Economic Development Board says 71 new companies lured to set up operations in kingdom
The Bahrain Economic Development Board (EDB) today announced a record year for inward investment in 2017, having attracted 71 new companies to Bahrain with investments amounting to $733 million.
The authority said in a statement that this is expected to increase job creation by those companies by up to 72 percent, generating more than 2,800 local jobs over the next three years.
The investments span key strategic growth sectors, including ICT, Manufacturing, Transport and Logistics, Tourism, and Financial Services, in line within the EDB’s mandate to act as a catalyst for economic diversification, growth and job creation in support of Bahrain’s Economic Vision 2030, it added.
Khalid Al Rumaihi, chief executive of the EDB, said: “We are delighted to announce the EDB’s record achievements in 2017. This is the result of a significant joint effort between the EDB and our partner public sector organisations to realise Bahrain’s Economic Vision 2030 and drive forward our transition into a diversified economy that harnesses the productivity of our talented population to compete on a global level.
“Bahrain is in a unique position to attract investments from international and regional companies seeking to access opportunities across the $1.5 trillion GCC markets, thanks to the kingdom’s strategic location and highly supportive regulatory environment which provides businesses with advanced infrastructure, low operating costs and highly trained local workforce. In 2018, we are continuing to build on these strengths to grow key sectors across the kingdom.”
The EDB’s record number of investments in 2017 represents a significant increase of 161 percent compared to 2016, which saw $281 million in investments from 40 companies.
The ICT sector was the kingdom’s highest attractor of inward investment in 2017, led by Amazon Web Services (AWS). Manufacturing attracted a fifth of the total investment, followed by transport and logistics.
Tourism, a high potential growth sector, attracted major investments from Action Hotels and taxi services app, Careem, accounting for a further 10 percent of the kingdom’s inward investments in 2017.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.