Bahrain’s Economy Is Booming With the Recovery Plan Attracting $2.8 Billion in Investments

Bahrain’s Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, outlined the achievements of the Kingdom’s Economic Recovery Plan. Since its launch in 2021, the plan has attracted over $2.8 billion in investments, exceeding the target of $2.5 billion set for 2023.

Job creation and training:

  • 29,533 Bahraini citizens benefited from new job opportunities in 2023, exceeding 48% of the annual target of 20,000 new jobs per year until 2024.
  • 11,078 citizens received training in 2023, surpassing 11% of the annual target of 10,000 trained citizens by 2024.

Economic growth and diversification:

  • The non-oil sector grew by 6.6% in real terms during 2022, the highest rate since 2012 and exceeding the 5% growth target set in the plan.
  • Bahrain’s economy has achieved a compound annual growth rate of 8% from 2002 to 2022, making it one of the most diversified economies in the region.
  • The non-oil sector’s contribution to GDP has increased from 58% in 2002 to 83% currently.

Tourism, exports, and banking:

  • The number of visitors to Bahrain rose by 170% since 2002.
  • Non-oil exports increased by 675%.
  • Banking sector assets grew by 222%.

Vision 2030 goals:

The Minister also reviewed Bahrain’s progress towards Vision 2030, particularly in the areas of sustainability, competitiveness, and justice. He emphasized the team effort led by His Majesty the King and His Royal Highness the Crown Prince and Prime Minister to enhance the Kingdom’s competitiveness and develop its capabilities across various sectors.

Overall, the Economic Recovery Plan has yielded positive results, demonstrating Bahrain’s resilience and continued economic progress!

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