Foreigners Acquired 95% of Jobs, Remittances Reached 1,299 Billon BD: Recent Study
2020-06-21 - 7:13 p
Bahrain Mirror: A recent study confirmed that about 95% of the private sector jobs have been acquired by foreigners in recent years, noting that remittances abroad have increased significantly.
The study conducted by the Bahrain Chamber of Commerce and Industry showed an increase in the rate of workers' remittances. Remittances were 890.1 million dinars in 2016, and jumped to 1.229 million dinars in 2018.
The study said that while the overall trend of foreign direct investment was positive, employment did not significantly increase during these years.
It revealed an increase in the foreign direct investment flows after allowing a 100% foreign ownership in several sectors. The foreign direct investment was $65 million in 2015 and increased to $243 million in 2016. Foreign investment amounted to $1,426 million in 2017 and reached $1,515 million in 2018.
The number of limited liability companies increased during the same period, from 2,991 before 2016 to 7,361 to 2019 by 146%, while Bahraini companies increased from 2,778 to 5,427 by 95%.
The study said that 92,000 jobs were created between 2014 and 2018. Foreigners got 88,000 jobs, while Bahrainis got 4,000 jobs in the same period. The number of unemployed Bahrainis in 2017 reached 8,034.