Crown Prince: Growth of non-oil sectors and foreign direct investment drive job creation in Bahrain

Manama, Apr. 24 (BNA): His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and Chairman of the Economic Development Board (EDB), today chaired the EDB’s board meeting at Riffa Palace. During the meeting, the Crown Prince highlighted the importance of non-oil sectors and foreign direct investment as essential components of economic diversification and high-value job creation. The Crown Prince highlighted that due to Bahrain’s diversification efforts over the past decade, the non-oil sector accounted for 95% of economic growth in 2015, adding that a broad range of steps have been implemented to attract new levels of foreign investment across various sectors. The Crown Prince went on to note that substantial public and private sector investment projects worth over $32 billion across the manufacturing, logistics, infrastructure, healthcare, education, and tourism sectors will deliver significant job creation throughout the Kingdom. The Crown Prince added that projects worth $3.8 billion have already begun construction. The meeting included an overview of the EDB’s accomplishments over the past year, presented by the EDB’s Chief Executive Khalid Al Rumaihi, and Managing Director Dr Simon Galpin, which exhibited the EDB’s role in attracting 17 international companies that will invest over $90 million in the country and provide more than 800 jobs over the coming years. The EDB’s Chief Executive also noted Bahrain’s non-oil sector contribution to GDP growth, which accounted for 2.8% of the overall 2.9% growth in 2015, and highlighted the EDB’s role in launching the new Bahrain tourism brand in collaboration with the Bahrain Tourism and Exhibition Authority. During the concluding remarks, the Crown Prince emphasised the important role the EDB plays in supporting Bahrain’s diverse economic plan, and stressed that all development efforts are underpinned by the Kingdom’s commitment to increasing opportunities and prosperity for all citizens. The role of the EDB: The Bahrain Economic Development Board is a dynamic public agency with overall responsibility for attracting investment into Bahrain and supporting initiatives that help enhance the investment climate in the country. The role of the EDB is to work with current and prospective investors ensuring that Bahrain’s investment climate is attractive, identifying its key strengths and where opportunities exist for further economic growth through investment. The EDB focuses on several economic sectors that capitalise on Bahrain's competitive advantages and provide significant investment opportunities.