Bahrain Economic Development Board (EDB), supported by Team Bahrain, has attracted over $1.1 billion of direct investment during 2022, in a record year for the kingdom’s investment promotion agency. 

 

Announcing the key milestone, EDB said it had exceeded the $1 billion target set by its board of directors at the beginning of the year. 

 

These investments are from 88 companies with focus on key sectors including financial services, ICT, logistics, manufacturing, and tourism. It is expected to generate more than 6,300 jobs in the local market over the next three years.

 

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, it stated. 

 

This includes streamlining commercial procedures to increase their effectiveness and easing business setup, it added. 

 

Commenting on the record investments,  CEO Khalid Humaidan said: "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."

 

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. 

 

Humaidan said Bahrain’s FDI inflows surged 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). 

 

Last year, Bahrain’s inward FDI stocks grew by 6% to hit $33.47 billion. This represented 86% of Bahrain’s GDP, ranking Bahrain as the highest in GCC and surpassing the global average of 47%, he added.-TradeArabia News Service