Bahrain has continued to prioritise digital transformation, the development of its economic sectors, and has secured influential success stories owing to a highly skilled, bi-lingual, future-ready workforce
The Kingdom of Bahrain has reported a total of $2.4 billion in investment, stemming from nine major projects, following the introduction of its Golden Licence in April last year. This is set to generate 3,000 new employment opportunities across the country.
The initiative, which delivers white-glove treatment and first-priority allocation on key project milestones such as land allocation, aims to maintain Bahrain’s demonstrated ability to attract impactful businesses across industries to contribute to its positive trajectory of sustained economic growth, said a statement from Bahrain Economic Development Board (Bahrain EDB).
Bahrain has continued to prioritise digital transformation, the development of its economic sectors, and has secured influential success stories owing to a highly skilled, bi-lingual, future-ready workforce that is consistently supported with government-backed training, it stated.
Bahrain’s FDI stock relative to GDP is well above the global average rate at just above 81%, which stands as a testament to the robust trust international investors place in Bahrain’s competitive value proposition, reinforcing its strategic economic significance within the region.
The newly-awarded large-scale projects span across diverse sectors, including Bahrain Titanium, the first facility of its kind in the region set to be established by Switzerland-based Interlink Metals & Chemicals, the construction of the first greenfield head office of National Bank of Kuwait (NBK) outside of Kuwait, the installation of a data centre facility and regional submarine cable by Bahrain-born technology company Beyon, and finally, the vibrant urban waterfront development Bahrain Marina.
In a series of ceremonial meetings, the awards were presented to Igor Raykhelson – Chairman of Interlink Metals & Chemicals; Ali Fardan – General Manager of National Bank of Kuwait in Bahrain; Shaikh Abdulla bin Khalifa Al Khalifa – Chairman of Beyon; and Khalid Najibi, Chairman of Bahrain Marina Development.
On the new investments, Minister of Sustainable Development and Bahrain EDB CEO Noor bint Ali Alkhulaif said: “Bahrain has proven itself as a trusted destination for local and global companies to set up or expand their operations owing to its unique value proposition.”
“The Golden Licence is the latest of several initiatives introduced that reflect a vested commitment to living up to our pledge of being business friendly, ensuring a seamless journey across every stage of progress, and ultimately acting as partners in building a solid foundation for long-term success,” she noted.
“In alignment with Bahrain’s national vision, the licenses awarded span across priority sectors, ushering into each industry a new wave of employment opportunities, innovation, and niche expertise. We are excited to witness the impact of these collective investments in contributing towards Bahrain’s ongoing journey to economic diversification and prosperity,” she added.
Minister of Industry and Commerce Abdulla bin Adel Fakhro said: “Ultimately, Bahrain has always been known for its ease of doing business, progressive legislation, and the agility of Team Bahrain.”
“The Golden Licenses awarded across 2023 and 2024 are a healthy mix of home-grown and international projects, creating new prospects for other companies from around the world to set up in Bahrain, thereby further solidifying trade ties with key markets around the world,” stated Adel Fakhro.
According to EDB, from 2002 to 2022, Bahrain’s nominal GDP grew from $9.6 billion to $44.4 billion, the equivalent of an average annual rate of 8%, surpassing the global rate of 5.5% (2002).
Bahrain also diversified its economic sectors, the non-oil sector accounted for 83.6% of real GDP in Q3 of 2023, where the financial services sector overtook oil as the largest contributor to real GDP, standing at 18.1% in Q3 of 2023, it added.