Bahrain doubles foreign direct investment

Ikea among 40 new companies to invest in GCC country
Bahrain doubles foreign direct investment
Together they are expected to generate 1,647 job opportunities in Bahrain over the next three years, EDB said.
By Sarah Townsend
Wed 22 Feb 2017 12:13 PM

Bahrain secured a total of $280 million of new foreign inward investment in 2016 from 40 new companies, including Ikea, the state economic development agency said.

A report from the Bahrain Economic Development Board (EDB) said the total amount of foreign direct investment (FDI) was double that of 2015, when FDI stood at $142 million invested by 22 companies.

Last year, the tourism sector accounted for three-quarters of the investments, EDB said, while manufacturing and logistics accounted for 15 percent and financial services accounted for nine percent.

The companies that invested represent a range of regional and international organisations, including from India, China, the US and Germany.

Swedish furniture giant Ikea recently announced a $124.8 million investment to establish its largest flagship store in the Gulf in Bahrain, covering a total area of 37,000 square metres.

Foam insulation company Armacell plans to invest about $16million on a new production plant at Bahrain International Investment Park (BIIP).

The other companies include CIMC, Euroscot, Mukta A2 Cinemas, Ziraat Bank, Mastercard, Amazon Web Services and Palestine Investment Bank Bahrain.

Together they are expected to generate 1,647 jobs in Bahrain over the next three years, EDB said.

Khalid Al Rumaihi, CEO of the EDB, said: “We are proud of what has been achieved during 2016. Our success in doubling the investments during last year comes as a result of unifying our efforts with various government bodies to ensure Bahrain is truly business-friendly.

“Today, investors in Bahrain enjoy an attractive business environment that offers cost-effective operations, advanced physical and soft infrastructure as well as the abundance of an experienced bilingual workforce.”

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