The investments are expected to create 770 Jobs
Bahrain’s Economic Development Board (EDB) attracted USD98 million (BHD37 million) worth of Direct Investments from 14 prominent international companies in its Information and Communications Technology (ICT) sector in the first 3 quarters of 2022. These investments will further economic growth and are expected to create over 770 jobs to help achieve the objectives of the Kingdom’s Economic Recovery Plan.
Through the Economic Recovery Plan, Bahrain launched a 4-year Telecommunications, ICT, and Digital Economy Sector Strategy (2022-2026) earlier this year. The strategy has four main pillars, including the development of the telecommunications infrastructure, supporting the digital economy, enhancing e-governance, and developing digital capacity. The strategy aims at improving the Kingdom’s overall global position in the e-Participation index of the UN eGovernment Survey, establishing a world-class digital infrastructure, and increasing the efficiency of government services through e-transformation.
Commenting on the investments, Musab Abdullah, Executive Director of Investment Development – ICT at the Bahrain Economic Development Board, said: “We are pleased to see more and more ICT companies calling Bahrain home for their regional operations. The continuous development in the ICT sector is a strategic priority for the Kingdom. The Kingdom’s highly qualified local talent, best-value operating costs, as well as its strategic location and connectivity to the entire region positions Bahrain as the destination of choice for global ICT companies.”
As a result of the government vision to position the Kingdom as a regional leader in ICT, and a regional hub for ICT industries such as gaming and internationally connected data centers, today Bahrain is ranked first in MENA for ICT readiness by the UN.
The ICT sector is a major pillar in Bahrain’s economy. The sector generates large numbers of high-value jobs, of which 59% of jobs are held by Bahraini nationals. According to statics released by the Ministry of Finance and National Economy, the ICT sector contributed 6.8% to Bahrain’s real GDP at the end of Q4 2021.
Overall, Bahrain EDB attracted USD921 million (BHD348 million) in direct investment from 66 companies during the first nine months of 2022. The investments are expected to generate over 4,700 jobs over the next three years in key sectors, including financial services, ICT, logistics, manufacturing, and tourism.