Bahrain received BD124m FDI in past one year: EDB
 
, Posted on 11-Sep-2017


Bahrain received BD124m  FDI in past one year: EDB

ManamaThe Kingdom received foreign direct investments over BD124 million (USD 329 million) in the past one year. This was disclosed by Khalid Al Rumaihi, Chief Executive of Bahrain Economic Development Board (EDB) at its board meeting held yesterday. 

The meeting was chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and Chairman of the Bahrain Economic Development Board (EDB).

Fifty-three newly set up international companies in the country will help create over 2300 jobs, said Al Rumaihi. These figures reflect an outstanding year, and demonstrate that economic development continues to gather pace, he added.

Al Rumaihi made a presentation before HRH Crown Prince which covered EDB-led initiatives in collaboration with the private sector, which aim to bolster sustainable economic growth and increase direct investments. Emphasis was also placed on the EDB’s role in advancing the Kingdom’s diversification efforts, particularly non-oil sector growth, which now makes up more than 80 per cent of national GDP which grows at a rate of 7.5 per cent.

Focus on Fintech

Al Rumaihi discussed the importance of strengthening Bahrain’s position as a regional hub for Fintech. In this regard, he noted the Central Bank’s key role in developing the appropriate regulatory environment to support innovation in the financial sector. 

He also noted that the EDB is currently developing a physical space for entrepreneurs and Fintech companies from around the world to test their innovative financial solutions. This space will provide entrepreneurs and Fintech companies access to investors and the necessary technical support.

Al Rumaihi explained that the EDB, in cooperation with Bahrain Development Bank, is working on establishing a $100 million fund to encourage venture capital investments and to develop a sustainable environment for start-ups and innovation. He also noted the EDB’s new collaborative initiative with the Information and eGovernment Authority, Ministry of Industry, Commerce and Tourism and the Central Bank of Bahrain to consolidate Bahrain’s Foreign Direct Investment (FDI) data. This initiative aims to ensure the transparency of Bahrain’s FDI figures when sharing with international bodies.

Al Rumaihi highlighted the Kingdom’s achievements in the 2017 World Investment Report issued by UNCTAD, which ranked Bahrain 14th in the Middle East and North Africa. Bahrain’s total FDI inflows were worth $282 million, while FDI outflows from the Kingdom registered at $170 million. 

Jobs vital

HRH Crown Prince said that advancing sustainable economic development and increasing Bahrain’s global competitiveness are vital for facilitating direct investment and creating high-quality jobs for citizens. HRH Crown Prince highlighted Bahrain’s achievements in developing an attractive regulatory environment to encourage innovative and high-tech opportunities across the country, stressing that the introduction of a Fintech Regulatory Sandbox will encourage the adoption of innovative financial solutions that reflect global trends.

HRH Crown Prince also emphasised that these development efforts, intended to prioritise the needs of citizens, should continue at a swift pace in order to meet the expectations of His Majesty the King.

DT News Network


Related News

 BSE celebrates Bahraini Women's Day
Sep 20

BSE celebrates Bahraini Women's Day

Manama : Under the auspices of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, wife of HM the King and President of the Supreme Council of Women (SCW) and in collaboration with the Supreme Council of Women (SCW), the Bahraini Society of Engineers (BSE) is organizing the Bahraini Women Engineers Conference...

Read More
Strong will key to end global conflicts: Premier
Sep 20

Strong will key to end global conflicts: Premier

Manama : His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa yesterday said that success of the international efforts to promote global security and stability requires strong will and concerted efforts to work out solutions for causes of wars and conflicts in many regions in the...

Read More
HRH Premier issues four edicts appointing directors
Sep 19

HRH Premier issues four edicts appointing directors

Manama : His Royal Highness Prince Khalifa bin Salman Al Khalifa the Prime Minister issued four edicts appointing directors in the Ministry of Education, Ministry of Information Affairs and the Civil Service Bureau.Edict 19/2019 stipulated the appointment of Ibrahim Ali Abdulrahman Burshaid as Director for Secondary...

Read More
HRH Premier issues circular on Hijri New Year holiday
Sep 19

HRH Premier issues circular on Hijri New Year holiday

Manama : His Royal Highness Prince Khalifa bin Salman Al Khalifa the Prime Minister issued a circular stipulating the official holiday on the occasion of the Hijri New Year.The Kingdom’s ministries, directorates and public institutions will close on Thursday, September 21 marking the 1st of Muharram 1439H.

Read More
Cabinet nod  for 100mw  solar power plant
Sep 19

Cabinet nod for 100mw solar power plant

Manama : The weekly Cabinet meeting held yesterday gave the green signal to set up  a solar power plant in the Kingdom to generate 100 megawatts of electricity.  The decision is in line with  the government’s keenness to tap renewable energy as per the National Renewable Energy Plan and...

Read More
Crown Prince receives US envoy, outgoing Fifth Fleet commander
Sep 18

Crown Prince receives US envoy, outgoing Fifth Fleet commander

Manama : His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister met the US Ambassador to the Kingdom of Bahrain, William Roebuck and the outgoing US Fifth Fleet Commander Vice Admiral Kevin Donegan, at Riffa Palace yesterday. His Royal...

Read More
Bahrain will remain an inclusive country: PM
Sep 18

Bahrain will remain an inclusive country: PM

Manama : His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa yesterday stressed on the importance of preserving and strengthening national unity, being the bulwark to preserve the hard-gained achievements at all levels. HRH the Premier was speaking while receiving senior officials as well as...

Read More
‘King Hamad Global Centre to promote peaceful coexistence’
Sep 17

‘King Hamad Global Centre to promote peaceful coexistence’

Los Angeles : The establishment of the King Hamad Global Centre for Inter-Faith Dialogue and Peaceful Co-Existence will contribute in consolidating the principles of social co-existence and cohesion among various peoples, said Vice-Chairman Board of Trustees Chairman and Executive Director of the Isa Cultural...

Read More
Declaration for promoting dialogue, understanding
Sep 15

Declaration for promoting dialogue, understanding

Los Angeles : Shaikh Nasser stressed that this day is “a reminder to all of us of what we have achieved in promoting interfaith dialogue and understanding, as well as another reminder of the work we must complete, in combating hate speech and bigotry.” ‘A new Middle East’ Speaking on the...

Read More
Bahrain takes a big step forward for peace
Sep 15

Bahrain takes a big step forward for peace

Los Angeles : The Kingdom of Bahrain Declaration and the King Hamad Global Centre for Interfaith Dialogue and Peaceful Coexistence were launched in Los Angeles, California yesterday under the patronage of His Majesty King Hamad bin Isa Al Khalifa.  His Majesty the King deputised His Highness Shaikh Nasser...

Read More