MANAMA: The success of Gulf countries in attracting foreign investments is mutually beneficial for the region, according to a senior business strategy expert.
In an interview during the second day of the Bahrain International Airshow, Nada Al-Saeed, Chief of Strategy at the Bahrain Economic Development Board, praised the Middle East's increasing ability to attract funding, calling it 'fantastic' and highlighting its positive impact on the region.
In 2023, Saudi Arabia achieved foreign direct investment inflows of SR96 billion ($25.6 billion), surpassing its target by 16 percent, while Bahrain saw a record $1.7 billion, marking a 55 percent annual increase.
'When Saudi Arabia or the UAE performs well, it benefits us too. I view the region as collaborative rather than competitive. If the pie grows larger, everyone's share increases,' she said.
Reflecting on Bahrain's FDI growth, Al-Saeed attributed the success to the Economic Development Board's efforts.
Al-Saeed noted that the 2023 funding was directed towards priority sectors including financial services, communication and technology, manufacturing, logistics, and tourism.
She also highlighted the role of these investments in job creation and anticipated the trend to continue.
Al-Saeed explained that the EDB aligns its strategies with Bahrain's 2030 economic vision, working closely with stakeholders in 'Team Bahrain' to mirror national economic plans.
She emphasized Bahrain's unique advantages, such as treating GCC investors like locals and offering various incentives, including support from the labor fund, Tamkeen.
Al-Saeed also mentioned the Golden License program, launched in April 2023, which provides streamlined services for strategic investment projects valued at $50 million or creating 500 jobs.
She concluded by highlighting the aviation sector's role in creating a conducive investment environment, connecting Bahrain globally.
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