Bahrain best in ME for biz: fDi report

DT News Network

Manama

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Bahrain with its business friendly nature and cost effectiveness has surpassed all its neighbours thereby becoming one of the most favoured business destination in the Middle East, a report said. 

The report by  fDi Intelligence - a division of the Financial Times ranks Bahrain first overall for being cost effective and third overall for business friendliness in the Middle East. In the MENA region, Bahrain is ranked fifth overall, out of 63 countries. 

The rankings, compiled every two years using a detailed methodology, were based on five categories: economic potential, business friendliness, human capital and lifestyle, cost effectiveness, and connectivity. A sixth category, FDI strategy, was based on additional qualitative research and analysis.

The report further ranks Manama in the top eight for all categories and first for its FDI strategy.

Praising Bahrain’s performance in this regard , the report commends the policies adopted by the Economic Development Board (EDB). “EDB has operated to attract investment, help investors realise projects and ensure they are assisted once established,” the report said.  

According to fDi Intelligence, EDB helped attract 190 FDI projects to Bahrain between 2009 and 2014.

Khalid Al Rumaihi, Chief Executive of the Bahrain EDB, said: “We are pleased that Bahrain has once again been recognised as the most cost-effective destination in the region. With a well-educated domestic workforce, minimal restrictions on foreign investment and ownership in most sectors and a highly competitive taxation system, it is a reputation that is well deserved.”

“Bahrain’s strong economic growth has been built on a tradition of openness which comes from the Kingdom’s long history as a regional commercial hub.  Many leading international companies continue to choose Bahrain and we strive to create the supportive, low-cost environment that will allow those businesses to thrive.”

According to UNCTAD World Investment Report 2015, total FDI to Bahrain last year reached $957 million. Bahrain’s inward FDI stocks as a percentage of GDP (55.4 per cent) remained the highest in the GCC and well above the global average, emphasising Bahrain’s position as one of the region’s most open economies.