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Bahrain Launches Initiatives to Support Economic Recovery

Bahrain Launches Initiatives to Support Economic Recovery

Thursday, 25 November, 2021 - 11:30
Bahraini government announcing details of new projects to support economy (BNA)

Bahrain launched a package of major development projects as part of a plan to support the economic recovery in the country.

Deputy Prime Minister Sheikh Khalid bin Abdullah Al Khalifa said the new projects includes forming five communities on newly constructed islands and increase Bahrain's total area by more than 60 percent.

The plan is designed to drive growth, boost employment for citizens, and attract $2.5 billion in foreign direct investment by 2023.

Sheikh Khalid indicated that the new strategic projects also include investing $30 billion in over 20 new projects to achieve economic growth and balance in the public finances.

Among the projects, a trade zone with the United States to be a regional hub for trade, manufacturing, logistics, and distribution.

Al Khalifa explained that the package contributes to developing the infrastructure, communications, tourism, industry, education, health, housing, and youth and sports sectors.

It also boosts Bahrain's economic position and competitiveness, creates promising opportunities, and achieves sustainable growth following Bahrain Economic Vision 2030.

One of the most significant areas planned, called Fasht al-Jarim, will span 183 square kilometers and provide a residential, logistics, and tourism center with a new airport.

The new 25-kilometer, four-lane King Hamad Causeway will bolster cross-border trade and travel with Saudi Arabia and the wider GCC and strengthen political, strategic, economic, and cultural ties.

The package includes the Bahrain Metro network, covering 109 kilometers across the country. It will be implemented in several phases in partnership with the private sector through a build-operate-return investment system.

Bahrain will increase refining capacity from 267,000 to 380,000 barrels per day through the Bapco Modernisation Programme (BMP), the largest industrial project in the history of Bahrain.

Business travel and tourism will also be enhanced by constructing an exhibition and convention center and a series of resorts in the southwest of Bahrain.

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