Bahrain Economic Development Board attracts record $1.1 billion in direct investment in 2022

TDT | Manama                          

The Daily Tribune – www.newsofbahrain.com   

The Bahrain Economic Development Board (EDB) has attracted a record $1.1 billion in direct investment this year. Supported by Team Bahrain, the Kingdom’s investment promotion agency exceeded the $1 billion target set by its Board of Directors at the beginning of the year.

The investments are from 88 companies and are expected to generate over 6,300 jobs in the local market over the next three years. The investments are in key sectors, including financial services, Information and Communications Technology (ICT), logistics, manufacturing, and tourism.

EDB Chief Executive Khalid Humaidan hailed the achievement, saying: “The size of direct investment attracted this year is a testament to Bahrain’s attractiveness to investors. The Kingdom’s offerings include best value operating costs, the availability of a talented workforce, an advanced digital infrastructure, and a forward-looking regulatory environment.”

Under the Economic Recovery Plan, Bahrain will continue to enhance its business environment to increase Foreign Direct Investment (FDI) by more than $2.5 billion by 2023. This includes streamlining commercial procedures to increase their effectiveness and easing business setup.

This year, Bahrain ranked first in multiple global indices, including the first in MENA for Financial Freedom, Investment Freedom and Trade Freedom according to Heritage Foundation’s Index of Economic Freedom 2022 and first in MENA for Economic Freedom according to the Fraser Institute.

Bahrain’s FDI inflows increased by $1.766 billion in 2021, marking a 73% year-on-year increase and surpassing the global FDI average growth, according to the 2022 World Investment Report issued by the United Nations Conference of Trade and Development (UNCTAD).

In 2021, Bahrain’s inward FDI stocks increased by 6%, reaching $33.47 billion. This represented 86% of Bahrain’s GDP, ranking Bahrain as the highest in GCC and surpassing the global average of 47%.