RIYADH: The Bahrain Economic Development Board has announced it attracted as much as 27.5 million Bahraini dinars ($72.7 million) worth of direct investments in financial services during the first three quarters of 2022.
Through a total of nine financial services institutions, the investments came in the form of establishments in or expansions of businesses.
Financial services firms participating in the investments include leading full-service provider Spier Technologies, global cryptocurrency exchange provider Binance, and a new local headquarters for Gulf Insurance Group.
Over the next three years, the investments are projected to generate up to 840 jobs in Bahrain.
“We are delighted to see more and more investors entering Bahrain’s financial services sector, benefiting from a strong and agile ecosystem led by a forward-thinking regulatory body,” Bahrain EDB's executive director of business development for financial services Dalal Buhejji said.
Moreover, the financial sector poses a tool to boost investments and generate jobs in line with the country’s economic recovery plan, the executive director added.
While the financial sector currently contributes to 17 percent of Bahrain’s gross domestic product, the country is aiming to raise that figure to 20 percent by 2026 through the plan.
From January to September of this year, Bahrain EDB has been able to attract up to 348 million Bahraini dinars of direct investments from a total of 66 firms across diverse sectors including financial services, manufacturing, ICT logistics and tourism.
Over the next three years, those investments are expected to create more than 4,700 jobs across these crucial sectors.
