HRH the Crown Prince, Prime Minister, and Chairman of the Bahrain Economic Development Board chairs the Bahrain EDB Board Meeting

Manama, June 18 (BNA): His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Prime Minister and Chairman of the Bahrain Economic Development Board, chaired the meeting of the Board of Directors of the Economic Development Board at its headquarters in Bahrain. Bahrain Bay.

During the meeting, they reviewed the economic indicators of the Kingdom of Bahrain, the achievements of the Economic Development Board in the first six months of 2023, and the main performance indicators of the Small and Medium Enterprises Development Board.

His Royal Highness Prince Salman bin Hamad highlighted the achievements of Team Bahrain in promoting economic growth and attracting investments, in support of the economic recovery plan in Bahrain and the Economic Vision 2030, led by His Majesty King Hamad bin Isa Al Khalifa.

His Highness referred to the role of Bahraini citizens in supporting large-scale development in the Kingdom and building a prosperous present and a brighter future for all.

His Highness stressed the role of the Economic Development Board in attracting direct investments through vital priority sectors and in creating quality opportunities for Bahraini citizens. This has helped make Bahrain an attractive investment destination, in line with the Economic Vision 2030.

His Highness praised the existing partnerships between the public and private sectors and the cooperation of the legislative authority, which helped expand the economic development of the Kingdom.

His Highness stressed the national efforts to enhance economic and investment successes and to provide quality opportunities for Bahraini citizens.

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For his part, the Chief Executive Officer of the Bahrain Economic Development Board, Khalid Ibrahim Humaidan, presented the main achievements of the Economic Development Board, noting that it attracted direct investment of $1.1 billion in 2022. As of June 2023, the Economic Development Board has attracted direct investment of $1.1 billion USD, in line with the objectives of the economic recovery plan which aims to attract investments of more than USD 2.5 billion by the end of 2023.

The investments attracted for 2023, which stem from 42 investment projects, are expected to create more than 2,900 job opportunities for Bahraini nationals over the next three years.

Then His Excellency Humaidan reviewed the economic indicators of the Kingdom of Bahrain in the non-oil sector, which was the largest contributor to the overall economic growth of Bahrain.

Humaidan indicated that the data showed that the Kingdom of Bahrain recorded an annual growth rate in nominal gross domestic product of 8% over the past twenty years, compared to a global average of 5.5% during the same period.

The data also revealed that the sector contributed 17.5% of the real GDP, while the oil and gas sector contributed 16.9% and the manufacturing sector 14%.

His Excellency Humaidan also indicated positive indicators regarding the Kingdom’s real GDP growth for the rest of 2023.

Then, the Minister of Industry and Commerce, His Excellency Abdullah bin Adel Fakhro, presented the latest developments in the SME Development Council’s strategic plan, highlighting key performance indicators that showed a growth of 14%, which represents an increase in GDB of US$13.6 billion. to US dollars. 15.4 billion from the SME sector between 2021-2022.

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Fakhro concluded his speech with the initiatives that have been adopted to increase the contribution of small and medium enterprises to the national economy.

The meeting was also attended by His Excellency Sheikh Khalid bin Abdullah Al Khalifa, Minister of Finance and National Economy, His Excellency Sheikh Salman bin Khalifa Al Khalifa, and a number of senior officials and members of the Board of Directors of the Economic Development Board.

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