His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Prime Minister, and Chairman of the Bahrain Economic Development Board (EDB), today chaired the EDB’s Board of Directors Meeting, at its headquarters in Bahrain Bay.
During the meeting, Bahrain’s economic indicators, the EDB’s milestones in the first six months of 2023, and the SME Development Board Key Performance Indicators were reviewed.
HRH Prince Salman bin Hamad highlighted Team Bahrain’s achievements in furthering economic growth and attracting investments, in support of Bahrain’s Economic Recovery Plan and Economic Vision 2030, led by His Majesty King Hamad bin Isa Al Khalifa.
His Royal Highness noted the role of Bahraini citizens in supporting the Kingdom’s wide-ranging development and in building a prosperous present and brighter future for all.
His Royal Highness emphasised the EDB’s role in attracting direct investments across vital priority sectors and creating quality opportunities for Bahraini citizens. This has helped to position Bahrain as an attractive investment destination, in line with Economic Vision 2030.
His Royal Highness commended existing public-private partnerships and the legislative authority’s cooperation, which helped expand the Kingdom’s economic development.
His Royal Highness underlined national efforts to further economic and investment successes and provide quality opportunities for Bahraini citizens.
For his part, the Chief Executive of Bahrain EDB, HE Khalid Ebrahim Humaidan, presented the EDB’s key achievements noting a USD 1.1 billion direct investment attracted in 2022. As of June 2023, the EDB attracted direct investments of USD 1.1 billion, in line with the Economic Recovery Plan’s goals that aim to attract more than USD 2.5 billion in investments by the end of 2023.
The investments attracted for 2023, stemming from 42 investment projects, are expected to create more than 2,900 jobs for Bahraini citizens over the next three years.
HE Humaidan then reviewed Bahrain’s economic indicators in the non-oil sector, which was the largest contributor to Bahrain’s overall economic growth.
HE Humaidan indicated that the data showed that the Kingdom of Bahrain recorded an average annual nominal GDP growth of 8% over the last 20 years, in comparison to a world average of 5.5% over the same period.
The data also revealed that the sector contributed 17.5% to real GDP, while the oil and gas sector contributed 16.9% and the manufacturing sector contributed 14%.
HE Humaidan also noted positive indicators regarding the Kingdom’s real GDP growth for the rest of 2023.
The Minister of Industry and Commerce, HE Abdulla bin Adel Fakhro, then presented the latest developments of the SME Development Board’s strategic plan and highlighted key performance indicators that demonstrated a 14% growth, corresponding to an increase in the GDB from USD 13.6 billion to USD 15.4 billion of the SME sector between 2021-2022.
HE Fakhro concluded on initiatives adopted to increase SMEs’ contributions to the national economy.
The Deputy Prime Minister, HE Shaikh Khalid bin Abdulla Al Khalifa, the Minister of Finance and National Economy, HE Shaikh Salman bin Khalifa Al Khalifa, several senior officials, and members of the board of directors of the EDB, also attended the meeting.