Bahrain has recently announced significant investment growth resulting from nine major projects, amounting to a total of $2.4 billion. These projects are expected to create around 3,000 job opportunities following the launch of the Golden License initiative in April 2023.
The Golden License initiative offers attractive benefits and priority access to key project milestones, such as land allocation. Its primary objective is to uphold Bahrain’s proven ability to attract impactful businesses from various industries, thereby contributing to its sustained economic growth.
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Bahrain remains committed to digital transformation and the development of its economic sectors. The country has achieved noteworthy success stories in these areas, thanks to its highly skilled, bilingual, and future-ready workforce, which receives consistent support through government-backed training programs.
Bahrain’s foreign direct investment (FDI) stock relative to its GDP stands at just above 81 percent, surpassing the global average rate. This statistic underscores the strong confidence that international investors have in Bahrain’s competitive value proposition, reaffirming its strategic economic significance in the region.
The recently awarded large-scale projects encompass a range of sectors. For instance, Bahrain Titanium, the first facility of its kind in the region, will be established by Switzerland-based Interlink Metals & Chemicals. Additionally, the National Bank of Kuwait (NBK) will construct its first greenfield head office outside of Kuwait in Bahrain. Another project involves the installation of a data center facility and regional submarine cable by Beyon, a technology company founded in Bahrain. Lastly, there is the Bahrain Marina, an exciting urban waterfront development.
Remarkable GDP growth
Over the period from 2002 to 2022, Bahrain’s nominal GDP experienced remarkable growth, expanding from $9.6 billion to $44.4 billion. This corresponds to an average annual growth rate of 8 percent, surpassing the global rate of 5.5 percent in 2002. Furthermore, Bahrain successfully diversified its economic sectors, with the non-oil sector accounting for 83.6 percent of real GDP in Q3 of 2023. Notably, the financial services sector surpassed oil as the largest contributor to real GDP, representing 18.1 percent in Q3 of 2023.
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