Bahrain works to attract more foreign investments to achieve economic flexibility

      Published on Sunday, 16 February , 2020      296      
Bahrain works to attract more foreign investments to achieve economic flexibility

Investors around the world pay increasing attention to Bahrain as the country works hard to protect the flexibility of its economy against the risks of international oil price fluctuations.

The Bahrain Economic Development Board, which is tasked with attracting investments and promoting the investment environment in the kingdom, announced this week the attraction of 134 foreign companies with a total investment of 835 million U.S. dollars.

The investment was made in a number of sectors, including financial services, information and communication technology, as well as tourism, education, and healthcare.

Saudi Al-Haram Company specialized in clothing opened its first branch in 2018 in Bahrain. So far three branches have been opened, creating 150 jobs for Bahrainis.

“All procedures to launch our business in Bahrain were smooth and we didn’t face any hinder,” said Hassan Noor, CEO of the company.

The government support has also encouraged Surinda Mandhwani, a partner of the VFM Accounting & Bookkeeping, to open his business’ second branch in Bahrain after the United Arab Emirates.

“We have chosen Bahrain for its being an old financial hub in the region,” he told Xinhua.

Bahrain allows foreigners to be involved in almost all business activities and have 100 percent ownership.

They can also start their businesses through SIJILAT, an electronic system that allows the registration and licensing of commercial establishments by linking all government organizations concerned.

Bahrain looks forward to attracting more investments this year through its continuing support for the non-oil sector to achieve economic diversity, as Minister of Financial and National Economy Shaikh Salman bin Khalifa Al Khalifa recently announced a 63-percent increase in the non-oil revenues last year.

Category Government | 2020/02/16 latest update at 10:45 PM
Source : Xinhua | Photocredit : Google
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