Alba Potline 5 update
Posted: 15 July 2003
Alba has an 87 per cent Bahrainisation rate. With the construction
of the 5th potline, more than 4,000 projects related jobs will be
created during the 25-month construction phase and over 400 permanent
jobs will be created to operate Potline 5, with the recruitment
of Bahrainis being at least to the existing level of nationalisation.
Alba has embarked on the 'Training For Bahrain' initiative. This
initiative is the first of its kind to be introduced in Bahrain
and aims to facilitate the employment of unskilled and unemployed
Bahrainis by creating a pool of qualified workers to ensure a reliable
and highly efficient workforce for both the construction of the
Line 5 Project as well as for the local construction industry.
As part of this scheme, Bahrainis will be trained for periods of
between three to six months in various construction crafts.
The training involves theoretical, practical and on-the-job training
at the actual Line 5 construction site. Under the scheme, trainees
will be paid an allowance of BD 100 per month and an extra Completion
Bonus of BD 100 while the successful trainees will be provided with
employment opportunities by the local contractors undertaking the
construction of Line 5 upon the successful completion of their training
period.
The US$1.7 billion Line 5 expansion project has already allocated
a total spending budget of US$ 520 million for the Bahraini market
and has created opportunities for the local contractors & suppliers
who are being employed to undertake the construction of the project
The development of Alba over the past thirty years has given rise
to a significant downstream industry that provides substantial employment
and economic benefit for the economy of Bahrain across a broad base.
Alba currently contributes US$200 million pa to the national economy
and with the Line 5 expansion, this contribution is expected to
reach to approximately US$300 million pa.
Alba currently signed an underwriting agreement to issue Floating
Rate Bonds to fund the construction of Line 5.
This is in line with the government’s strategic development
policies, which aim to encourage and develop the local and regional
bond markets with the intention of positioning Bahrain as the central
bonds market in the region.
This will also facilitate the development of the local economy
by attracting regional funds into the country and by bringing the
funds invested outside Bahrain back within the Kingdom.
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
