The Bahrain Economic Development Board (EDB) announced during its board meeting that it attracted 134 companies in 2019, expected to result in a total investment of $835 million. That 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 companies were from a number of countries including Kingdom of Saudi Arabia, the United Arab Emirates, 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% in 2019. Non-oil growth was also forecast to grow by 2.3% due to the improved performance in a number of sectors, including manufacturing, financial services, and transport & communications. The oil sector was forecast to grow at 1.4%.
H.E. 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.”
