The Crown Prince and Prime Minister has reiterated that the private sector’s contribution to the kingdom’s development and its role as an economic driver create opportunities by providing an open environment that supports sustainable growth.
This came as His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Prime Minister and Bahrain Economic Development Board (EDB) chairman, yesterday chaired the EDB board meeting, at the EDB’s headquarters at Bahrain Bay.
He praised Team Bahrain’s efforts in furthering economic development through continued public-private sector partnerships and by creating a legislative environment that promotes growth.
EDB chief executive Khalid Humaidan presented the board with the latest economic indicators and the EDB’s performance, illustrating Bahrain’s position as an attractive investment destination.
Bahrain’s economy is expected to grow 3.3 per cent in 2021, making it the fastest-growing market in the GCC (according to IMF figures) in 2021. Data from the Finance and National Economy Ministry’s Bahrain Economic Quarterly also indicated a growth rate of 5.7pc in the second quarter, demonstrating that economic recovery is gaining traction.
Mr Humaidan also shared the EDB’s performance which has so far this year succeeded in securing investment from 64 projects and companies which are expected to pump in $505 million over the next three years and create 3,551 new jobs. This will be the first investment in the Bahraini market for 64pc of the projects and companies, which are headquartered in 13 countries.
The most recent success was Citi Group’s Technology Hub which will create 1,000 jobs for Bahraini coders over 10 years.
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