Bahrain Economic Development Board (EDB) has opened its first office in Southeast Asia in Singapore.
The newly opened office will help promote Bahrain’s image as a destination for foreign direct investment (FDI) projects, according to a statement released by the board and quoted by Singapore media outlet The Edge. It’s said to be helpful. It will provide investors with market intelligence and guidance and connect them with relevant decision makers.
“We are pleased to be able to establish a foothold in Singapore,” said Dalal Buhej, Executive Director, Financial Services Business Development, Bahrain EDB. “Along with the Free Trade Agreement signed in 2013, this move is a major leap forward in furthering our partnerships with Asian businesses that benefit from Bahrain’s innovative investment environment and progressive regulatory framework.”
Bahrain’s economy continues to be dominated by state-owned enterprises, and Bahrain aims to increase foreign direct investment. Saudi Arabia’s efforts to diversify its economy away from oil and gas have secured FDI inflows of $1.95 billion in 2022, up from $1.77 billion in 2021, according to the United Nations Conference on Trade and Development (UNCTAD). .
In an effort to attract investors from abroad, the Bahrain government launched the Golden License in April 2023. This will provide key benefits and streamline services for impact investment projects in Bahrain.
To earn a Golden License, a project must demonstrate an investment of more than $50 million or the creation of more than 500 jobs.
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Since the launch of the policy, it has successfully attracted five investment projects undertaken by Citi, Eagle Hills Diyar, InfraCorp, Saudi Telecommunications Company and Whampoa Group. The cumulative investment of the five projects amounted to $1.4 billion, and it is expected that more than 1,400 new jobs will be created in the Kingdom.