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Mon 10 Feb 2020 02:34 PM

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New firms attracted to Bahrain set to create 6,000 jobs by 2023

Bahrain Economic Development Board attracts 134 companies in 2019, expected to result in a total investment of $835m

New firms attracted to Bahrain set to create 6,000 jobs by 2023

The Bahrain Economic Development Board (EDB) has announced that it attracted 134 companies to the kingdom in 2019.

The Bahrain Economic Development Board (EDB) has announced that it attracted 134 companies to the kingdom in 2019, expected to result in a total investment of $835 million.

The EDB said the investment is projected to create more than 6,000 jobs in the local market over the next three years.

The investment was made in a number of sectors, including financial services, information and communication technology (ICT), manufacturing and logistics, real estate, tourism, education, and healthcare.

The EDB added that the companies were from a number of countries including Saudi Arabia, the UAE, Kuwait, France, India, Japan, the United Kingdom and Hong Kong.

According to estimates by the Ministry of Finance and National Economy, Bahrain’s real GDP was forecast to increase by 2.1 percent in 2019.

Non-oil growth was also forecast to grow by 2.3 percent due to the improved performance in a number of sectors, including manufacturing, financial services, and transport and communications while the oil sector was forecast to grow by 1.4 percent.

Khalid Ebrahim Humaidan, chief executive of the EDB, said: “We are always excited to see new companies launch operations in Bahrain, one of the leading investment destinations in the Gulf. Companies will find that we have an ideal investment climate, boasting some of the region’s most competitive costs and skilled workforces, allowing businesses to thrive. As we enter 2020, we look forward to seeing even more growth in our non-oil sectors as the kingdom continues its diversification efforts.”