MANAMA, Bahrain, March 7, 2024 /PRNewswire/ -- The island nation of Bahrain reported a total of USD 2.4 billion in investment stemming from 9 major projects, which are set to generate 3,000 employment opportunities following the introduction of its Golden License in April 2023. 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.
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.
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB), 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 License 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."
"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," H.E. Noor bint Ali Alkhulaif, added.
H.E. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, 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."
From 2002 to 2022, Bahrain's nominal GDP grew from USD 9.6 billion to USD 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.
