Bahrain EDB attracts USD295 million direct investments in ICT sector
Bahrain Economic Development Board (Bahrain EDB) reported that it had attracted USD295 million in direct investments within the Information and Communications Technology (ICT) sector, as part of a total projected direct investment of USD1.4 billion during the first nine months of 2023.
Announced on the side-lines of the Gulf Information Technology Exhibition (GITEX) on 18 October, the global tech show held at the Dubai World Trade Centre, Bahrain EDB said the direct investments for the ICT sector comprised 14 local and international projects and were expected to generate over 1,600 jobs within three years.
“The continuous development of the ICT sector is a strategic priority for Bahrain and remains a pivotal contributor to the diversification and growth of the national economy,’ said Musab Abdullah, Bahrain EDB’s Executive Director of ICT Business Development. “This milestone achievement in direct investments for the ICT sector will result in a positive ripple effect across sectors, with digital transformation being a cornerstone of sustainable economic development.
“Together with its progressive regulatory government and ease of doing business, Bahrain has earned its standing as the destination of choice for companies seeking highly skilled, future ready talent. Leading technology companies have been keen to tap into the Gulf’s rapidly growing market, and we take pride in witnessing impactful investment projects and industry giants in the ICT sector choose Bahrain as the base for their operations in data management, customer service excellence, software development and service delivery.”
Backed by progressive government frameworks, a direct operating cost advantage that is an estimated 28% lower than the region, and a young population, Bahrain continues to cement itself as a leading destination for ICT talent and investments on regional and global levels.
Recent investment projects include the regional cable system of Saudi Telecommunication Company (stc), which was awarded a Golden Licence earlier this year. Additionally, online food ordering company Talabat chose Bahrain for its largest shared services centre in the region based on the quality of its digital talent and its attractive investment environment.
Bahrain is now leading the world when it comes to governmental use of cloud-based technology, with 85% of its data and services now being hosted on the cloud.
