The Crown Prince, Prime Minister, Chairman of the Economic Development Board:

Since the adoption of the National Action Charter, the Kingdom of Bahrain, under the leadership of His Majesty the King, has achieved a distinguished record of achievements, and we must build on them our development endeavors and future successes.

– Developmental achievements are made by the people of the country with all determination and will and are added to the tally of achievements of the comprehensive development process.

The ongoing plans that are being implemented by the Bahrain team have contributed to witnessing increasing growth of the national economy in its various sectors

The promising opportunities created by the Bahrain team have contributed to attracting investments, exceeding the goals set for them

– All pride in the achievements achieved in terms of the economic recovery plan and Bahrain’s economic vision 2030

Bahrain has recorded success stories in serving citizens and empowering them in various fields

The future vision of Bahrain will achieve more for the benefit of the nation and the citizen

The next stage requires determination from everyone and more efforts to build on the successes achieved to reach greater and more comprehensive achievements.

During the Economic Development Board meeting:

The value of direct investments attracted since the launch of the economic recovery plan in 2021 amounted to more than 2.8 billion US dollars, exceeding the goal set within the plan.

– The non-oil sector recorded a growth of 6.6% at constant prices during the year 2022, achieving the highest growth rate since 2012, thus exceeding the goal set within the plan.

From 2002 to 2022, the economy of the Kingdom of Bahrain recorded a compound annual growth rate of 8% on an annual basis, making the Kingdom of Bahrain among the most diversified economies in the region.

The Kingdom of Bahrain succeeded in increasing economic diversification, as the contribution of the non-oil sector to the gross domestic product rose to 83% from 58% in 2002.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Prime Minister and Chairman of the Economic Development Board, affirmed that the National Action Charter constituted a milestone in the nation’s blessed journey, noting that since the adoption of the Charter, the Kingdom of Bahrain, under the leadership of His Majesty King Hamad bin Isa Al Khalifa, has achieved The great King of the country, may God protect and preserve him, has a distinguished record of achievements, and we must build on them our development endeavors and future successes to enhance Bahrain’s position at all levels.

His Highness pointed out the importance of continuing to enhance the position of the Kingdom of Bahrain as a global investment destination by attracting investments in priority sectors in implementation of economic diversification initiatives, adding that development achievements are made by the people of the country with all determination and will and are added to the record of achievements of the comprehensive development process under the leadership of His Majesty King Hamad bin Isa Al. Khalifa of the country’s great king, may God protect and preserve him.

His Highness said that we look forward to continuing concerted efforts to achieve more towards enhancing the competitiveness of the Kingdom of Bahrain and making it continue to occupy advanced positions, adding that the ongoing strategies and plans that are being implemented by the Bahrain team have contributed to witnessing increased growth of the national economy in its various sectors, and all of these efforts are in cooperation with the private sector. We push it to continue in order for Bahrain to remain in the best position as we have always known it to be.

This came as His Highness, may God protect him, chaired today the meeting of the Economic Development Board at the Council’s headquarters in Bahrain Bay, in the presence of His Highness Sheikh Abdullah bin Hamad Al Khalifa, the Personal Representative of His Majesty the King, His Highness Sheikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Works and Youth Affairs, and His Highness Sheikh Isa. Bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa Bin Salman Educational Charitable Endowment, Chairman of the Board of Directors of the Labor Fund, His Excellency Sheikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister, His Excellency Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, and a number of Their Excellencies from Senior officials and members of the Board of Directors of the Economic Development Board, where the achievements of the Economic Development Board in the year 2023 and its goals for the year 2024 were reviewed, in addition to discussing the most prominent global economic developments, and ways to attract investments in priority sectors that contribute to supporting the desired economic growth path.

