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-Bahrain attracts a record $1.7 billion in investments by 2023, boosting job creation and sustainable economic growth
A prosperous, business-friendly tax environment, progressive legislation and a diverse pool of highly-skilled talent cement Bahrain's appeal as a leading investment destination.
MANAMA, Bahrain, Feb. 20, 2024 /PRNewswire/ -- Bahrain Economic Development Board (Bahrain EDB), with the support of Team Bahrain, has achieved a notable milestone by securing a record level of investments of over $1.7 billion in 2023, marking a massive influx equivalent to a 55% year-on-year increase compared to the $1.1 billion in investments generated by Bahrain EDB in 2022. Investments for 2023, which come from 85 local and international projects, are projected to will generate more than 5,700 employment opportunities over a three-year period in priority sectors in order to promote economic diversification and sustainable growth.
The highest level of investment was attracted to the financial services sector, demonstrating the sector's strength, resilience and ability to attract major global players. 2023 was also a record year for the financial services sector, which overtook oil and gas as the largest contributor to Bahrain's economy, accounting for 17.5% of real GDP. The information and communications technology (ICT) sector has also secured a healthy investment pipeline, which will spur further innovation within the sector. Enhancing digital transformation efforts across all sectors of Bahrain's economy with targeted plans and initiatives, as well as digitizing government services and adopting AI-based solutions, has remained a priority area for the government.
Manufacturing followed closely, underscoring Bahrain's innate capabilities in advanced manufacturing supported by its strategic location as a gateway to the Gulf Cooperation Council (GCC) market and beyond. Along with a host of new tourism projects, the island nation's rich cultural heritage, deep-rooted history of hospitality and relaxed island lifestyle have continued to cement Bahrain's appeal as a premier tourism destination. The logistics sector was not far behind in attracting strong investment projects, reflecting the rapid growth of Bahrain's transport and logistics activities.
Khalid Humaidan, former CEO of Bahrain EDB, was appointed Governor of the Central Bank of Bahrain, having assumed the new position with effect from February 1, 2024. In his capacity as Governor, he will continue to be a member of the board of directors of Bahrain EDB, which includes members of the public and private sectors.
Khalid Humaidan, Governor of the Central Bank of Bahrain, stated, "2023 is a landmark year for Bahrain EDB. With the agile support of Team Bahrain, a record of over $1.7 billion in local and international direct investments was attracted across multiple sectors , which will effectively contribute to sustainable economic growth, boosting employment and training opportunities within the local workforce."
"Bahrain's FDI volume relative to GDP is well above the global average rate, around 82%, which is a testament to the strong confidence investors place in Bahrain's competitive value proposition. FDI remains an important contributor to Bahrain's continued success story as an agile, growing and diversified economy," he added.
The Minister of Sustainable Development, H.E. Noor bint Ali Alkhulaif joined as CEO of Bahrain EDB. In addition to her role as minister, H.E. Noor bint Ali Alkhulaif will provide executive guidance to the investment promotion agency to ensure that it continues to fulfill its mandate of supporting strategic initiatives that improve the existing investment climate, drive strong local and global investments and actively encourage leading global companies to establish themselves in Bahrain.
Bahrain remains committed to fostering a supportive ecosystem for investors, with forward-looking policies aimed at simplifying business operations, offering unique competitive advantages leading to success stories with local roots and global impact. These factors, combined with a highly skilled, bilingual and diverse talent pool, advanced infrastructure and strategic location, continue to establish Bahrain as an attractive destination for global investors around the world.
About Team Bahrain
Team Bahrain, a curated approach that promotes the public and private sectors working closely to create an innovative and attractive investment environment for companies to succeed, remains a cornerstone of Bahrain's value proposition. Whether bidding to pass a new regulation or analyzing the feasibility of launching a niche idea to the market, Team Bahrain works with empathy and drives by connecting investors with the key decision makers that matter.
Acerca de Bahrain Economic Development Board (Bahrain EDB)
Bahrain EDB is an investment promotion agency with overall responsibility for attracting investment to the Kingdom and supporting initiatives that improve the investment climate. Bahrain EDB works with the government and current and potential investors to ensure Bahrain's investment climate is attractive, communicating key strengths and identifying where opportunities exist for further economic growth through investment.
Bahrain EDB focuses on various economic sectors that leverage Bahrain's competitive advantages and offer significant investment opportunities. These sectors include financial services, manufacturing, technology and innovation, tourism, education, healthcare, logistics and transportation.
For more information about Bahrain EDB visit www.bahrainedb.com
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