Manama, Oct. 31 (BNA) The Bahrain Economic Development Board (Bahrain EDB), with the support of the Bahrain team, attracted $72.7 million (BD 27.5 million) in direct investments during the first three quarters of 2022 through nine financial services companies. in or expand their business within the Kingdom.
Financial services investments are expected to create more than 840 jobs over the next three years.
Financial services firms attracted by the Bahrain EDB include leading global blockchain services provider Binance, locally growing open banking company Spier Technologies, and the new regional headquarters of Gulf Insurance Group (GIG).
“We are delighted to see more and more investors entering Bahrain’s financial services sector, benefiting from a strong and resilient ecosystem led by a forward-thinking regulator,” said Dalal Buheji, Executive Director of Business Development for Financial Services at the Bahrain Economic Development Board.
“Financial services is a priority sector for us to grow investments and create jobs, in line with the objectives set out in the Bahrain Economic Recovery Plan.”
Overall, Bahrain Economic Development Bank attracted $921 million (BD 348 million) in direct investments from 66 companies during the first nine months of the year. The investments are expected to generate more than 4,700 jobs over the next three years in key sectors, including financial services, information and communications technology, logistics, manufacturing and tourism.
The financial services sector in Bahrain is the most important contributor to the Kingdom’s GDP after oil and is the oldest and most well-established in the region. The sector today accounts for more than 17% of Bahrain’s GDP and employs more than 13,600, with Bahrainis representing nearly 70%.
Through the Economic Recovery Plan, Bahrain aims to increase the contribution of the financial services sector to the GDP to 20% by 2026. The strategy to develop the financial services sector focuses on five main priorities: creating jobs, developing capital markets, strengthening legislation and regulatory policies, Increasing the insurance sector, developing financial services and financial technology.