Manama – 08 January 2012 – Forty international businesses established operations in the Kingdom of Bahrain in 2012 as a result of direct outreach activities carried out by the Economic Development Board (EDB). These will help create close to 900 jobs over the course of three years across a range of sectors including financial and professional services, logistics and renewable energy. Non- financial services related investments comprised of over US $ 102 million, particularly in the areas of professional services and information and communications technology (ICT).
During the course of the year the EDB continued to assist companies that had initiated projects in the Kingdom in 2011, including the inauguration of projects by German industrial firm RMA and German chemical company BASF. These businesses, along with Indian Polyester company JBF, invested US$ 200 million during the course of 2011, and will help create over 500 jobs over the course of three years in the Kingdom.
As a leading business and financial hub at the heart of the Gulf, a market now worth $1.4 trillion, Bahrain has long been considered the gateway to the region, with easy access to the large economies of Saudi Arabia, Kuwait and Qatar. The Kingdom’s highly skilled bilingual local workforce and low cost of doing business mean that it is a natural home for firms looking to invest in the region.
Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, said: “We are delighted at the ongoing international investment we have seen in 2012. The increase in the number of foreign investors over the last year illustrates the Kingdom’s wide-ranging attractions; from the most skilled workforce in the region and liberal business environment to the low costs, competitive taxation and ready access to the GCC market.”
Foreign investments in 2012 include:
- PineBridge Investments, the global multi-asset class investment manager, selected Bahrain as the location for its MENA headquarters.
- International service company Serco Consulting opened consulting offices in Bahrain, which will serve significant projects being undertaken by the Company in the Kingdom of Saudi Arabia.
- Notz Stucki, the Geneva-based asset management firm, selected Bahrain as the location for its regional office in the Middle East.
- First Flight Couriers, India’s largest domestic and international courier company launched its Bahrain office this year.
- Petra Solar, the US based provider of smart energy solutions, launched a five megawatt solar energy pilot project in Bahrain.
- Al Zayani Investments entered into a Joint Venture Agreement with Imerys, the world leader in mineral-based specialty solutions for industry, headquartered in France. Treibacher Al Zayani Schleifmittel WLL will manufacture white fused alumina in Bahrain.
- French consultancy company, Galitt, announced that it would base its regional office in Bahrain.
Source: Bahrain EDB