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As part of its commitment, MTQ is planning to construct a state-of-the-art$20m facility at the Bahrain International Investment Park (BIIP) near Hidd, once the necessary permits and licenses are obtained from local authorities. This new facility at the BIIP will support MTQ's existing Gulf Cooperation Council (GCC) customers and also enable it to develop new customers in the region.
When completed in 2010, the facility's main activity will be the repair and reconditioning of equipment used in the operation of blow-out preventers, a key precision safety device used on all land and offshore oil and gas rigs. The facility will also focus on activities such as the fabrication of structures, housings, flanges and other precision parts.
MTQ initially plans to provide up to 110 jobs for highly skilled operators and the company will provide a dedicated training programme for Bahrainis. On completion of the facility, the company plans to employ over 250 people in Bahrain.
Commenting on today's announcement, Mr Kuah Kok Kim, Chairman and Chief Executive Officer of MTQ, said:
"We are very pleased to make this announcement, which marks an excellent start to 2009 for MTQ. Bahrain's strategic location and positive business climate, offers exciting long-term opportunities for our company to expand its core business. We look forward to building on the reputational goodwill we enjoy amongst our existing customers, many of whom already operate in the Gulf region, and the experience we have gained over 30 years of operations."
"MTQ would like to express its sincere thanks and appreciation for the support and assistance rendered by various governmental and business institutions, both in Bahrain and Singapore, to bring about the successful conclusion in the search for a suitable site to advance its business interests in the Middle East region." he added
His Excellency, Dr Hassan Fakhro, Bahrain's Minister of Industry and Commerce welcomed today's announcement. He said, "Today's agreement is excellent news and we warmly welcome MTQ to Bahrain. This agreement reinforces the already strong business links between Bahrain and Singapore. The Ministry of Industry and Commerce, together with the Economic Development Board and the Bahrain International Investment Park, have worked closely with MTQ and the Singapore authorities to bring about this new venture. I would like to thank all those involved in championing this cause and seeing it through to a successful conclusion."
His Excellency Shaikh Mohammed Bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), said:
"There is a long standing and mutually beneficial relationship maintained between the Kingdom of Bahrain and the nation of Singapore and today's announcement by MTQ reinforces this link. In Bahrain, we are able to offer international companies easy access to Gulf markets, a pro-business culture, a world class infrastructure, a well educated work force and an open, hospitable and tolerant environment. Importantly, the cost of doing business here is lower than elsewhere in the region and we are the only member of the GCC to permit 100% foreign ownership of companies."
"We look forward to continuing to work with our friends and colleagues in Bahrain and in Singapore to encourage further business ventures between our countries," Shaikh Mohammed added
Today's announcement is one of the many tangible successes of the recent visit of His Highness Shaikh Salman Bin Hamad Al-Khalifa, the Crown Prince of the Kingdom of Bahrain, and Chairman of the Bahrain Economic Development Board to Singapore in October 2008 to encourage stronger business relations between Singapore and Bahrain.
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Posted by Rana Mesbah
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