Bahrain’s Information and Communications Technology (ICT) sector has attracted $295 million in direct investments during the first nine months of 2023.
The Bahrain Economic Development Board (Bahrain EDB), the national investment promotion agency, said the investments stem from 14 local and international projects and are expected to generate over 1,600 jobs within three years.
The inflow is part of a total projected direct investment worth $1.4 billion into the national economy.
This was highlighted by Bahrain Economic Development Board executive director of ICT business development Musab Abdullah on the sidelines of Gitex 2023 in Dubai.
“The continuous development of the ICT sector is a strategic priority for Bahrain and remains a pivotal contributor to the diversification and growth of the national economy. This milestone achievement in direct investments for the ICT sector will result in a positive ripple effect across sectors, with digital transformation being a cornerstone of sustainable economic development,” he added.
According to Mr Abdullah, Bahrain has earned its standing as the destination of choice for companies seeking highly skilled, future ready talent owing to its progressive regulatory government and ease of doing business.
“Leading technology companies have been keen to tap into the Gulf’s rapidly growing market, and we take pride in witnessing impactful investment projects and industry giants in the ICT sector choose the kingdom as the base for their operations in data management, customer service excellence, software development and service delivery,” he further said.
Backed by progressive government frameworks, an unparalleled direct operating cost advantage (28pc lower than the region), and a young and tech-savvy population, Bahrain continues to cement itself as a leading destination for ICT talent and investments on regional and global levels.
Driven by a clear vision and a forward-looking government, the kingdom has made great strides in its ICT sector owing to the world-class connectivity of its infrastructure, solidifying its position as a results-yielding magnet for investment and digital transformation.
Bahrain is now leading the world when it comes to governments hosting its data and services on the cloud, with 85pc already being hosted on the cloud.Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).