A titanium production facility valued at upwards of $200 million will be built in Askar cementing Bahrain’s position as an exporting hub for the world.This follows the signing of a 25-year lease agreement for a 50,000sqm industrial plot, between Edamah, the real estate arm of Bahrain’s sovereign wealth fund Mumtalakat, and Bahrain Titanium, a subsidiary of Switzerland-based Interlink Metals and Chemicals.Launched in April 2023, the initiative aims to attract significant investments into the country by offering a range of benefits and streamlined services to companies.During the first phase of the project, Bahrain Titanium will operate an electron-beam furnace for the production of commercially pure titanium slabs and ingots as well as a vacuum-arc furnace for the production of titanium alloys.The first phase of the project, expected to be operational by mid-2025, will have an annual capacity of 4,000 tonnes with production projected to increase in the future. This will be followed by a comprehensive downstream expansion into forged bars as well as round and tubed titanium products.The facility will be purpose-built to serve fast-growing industries such as medical, aerospace, automotive, and energy, meeting the increasing global demand for titanium products, a niche commodity gaining traction worldwide surging the kingdom’s exports to international markets.Industry and Commerce Minister Abdulla bin Adel Fakhro said: “Marking the first specialised titanium facility to be established in the region, Interlink has earned a solid reputation as one of the largest traders and suppliers of the metal in the world.”Mumtalakat chief executive and Edamah chairman Shaikh Abdulla bin Khalifa Al Khalifa said: “We are pleased to sign this agreement with Bahrain Titanium, which marks a crucial step in facilitating their local operations enabling them to take advantage of our strategic location and world-class logistics infrastructure. As the first facility of its kind, this landmark signing underscores our commitment to expanding and diversifying the kingdom’s robust property portfolio with premium projects that foster innovation across priority sectors of the economy, in line with the national vision.”Interlink Metals and Chemicals chairman Igor Raykhelson said: “As part of Interlink’s roadmap for global expansion, Bahrain was a clear destination of choice given its free trade agreement with the US, strategic location, competitive operating costs, and availability of experienced and highly skilled local talent. (ICE Doha)

Fonte notizia: Gulf Daily News