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The facility is expected to go live by January 2025: Managing Director and CEO
Bahrain - Polymatech Electronics plans to invest $100 million to set up a semiconductor manufacturing facility in Bahrain, N Eswara Rao, the Managing Director and CEO, announced during the recent Gateway Gulf 2024 forum.
In his remarks to Bahrain News Agency (BNA), Rao outlined the phased approach of the project, stating: "We are investing $100 million in phase one in Bahrain." This initial phase is split into two stages: Phase 1A involves a $16.5 million investment in leased premises, where operations are set to begin in the second week of January 2025. Phase 1B, with an investment of $83.5 million, will focus on constructing a dedicated facility on company-owned land, with operations proposed to start by October 2026.”
Polymatech Electronics, with a research department in London, UK, and a marketing office in Singapore, is a leading semiconductor manufacturer with plants in the US and France. The expansion to Bahrain will make the kingdom a hub for Polymatech’s operations in the Mena region. "We are setting up a manufacturing facility in Bahrain, which will serve as a hub for the Mena region," Rao explained.
Plans to scale up to 10 billion chips annually
The company’s Bahrain-based operations will initially focus on producing medical and horticultural electronics, with the ambitious goal of scaling up to 10 billion chips annually.
Rao credited the Economic Development Board (EDB) of Bahrain for its critical role in streamlining the process of this investment.
Initially, Polymatech will operate from leased premises, with plans to move to a custom-built facility on its own land in Bahrain by 2026. "The facility is expected to go live by January 2025," Rao said, adding that the company anticipates swift progress in scaling up its manufacturing capabilities. |
