The Bahrain Economic Development Board (EDB) announced that it had attracted 134 companies to the kingdom in 2019, which it expected to result in a total investment of $835 million.
The EDB said the investment was projected to create more than 6,000 jobs in the local market over the next three years.
The companies were drawn from a number of different countries including Saudi Arabia, the UAE, Kuwait, France, India, Japan, the UK and Hong Kong, while the investments were made across a number of different sectors – including financial services, information and communication technology (ICT), manufacturing and logistics, real estate, tourism, education and healthcare.
According to estimates from 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 and communications, while the oil sector was forecast to grow by 1.4%.
EBD chief executive Khalid Ebrahim Humaidan 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.”