Bahrain attracts $921 mln direct investment, more than 30% in manufacturing, logistics

DUBAI, Oct 5 (Reuters) – Bahrain’s Financial Improvement Board (EDB) stated on Wednesday it attracted $290 million direct funding in manufacturing and logistics within the first 9 months of 2022 because the nation seeks to diversify its oil-based economic system.

The investments, by means of 25 manufacturing and logistics firms organising and increasing within the small island nation, are anticipated to create 1,200 jobs within the subsequent three years. Manufacturing accounts for greater than 13% of Bahrain’s GDP, the EDB stated.

Manufacturing and logistics made up greater than 30% of all direct funding EDB attracted within the 12 months to end-September, which was $921 million, up from $839 million for the entire of 2021 in accordance with the EDB’s web site. A determine for manufacturing funding final 12 months was not accessible.

The EDB’s goal was to draw $1 billion in direct funding this 12 months. In whole, the $921 million investments are anticipated to create 4,700 jobs within the subsequent three years in sectors together with monetary companies, ICT and tourism.

An EDB government advised Reuters in June that Bahrain is in superior talks for funding offers with cloud computing firms from america, China and the United Arab Emirates to arrange there. learn extra

Bahrain, some of the indebted international locations within the Gulf, goals to realize fiscal steadiness by 2024, a goal delayed by two years because of the pandemic.

The medium-term fiscal plan is tied to a 2018 $10 billion help package deal from Kuwait, Saudi Arabia and the UAE that helped it avert a credit score crunch.

Bahrain’s financial restoration plan, which incorporates $30 billion in “strategic” tasks, goals to develop non-oil GDP by 5% this 12 months and create 20,000 “high quality” jobs for Bahrainis every year for the subsequent two years.

(This story has been refiled to insert the lacking phrase ‘million’ within the headline)

Reporting by Yousef Saba;Modifying by Elaine Hardcastle

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