Non-oil sectors and FDI creates more jobs in Bahrain

Manama : Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister and Chairman of the Economic Development Board (EDB) HRH Prince Salman bin Hamad Al Khalifa highlighted the non-oil sectors and Foreign Direct Investment (FDI) as essential components of economic diversification and high-value job creation.

This came as the Crown Prince chaired yesterday the EDB’s board meeting at Riffa Palace.

The Crown Prince stressed, due to Bahrain’s diversification efforts over the past decade, the non-oil sector accounted for 95 per cent of economic growth in 2015, adding that a broad range of steps have been implemented to attract new levels of foreign investment across various sectors.

Prince Salman noted that public and private sector investment projects worth over $32 billion across the manufacturing, logistics, infrastructure, healthcare, education, and tourism sectors will deliver significant job creation throughout the Kingdom. The Crown Prince added that projects worth $3.8bn have already started construction.

The meeting included an overview of EDB’s accomplishments over the past year, presented by the EDB’s Chief Executive Khalid Al Rumaihi, and Managing Director Dr Simon Galpin. It exhibited EDB’s role in attracting 17 international companies that will invest over $90 million in the country and provide more than 800 jobs over the coming years.

The EDB Chief Executive also noted Bahrain’s non-oil sector contribution to GDP growth, which accounted for 2.8 per cent of the overall 2.9pc growth in 2015, and highlighted the EDB’s role in launching the new Bahrain tourism brand, in collaboration with the Bahrain Tourism and Exhibition Authority.

During the concluding remarks, the Crown Prince emphasised the important role EDB plays in supporting Bahrain’s diverse economic plan, and stressed that all development efforts are underpinned by the Kingdom’s commitment to increasing opportunities.

The EDB is a dynamic public agency with overall responsibility for attracting investment into Bahrain and supporting initiatives that help enhance the investment climate in the country. 

EDB works with current and prospective investors ensuring that Bahrain’s investment climate is attractive, identifying where opportunities exist for further economic growth through investment.