MANAMA — Bahrain’s excellent business climate attracted almost $1 billion worth of investments in new projects in 2007, making the commercial registration sector a key contributor to the national economy, a senior official said yesterday.
The Minister of Industry and Commerce Dr. Hassan Abdulla Fakhro in his annual assessment of the commercial registration sector and overall industry related activities in 2007 said that the investment in the new projects were worth BD373.33 million ($987.6 million) and these projects created about 13,536 new jobs in the event of implementation and Bahrainisation currently stood at 4,313 of the total jobs.
Talking about the ministry’s achievements on projects and industrial licenses issued during the period from Jan. 1, 2007 until Dec. 31, 2007, he said that MOIC industrial sector performance has witnessed a quantum jump in terms of investments value and the quality of projects that have emerged in all industrial areas in the Kingdom.
“The ministry has issued during the same period a total of 138 industrial licenses (which met all requirements of the initial license), the investment value BD183.48 million ($485.39 million). This project will provide about 7,348 new jobs and Bahrainisation rate stood at 2220 of the total jobs in the industrial sector.
“We expect the continue of this rise in the current year and the next period based in many licenses required and provided by investors from inside and outside Bahrain which considered by competent authorities at present,” he said.
“The total industrial licenses issued by the Ministry of Industry and Commerce during the year were 304 in many industrial sectors. The engineering industrial sector ranked first in the number of industrial licensing reach to 112 initially licenses, while aluminum industrial sector fore in a number of industrial licensing hitting 58 final license. A simple comparison between the total licenses issued in previous years since 2002 until the end of 2007, can seen the volume surge that occurred in the industrial sector in Bahrain, where the rates were growing and rising.”