EDB attracts record direct investment of $1.1 billion
Bahrain attracted record foreign direct investment of more than $1.1 billion this year, it has emerged.
The Bahrain Economic Development Board (EDB), the national investment promotion agency, supported by Team Bahrain, announced yesterday that it exceeded the $1bn target set by its board of directors at the beginning of the year.
The investments are from 88 companies and are expected to generate over 6,300 jobs in the local market over the next three years.
The investments are in key sectors, including financial services, ICT, logistics, manufacturing, and tourism.
Under the Economic Recovery Plan, Bahrain will continue to enhance its business environment to increase foreign direct investment by more than $2.5bn by 2023.
This includes streamlining commercial procedures to increase their effectiveness and easing business setup.
Commenting on the EDB’s record year, Khalid Humaidan, chief executive of Bahrain EDB said: “The size of direct investment attracted this year is a testament to Bahrain’s attractiveness to investors. The kingdom’s offerings include best value operating costs, the availability of a talented workforce, an advanced digital infrastructure and a forward looking regulatory environment.”
This year, Bahrain ranked first in multiple global indices, including the first in MENA for Financial Freedom, Investment Freedom and Trade Freedom according to Heritage Foundation’s Index of Economic Freedom 2022 and first in MENA for Economic Freedom according to the Fraser Institute.
Bahrain’s Foreign Direct Investment (FDI) inflows increased by $1.766bn in 2021, marking a 73pc year-on-year increase and surpassing the global FDI average growth, according to the 2022 World Investment Report issued by the United Nations Conference of Trade and Development (UNCTAD). In 2021, Bahrain’s inward FDI stocks increased by 6pc, reaching $33.47bn. This represented 86pc of Bahrain’s GDP, ranking the country as the highest in GCC and surpassing the global average of 47pc.
Source: https://www.gdnonline.com/Details/1171116/EDB-attracts-record-direct-investment-of-$11-billion
