The Deputy King, His Royal Highness Prince Salman bin Hamad Al Khalifa, today chaired the EDB Board of Directors Meeting to review the developments of the Economic Recovery Plan and the latest economic indicators.
His Royal Highness highlighted the Kingdom’s commitment to enhancing competitiveness and providing quality opportunities for citizens, in line with the Kingdom’s comprehensive development, led by His Majesty King Hamad bin Isa Al Khalifa.
During the meeting, the Board reviewed the Economic Recovery Plan’s progress and the Kingdom’s positive economic indicators. His Royal Highness commended Team Bahrain’s determination to improve the Kingdom’s economy and the importance of economic diversification and connecting with the global economy.
His Royal Highness commended the Economic Development Board for attracting direct investment, creating opportunities for citizens, and strengthening the Kingdom of Bahrain’s position as an investment destination and an attractive business centre.
His Royal Highness noted that Bahrain’s Economic Vision 2030 fosters cooperation between the public and private sectors.
His Royal Highness highlighted the importance of developing policies and legislation that supports private sector growth, given it is a major driver of economic growth and enhances development opportunities.
His Royal Highness expressed pride in Team Bahrain and affirmed the importance of their responsibility to continue the Economic Recovery Plan’s implementation and achieve economic sustainability and fiscal balance.
During the meeting, the Minister of Cabinet Affairs, HE Hamad bin Faisal Al Maliki, presented the Economic Recovery Plan’s latest developments.
The presentation showed that 17 of the 27 Economic Recovery Plan programmes are complete. This includes creating quality job opportunities to ensure citizens are the first choice in the labour market, facilitating commercial procedures and increasing their effectiveness, implementing major development projects, developing promising sectors, and achieving financial sustainability and economic stability by achieving fiscal balance by 2024.
Q2 financial statistics show that the Economic Recovery Plan has contributed to remarkable economic growth during the second quarter of this year, as Total Real GDP grew by 6.9%, the highest annual increase since 2011. The Hotel and Restaurant Sector recorded the highest growth rate out of non-oil sectors (18.1%), followed by transportation and communications (15.1%), manufacturing (7.6%), and trade (7.5%). The implementation of the Economic Recovery Plan has led to positive growth in the non-oil economic sectors.
The Chief Executive of the EDB, Khalid Ebrahim Humaidan, outlined the EDB’s success in attracting investment, with the volume of inwards investment up to 2021 totalling USD 33.5 billion, equivalent to 86% of the Kingdom’s GDP, exceeding the global average of 47%.
Humaidan confirmed the EDB successfully attracted USD 921 million in direct investment from 66 projects, over 90% of the USD 1 billion target set by the Board of Directors.
These investments will contribute to the creation of 4,715 jobs over the next three years in ICT, digital economy and financial services, healthcare, education, industry, logistics, and tourism, as well as other promising sectors.