A Science and Technology Park project worth $1 billion, which will be the first across the region, has been launched--the Kuwait Finance House (KFH) announced. The park will house a variety of technology companies to expand market niches and to attract more international science and technology business to the Kingdom. The initiative is expected to boost innovation in scientific research and technology, while also providing a competent environment for the development of Bahrain’s technology sector.

Initially, the Economic Development Board (EDB) and the Kuwait Finance House signed a Memorandum of Understanding to put up a science and technology park. The EDB will oversee the establishment of the project, which will improve the scientific research expertise of the region and will bring intensive diversity to Bahrain’s economy. Osama Al-Khajah, KFH’s Head of Project Development, and Dr. Zakaria Hejres, EDB’s Deputy Chief Executive, signed the memorandum at the press conference conducted at EDB’s headquarters.

The implementation of the project will be divided into three phases, said Al-Khajah. The first phase will involve the infrastructure of the project, followed by the implementation of the science laboratories, lifestyle aspects and educational partnerships during the second and third phases. The Bahrain Science and Technology Park has already dealt partnership with the world’s prestigious universities and institutions, like Sophia Antipolis to establish a global platform for development and research.

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