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FINANCIAL NEWS
Bahrain starts construction of $580m US warships port
27 May 2010
(MENAFN) US Ambassador in Bahrain, Adam Ereli, said that work has started on a $580 million US military port in the kingdom, and the project is expected to be completed by 2015, Reuters reported.
Ereli said that this project would see $250 million pumped into Bahrain’s private sector. He noted that the total cost of the project is $580 million, of which a large part of it will be invested in Bahrain and will go to Bahraini firms.
The ambassador pointed out that 20 percent of the allotted $580 million cost would go to the construction sector, which would make up around $100 million. While, $150 million would be earmarked to purchasing construction goods and materials within Bahrain itself.
It is worth mentioning that the US Navy’s Fifth Fleet will be headquartered in Bahrain and the new port will handle American and allied warships operating throughout the region.
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