His Highness pointed out that the promising opportunities that the Bahrain team creates for investors, in addition to the continuous efforts in developing the flexible legislative system that supports the development and diversification of the national economy, have contributed to attracting investments to the Kingdom, exceeding the goals set for it. He expressed his feelings of appreciation for all the distinguished efforts made by the Bahrain team to reach… The desired economic diversification among various sectors will have a positive impact on creating more qualitative opportunities for the people of the country and spread its benefits to everyone.

His Highness also expressed great pride in the development achievements achieved in the economic recovery plan and the Bahrain Economic Vision 2030 in all sectors, adding that the Kingdom of Bahrain has recorded success stories in the paths of promoting economic development, serving the citizen, empowering him, and creating promising opportunities for him in various fields in accordance with the principles and objectives of the vision. Bahrain Economic 2030, and the good results we see today, clearly reflected in economic indicators and other positive indicators, make us reassured that the future vision of the Kingdom of Bahrain will achieve more for the benefit of the nation and the citizen, and provide promising opportunities for the honorable people of the Kingdom of Bahrain.

His Highness pointed out that each stage has its requirements, and the next stage requires determination from everyone and more giving to build on the successes achieved to reach greater and more comprehensive achievements so that Bahrain will always be, as His Majesty the Great King wanted, may God protect and preserve him, a pioneering civilizational model in various fields.

During the meeting, His Excellency Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, reviewed what had been achieved within the priorities of the economic recovery plan, as the value of investments since the launch of the economic recovery plan in 2021 amounted to more than 2.8 billion US dollars, exceeding the priority goal of facilitating commercial procedures and increasing… Its effectiveness is part of the economic recovery plan by attracting investments worth more than 2.5 billion US dollars by 2023. 29,533 citizens also benefited from the job opportunities that were provided in 2023, amounting to more than 48% of the annual priority goal included in the economic recovery plan, which is to employ 20,000 Bahrainis annually. Until 2024, while 11,078 citizens were trained during the year 2023, which exceeds 11% of the annual priority goal included in the economic recovery plan, which is to train 10,000 Bahrainis until 2024, and the implementation of 12 projects within the priority of implementing major development projects was completed, as well. The non-oil sector recorded a growth of 6.6% at constant prices during the year 2022, achieving the highest growth rate since 2012, exceeding the target growth rate within the priority of developing promising sectors, which amounts to 5% in 2022. As for the priority of financial sustainability and economic stability, work is underway to Achieving the objectives of the financial balance programme.

His Excellency also reviewed what has been achieved in terms of Bahrain’s Economic Vision 2030, with regard to sustainability, enhancing competitiveness and justice through the efforts of the One Bahrain Team, which was keen to implement the directives of His Majesty the King of the country, may God protect and preserve him, and with the follow-up of His Royal Highness the Crown Prince, Prime Minister and Chairman of the Economic Development Board. May God protect him to enhance the competitiveness of the Kingdom of Bahrain and develop its capabilities in various fields, as the economy of the Kingdom of Bahrain recorded a compound annual growth rate of 8% from 2002 until 2022, making the Kingdom of Bahrain among the most diversified economies in the region, which confirms its ability to continue progress towards building on what has been achieved. Among the financial and economic achievements, the Kingdom of Bahrain has also succeeded in increasing economic diversification, as the contribution of the non-oil sector to the gross domestic product rose to 83% from 58% in 2002.

His Excellency confirmed that the Kingdom of Bahrain recorded high and qualitative positive indicators during the period from 2002 to 2023 in the sectors targeted by the economic recovery plan, as the number of visitors coming to the Kingdom of Bahrain increased by 170%, while non-oil exports increased by 675%, and the assets of the banking sector increased by 222%, and the stock of foreign direct investment increased by 582% until the third quarter of 2023.

His Excellency explained that efforts are continuing to build on the major development projects achieved in the sectors of tourism, logistics, industry, and energy. In the energy sector, the Floor 2 station, the new oil pipeline project, was inaugurated, and work is underway to expand the Bapco Energies refinery, while at the industrial sector level, the sixth smelting line project for expansion of the Bahrain Aluminum Company was inaugurated, and the American Trade Zone – the first phase, and work was underway. On the inauguration of the aluminum manufacturing zone.

