Bahrain Secures $629m in Investments

TDT | By Mohammed Darwish

Email : editor@newsofbahrain.com

Twelve foreign investment projects, valued at $629 million, are steering Bahrain’s economy towards growth, creating 2,412 jobs and strengthening its role as a business hub in the region. A report by the Arab Investment and Export Credit Guarantee Corporation (Dhaman) placed Bahrain among 12 Arab nations attracting major foreign ventures in the first eight months of 2024, showcasing its growing importance on the international investment map.

This achievement follows Bahrain’s record-breaking foreign direct investment (FDI) inflows of $6.8 billion in 2023, a leap of 148 per cent compared to the previous year. It demonstrates the Kingdom’s drive to broaden its economic base and attract global investors.

The non-oil sector has been a cornerstone of Bahrain’s economy, contributing 85.2 per cent to real GDP in the second quarter of 2024. Within this, the financial and insurance sector accounted for 17.1 per cent of real GDP, growing by 2.1 per cent compared to the same period last year—a clear sign of the sector’s resilience and the Kingdom’s economic depth.

On the technology front, Bahrain climbed 36 spots to 18th place globally in the 2024 UN e-Government Survey, earning the top rating of “Very High.” This progress underscores Bahrain’s efforts to establish itself as a technology leader in the region.

In addition, Bahrain’s partnerships with global players underline its proactive economic approach. For instance, the Bank of Bahrain and Kuwait (BBK) has formed a partnership with DP World’s trade finance division. This collaboration is aimed at expanding BBK’s reach in key markets, including Bahrain, Kuwait, India, and Turkey, while improving supply chain efficiency for businesses through tailored trade finance solutions.

These developments paint a clear picture of Bahrain’s ambition to build a more diversified economy. By welcoming foreign investment, embracing modern technology, and striking meaningful partnerships, Bahrain continues to strengthen its standing as a regional economic powerhouse.