Aluminium and gas sectors fuel growth

MANAMA: The development of Bahrain's aluminium industry and the discovery of natural gas have played a major role in the industrialisation of the country. The decision to create an aluminium industry on the back of the country's hydrocarbon reserves has not only created one of the leading aluminium industries in the world but has resulted in the creation of downstream jobs, Alba chairman Mahmood Hashim Kooheji told delegates at the Gulf Industry Fair yesterday. And Bapco acting chief executive officer Faisal Al Mahroos said that the discovery of natural gas had also helped to fuel industrialisation in the kingdom. "Alba has had a pivitol role in Bahrain's industrialisation drive and in the growth of the aluminium industry," said Mr Kooheji. "The catalysts for growth can be found in bold policy initiatives and in the creation/ development of 'springboards' that stimulate economic activity. "The story of Alba follows this trajectory since the company's formation spurred the growth of the aluminium industry in Bahrain as well as served as a pioneer in industrial diversification in the region." He said Alba's inception was the first ever non-oil industrial initiative in the region and marked the beginning of the economic diversification in the Gulf. "With the growth of the downstream sector, Alba has remained at the centre of a hugely successful ecosystem that it was instrumental in creating," he said. "Currently, there are seven main companies in the downstream sector of this operation and more than 500 small to medium scale enterprises that also benefit from Alba's presence in the kingdom." "Industrialisation has been triggered by the discovery of natural gas," Mr Al Mahroos said. "Industries in countries rich in gas have enjoyed cheap gas prices because gas could not be shipped to various destinations," he said "However, with current technologies, gas can be liquefied and shipped to customers anywhere in the world," he added. But he argued that while the availability of gas fuelled industrialisation in Bahrain, even with export markets now available for the product it still made sense to use this resource to stimulate industry at home.