Bahrain receives direct investments worth $98m in the ICT sector

The Bahrain Economic Development Board (EDB) has attracted $98m (BHD37m) worth of direct investments from 14 international companies in its Information and Communications Technology (ICT) sector in the first 3 quarters of 2022.

Over 770 jobs are expected to be created as a result of these investments in order to help the kingdom reach the objectives of its Economic Recovery Plan by advancing economic growth.

Commenting on the investments, Musab Abdullah, executive director of Investment Development – ICT at the Bahrain Economic Development Board, said: “We are pleased to see more and more ICT companies calling Bahrain home for their regional operations. Continuous development in the ICT sector is a strategic priority for the kingdom. The kingdom’s highly qualified local talent, best-value operating costs, as well as its strategic location and connectivity to the entire region positions Bahrain as the destination of choice for global ICT companies.”

Meanwhile, the ICT sector is a major pillar in Bahrain’s economy. The sector generates large number of high-value jobs, of which 59 per cent are held by Bahraini nationals. According to statistics released by the Ministry of Finance and National Economy, the ICT sector contributed 6.8 per cent to Bahrain’s real GDP at the end of Q4 2021.

Overall, Bahrain’s EDB attracted $921m (BHD348m) in direct investment from 66 companies during the first nine months of 2022.

Constituting over 90% of the USD 1 billion target set by the Board of Directors, the Bahrain EDB successfully attracted 66 projects valued at USD 921 million in direct investment during the first three quarters of 2022 supported by Team Bahrain.Learn more: https://t.co/bKIYVlu2bK pic.twitter.com/2KwDHSm5Bn

— Bahrain EDB (@bahrainedb) September 28, 2022

The investments are expected to generate over 4,700 jobs over the next three years in key sectors, including financial services, ICT, logistics, manufacturing and tourism.

Read: Bahrain attracts $290m in direct investment in manufacturing and logistics