In the logistics services sector, the expansion project of Bahrain International Airport, Khalifa Bin Salman Port, and Bahrain Liquefied Gas Terminal were completed. While in the tourism sector, the Bahrain International Circuit and the Bahrain International Exhibition Center were established, and a number of tourist facilities were opened.

The Kingdom of Bahrain was keen to make the citizen the best choice in the labor market, as the percentage of Bahrainis working in the private sector increased to more than 59% from 2003 to 2023, and the percentage of Bahraini women working in the private sector increased to more than 126% in the same period, and in the period From 2002 to 2023, the wages of Bahrainis working in the private sector increased by more than 119%.

Since the launch of the vision, the government has also been keen to enhance the quality of services provided to citizens, as more than 1,300 government services have been documented according to the service level agreement, and more than 650 government services have been re-engineered, in addition to launching a system of electronic records (records) that enables business owners and investors to manage their businesses. Completing the procedures and completing the services with all ease and ease, and launching the project for issuing building permits (Benayat), through which building permits are issued. The unified guide for building permit requirements was also launched, and work began on the (Tatreet) platform as part of the expansion of the (Benayat) system to include a number of services. Schematic. The National System for Suggestions and Complaints (Tawasul) was also launched with the aim of enhancing the performance of government agencies towards providing high-quality service to all, in addition to launching the Real Estate Information Bank platform (Aqari), which aims to create a central, reliable national source for real estate information, and launching the (Al-Tajer) application. Which is the first integrated application for smart devices in the Kingdom of Bahrain, through which multiple services are provided to several parties to facilitate everything the merchant and businessman needs in one platform.

The government was also keen, in accordance with the Bahrain Economic Vision 2030, to modernize the system of laws and legislation to keep pace with the requirements of sustainable development, as 1,885 laws and legislations were issued, in addition to promoting the culture of creativity and innovation, and enhancing accountability and responsibility as they are among the constants and foundations of government work, in addition to launching many service projects. In various sectors, including housing, education, health, youth empowerment, and promoting women’s progress.

In the health sector, the capacity of health facilities increased to 3,428 beds in 2022. At the same level, the health infrastructure was developed and the King Hamad University Hospital, the King Hamad Hospital – American Mission, and the Mohammed bin Khalifa bin Salman Al Khalifa Specialized Heart Center were established.

The education sector has achieved notable achievements, as the number of public and private schools in the Kingdom of Bahrain increased to reach 291 schools in 2024, and the number of students reached 243 thousand students. The Education and Training Quality Authority, the Bahrain Technical College (Bahrain Polytechnic), and the Bahrain Teachers College were also established.

At the housing sector level, the number of beneficiaries of housing services since 2002 has reached more than 55 thousand citizens, and many new housing cities have been established such as Salman City, East Hidd City, East Sitra City, and Khalifa City, in addition to the launch of a number of housing projects such as the Ramli Project and the Al-Ramli Project. Al-Buhair and Wadi Al-Sail project.

For his part, Mr. Khalid Ibrahim Humaidan, Governor of the Central Bank of Bahrain and member of the Board of Directors of the Economic Development Board, gave a comprehensive presentation in which he highlighted the developments in the national economy for the year 2023, as the growth of the gross domestic product at constant prices during the first nine months of 2023 reached a rate of 2.1%, and it grew. The non-oil GDP reached 3.2%, which confirms the pivotal role of the non-oil sector in Bahrain’s ongoing march towards achieving economic diversification.

Mr. Khaled Humaidan stressed that the year 2023 was exceptional in terms of attracting investments, as the Council was able to attract local and international investments exceeding one billion and 734 million US dollars coming from 85 investment projects, which would create more than 5,792 job opportunities within three years, explaining that New projects constituted 69% of the total attracted investment projects, while expansion investment projects amounted to 31%.