Eng Khalid Abdulaziz Al-Falih (left) and Khalid Humaidan
Saudi Arabia's FDI in Bahrain hits $9.1bn
MANAMA, May 15, 2023
Saudi Arabia’s FDI (foreign direct investment) stock in Bahrain reached $9.1 billion in 2022, making up 26% of total FDI, which totals up $35.4 billion, it was revealed during a key Saudi – Bahrain meeting.
Khalid Humaidan, Chief Executive of Bahrain Economic Development Board (Bahrain EDB), received Eng Khalid Abdulaziz Al-Falih, Saudi Arabia’s Minister of Investment, for a meeting during the minister’s official visit to Bahrain.
The visit comes in line with the ongoing efforts to maintain cooperative and collaborative economic ties between the two kingdoms.
During the meeting, Humaidan highlighted the vital role of Bahrain EDB in attracting direct investment across the priority sectors outlined in the Bahrain Economic Recovery Plan (ERP), announced in 2021, which work towards further diversifying Bahrain’s economy.
Additionally, the Chief Executive elaborated on the mandate of Bahrain EDB of enhancing the overall investment climate to drive sustainable economic growth.
The meeting also discussed potential areas of cooperation across the priority sectors, namely financial services, manufacturing, logistics, information and communications technology (ICT), and tourism; and respective strategic projects in line with ERP.
During 2022, Bahrain EDB attracted over $1.1 billion, which is projected to create over 6,000 new jobs in the kingdom over the next three years.
In line with the ERP, the kingdom continues to innovate its regulatory framework to create a more robust, conducive business environment and streamlined processes to achieve over $ 2.5 billion in direct investment between 2022-202, an EDB statement said. - TradeArabia News Service
