Bahrain ‘Most Competitive’ in ICT Business Operations
Bahrain is 28 percent more cost-effective in Information and Communications Technology (ICT) direct operating costs when compared to other GCC countries.
The Kingdom is also the most competitive country in terms of operating an ICT business, and has an annual cost 13 percent lower than the GCC average, according to a recent report released by KPMG.
The recent report released by KPMG titled ‘The cost of doing business in the GCC-ICT’ claims that the Kingdom has the most competitive commercial rental costs, manpower costs, and internet charges when compared to its GCC peers.
Additionally, the report highlights the Kingdom’s annual cost of living, with it remarkably being 24 percent below the regional average, as well as Bahrain positioning itself as the most favourable jurisdiction regarding the cost of education and accommodation costs in the GCC.
The report aims to examine the typical direct and indirect costs associated with operating an ICT firm in the GCC countries, and analyzes the direct costs of business registration, licensing, commercial rental rates, manpower costs, telecom costs, internet charges, electricity and water charges, and IT infrastructure.
The average annual cost of living in Bahrain rounds up to BD9,725 compared to the UAE (ABD), where the average annual cost of living amounts to BD16,200.
Regarding electricity and water, the Kingdom’s annual cost amounts to BD2,035 compared to the UAE’s (ABD) cost of BD2367.
Bahrain has a total cost of living of BD16,707, the UAE (DXB) is BD25,117, the UAE (ABD) is BD24,740, Saudi Arabia is BD20,210, Qatar is BD22,908, and Oman is BD18,477.
In 2022, the Bahrain Economic Development Board (EDB), supported by Team Bahrain, attracted more than BD414,537,640 of direct investment, which is a record year for the Kingdom’s investment promotion agency, according to EDB Bahrain.
The investments acquired, came from over 88 companies, and contain expectations to create over 6,300 jobs in the local market over the next three years, says EDB.
The investments are spread through key sectors such as financial services, ICT, logistics, manufacturing, and tourism. Bahrain aims to accelerate its business strategies and outcomes to attract foreign direct investment of more than BD942,131,000 by 2023.
