HRH The Deputy King chairs the Bahrain EDB Board Meeting

Manama, Oct. 10 (BNA): The Deputy King, His Royal Highness Prince Salman bin Hamad Al Khalifa, today chaired the EDB’s Board of Directors Meeting at its headquarters in Bahrain Bay.

His Royal Highness highlighted the importance of HM the King’s address during the opening ceremony of the second session of the sixth legislative term of the Shura Council and the Council of Representatives, which set forth HM’s far-reaching visions for the next phase of development and serves as a source of inspiration to enhance government workstreams in partnership with the private sector to achieve the Kingdom’s aspirations.

His Royal Highness expressed eagerness to sustainably grow and diversify Bahrain’s economy in cooperation with the Legislative Authority by continuing to adopt and develop legislation and laws that benefit all.

During the meeting, the Board reviewed the EDB’s efforts to attract direct investments in vital priority sectors, its contributions to strengthening Bahrain’s position as an attractive global destination for investment and discussed the most prominent regional and global economic developments. 

HRH the Deputy King commended the efforts of the EDB and the remarkable growth achieved in establishing investment projects in the Kingdom of Bahrain, highlighting the importance of accelerating the pace of turning those projects into quality opportunities for citizens.

His Royal Highness affirmed the continued launch of more programmes that make Bahrainis the first choice in the labour market and enable them to improve their competitiveness by bolstering their skills and professionalism.

HRH the Deputy King affirmed the effectiveness of the Fiscal Balance Program, according to the achievements presented at the meeting, indicating an overall economic growth, which should reflect in an increase in the income of Bahraini households.

During the meeting, the Chief Executive of Bahrain EDB, Khalid Ebrahim Humaidan, presented the EDB’s key achievements in 2023, noting that the EDB attracted USD 1.4 billion in direct local and international investment, through investments in 64 investment projects, which will help in providing more than 4,500 employment opportunities over a three-year period.

The latest developments in the global economy were also discussed, including the expectations of the International Monetary Fund (IMF), which indicated a decline in growth in the global economy in 2023-2024.

Additionally, the Board reviewed the Kingdom’s economic indicators for the first half of 2023 which recorded an average GDP growth of 2%, while the growth of the non-oil GDP reached 2.8%, which affirms the non-oil sector’s leading role in Bahrain’s economic growth. 

The Personal Representative of His Majesty the King, His Highness Shaikh Abdullah bin Hamad Al Khalifa, the Deputy Prime Minister, HE Shaikh Khalid bin Abdulla Al Khalifa, several senior officials, and members of the board of directors of the EDB, also attended the meeting.

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