at the forefront of business.”

The completion of the BIW Labour Accommodation project is earmarked at a total value of
US$140m.