Bahrain attracts investment in non-oil sectors
The tourism sector attracted 75% of total investments last year while the manufacturing and logistics sector accounted for 15%, doubling the total amount of investment from that of 2015
More than half of the investment in Bahrain came from the tourism and manufacturing sectors in 2016, contributing to a total of $281m invested in the country and the creation of 1,647 jobs opportunities over the next three years.
The tourism sector attracted 75% of total investments last year while the manufacturing and logistics sector accounted for 15%, doubling the total amount of investment from that of 2015, according to Zawya.
The results came from the efforts of the Bahrain Economic Development Board (EDB), which aimed to attract global and regional companies from India, China, the United States, and Germany, among others, in multiple sectors to spur growth in Bahrain’s economy.
Khalid Al Rumaihi, Chief Executive of the EDB, said: “We are proud of what has been achieved during 2016. Our success in doubling the investments during last year comes as a result of unifying our efforts with various government bodies to ensure Bahrain is truly business friendly.”
Companies, including engineered foam provider Armacell, are setting up plants and offices in the Bahrain to establish new projects and investment opportunities.
Armacell’s new plant will produce elastomeric rubber insulation for the $3bn heating, ventilating, and air conditioning (HVAC) market in the GCC.
Last year, Swedish furniture giant IKEA announced its $124.8m investment to establish its largest flagship store in the Gulf by 2018, which will cover a total area of 37,000sqm.