Bahrain Economic Development Board (EDB) attracted direct investments of BD680 million ($1.804 billion) into the national economy in 2024 as a result of joint efforts of various government agencies in collaboration with the private sector.

This was revealed by Sustainable Development Minister and Bahrain EDB chief executive Noor Al Khulaif during a presentation highlighting its achievements at a board of directors meeting, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Prime Minister and Bahrain EDB chairman.

She reviewed key sectors that contributed the most to the direct investments, with the industrial sector securing the largest share, followed by the IT, tourism and financial services sectors.

“These combined investments are expected to generate more than 7,400 job opportunities over three years,” the minister said.

In addition to stc’s investment in a large data centre campus and JP Morgan’s pledge to hire Bahrain-based software engineers and technologists to serve its global payments business, Crypto.com launched crypto cards in collaboration with Mastercard to service the GCC region from Bahrain. The digitally driven successes will effectively contribute to Bahrain’s strides in strengthening its standing as a regional tech hub of choice, Ms Al Khulaif said.

Aerolam, which established its first overseas presence in Bahrain, was another key milestone alongside Foulath’s expansion. Serving regional and international markets from Bahrain, the cumulative investments from the notable success stories are expected to usher in innovative expertise and pivotal infrastructure investments in line with Bahrain’s digitisation strategy, thereby supporting diversified economic growth and development, she added.

Industry and Commerce Minister Abdulla bin Adel Fakhro presented the latest developments of the SME Development Board, highlighting its key performance indicators.

The SME sector grew 8.6 per cent, with contribution to GDP increasing from BD4.2bn in the third quarter of 2023 to BD4.51bn in the same period last year, he said. 

The minister also presented key initiatives of the SME Development Board which serve to enhance the contribution of SMEs to the national economy.

Isa Bin Salman Education Charitable Trust board of trustees chairman and Labour Fund (Tamkeen) board of directors chairman Shaikh Isa bin Salman bin Hamad Al Khalifa, Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa, a number of senior officials and Bahrain Economic Development Board members also attended the meeting.

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