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Bahrain Targets Foreign Investments Worth $2.5 Bln

General view of Bahrain World Trade Center is seen during early evening hours in Manama, Bahrain, May 2, 2020. Picture taken May 2, 2020. (Reuters)
General view of Bahrain World Trade Center is seen during early evening hours in Manama, Bahrain, May 2, 2020. Picture taken May 2, 2020. (Reuters)
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Bahrain Targets Foreign Investments Worth $2.5 Bln

General view of Bahrain World Trade Center is seen during early evening hours in Manama, Bahrain, May 2, 2020. Picture taken May 2, 2020. (Reuters)
General view of Bahrain World Trade Center is seen during early evening hours in Manama, Bahrain, May 2, 2020. Picture taken May 2, 2020. (Reuters)

Bahrain Economic Development Board chief executive Khalid Humaidan stressed that his country has successfully attracted over $1.1 billion in foreign direct investments during 2022, surpassing the set target for the year.

These investments encompassed 89 investment projects, aligning with the priorities of the economic recovery plan. He further explained that Bahrain aims to attract investments exceeding $2.5 billion by the end of 2023.

The official confirmed that Bahrain ranks highly among Gulf countries in terms of the inflow of foreign direct investments compared to its gross domestic product in 2022, accounting for approximately 80%.

Moreover, Bahrain secured the eleventh position globally in greenfield investments, as reported by the Financial Times direct investment survey and the Greenfield Investment Performance Index for 2022.

Regarding the strategy to stimulate the private sector as a key driver of the economy, Humaidan said: “First and foremost, I must emphasize the active partnership between the public and private sectors across various industries in Bahrain.”

“This partnership has positively impacted Bahraini citizens, particularly by providing them with more promising opportunities,” he added.

“Supporting and empowering the private sector to enhance economic growth is a top priority and strategic objective pursued by the government of the Kingdom of Bahrain, recognizing this sector as a primary engine for the economy,” stressed Humaidan.

The private sector is a strategic partner to the Economic Development Board, evident by the fact that half of the board members are representatives from the sector, he remarked.

“They play a significant role in shaping the investment attraction strategy, focusing on five priority sectors: financial services, manufacturing, logistics services, information and communication technology, and tourism,” he revealed.

The private sector's contribution to the gross domestic product exceeded 80% in 2021, compared to 74% in 2005, noted Humaidan, adding that this reflects its pivotal role as a primary driver of the economy.

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Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
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Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has inaugurated the Riyadh Metro, the backbone of the capital’s public transport network.

King Salman viewed on Wednesday an introductory video about the Riyadh Metro — one of the Kingdom’s major projects during his prosperous reign — distinguished by its standout design and technological features, with a network that spans 176 kilometers across 6 lines and 85 stations, including 4 iconic ones.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City (RCRC), expressed his sincere gratitude to the Custodian of the Two Holy Mosques for his generous support and patronage of the Riyadh Public Transport Project – which includes the metro and bus systems – from its concept to execution, and for his invaluable steering during the implementation of the project according to the highest global standards.

“The Riyadh Public Transport Project, which spans metro and bus networks, is the culmination of concerted efforts made by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and the outcome of his visionary leadership, while serving as the Chairman of the High Commission for the Development of Arriyadh, the predecessor of RCRC,” said the Crown Prince.

The Riyadh Public Transport Project was launched following studies conducted back then by the High Commission for the Development of Arriyadh (now RCRC) on the capital city’s current and future public transport needs, and outlined the best solutions for a sustainable public transit system that reflects the city’s unique urban, population, and traffic characteristics.

These studies resulted in the comprehensive Public Transport Plan for Riyadh City, which included a metro system and a parallel bus network that would meet Riyadh’s current and projected mobility needs. The plan culminated with the Council of Ministers adopting a resolution to “approve the execution of the Riyadh Public Transport Project – Metro and Buses.” RCRC then launched a bidding process that saw the participation of several global consortia. Finally, a Royal Decree awarded the Riyadh Metro contracts to three consortia, comprising over 19 major global companies from 13 countries.

Thanks to the support of the Crown Prince, RCRC successfully implemented the project. Considered one of the world’s largest public transport projects conducted in a single phase, the Riyadh Public Transport stands out for its meticulous planning and exceptional design and technology, and is tailored to meet Riyadh’s social, environmental, and urban requirements. It is also poised to significantly contribute to the capital city’s urban mobility needs, enhancing the quality of life of its residents and visitors alike, in line with the objectives of Vision 2030.

Minister of State, Member of the Council of Ministers, and RCRC Chief Executive Eng. Ibrahim bin Muhammad Al-Sultan extended his gratitude to the Custodian of the Two Holy Mosques and the Crown Prince for the Riyadh Metro project inauguration.
Al-Sultan highlighted that Riyadh is now enjoying the benefits of this transformative project, which will redefine the capital's image and revolutionize transportation for both residents and visitors. The metro's extensive six-line network will gradually begin operations.
He elaborated that the project aims to deliver an efficient and sustainable public transport system that meets the current and future mobility demands of Riyadh. The initiative is in line with the rapid population growth, urban expansion, and the increasing use of private vehicles in the city.