Bahrain Attracts $1.7 Billion in Investments Through 85 Projects in 2023

The Bahrain has attracted investments worth over $1.7 billion in 2023 from local and international investors, an increase of 55 percent from the previous year.

This was facilitated through the Economic Development Board, the government entity responsible for promoting investment in the Gulf state.

The Bahraini Economic Development Board said on Tuesday that it contributed to attracting investments through 85 projects in 2023, with the financial services sector recording the highest rate of investments.

The Economic Development Council stated in a statement that the total investments in the year 2022 amounted to 1.1 billion dollars.

Financial services accounted for 17.5 percent of Bahrain’s real GDP in 2023, surpassing the oil and gas sector to become the largest contributor to the local economy.

All Gulf countries have developed strategies to diversify sources of income away from oil and gas, and to develop non-oil economic sectors to achieve growth in the future.

Khalid Hamad, the governor of the Central Bank of Bahrain, said in the statement: “Foreign direct investment continues to be a strong contributor to Bahrain’s ongoing success story as a resilient and steadily growing and diversified economy.”

Being one of the most indebted and smallest oil-producing economies in the region, Bahrain has introduced reforms to facilitate business activities, create more job opportunities, and attract foreign investment to boost economic growth.

Earlier this month, Bahrain raised two billion dollars from global debt markets to join a group of emerging market countries that took advantage of market conditions to borrow. (Reuters)