Aerolam Group of Companies, headquartered in Ahmedabad, India, a leader in the manufacturing of chemically crosslinked closed-cell polyolefin foam for the HVAC and building insulation market, today announced the groundbreaking of its new USD 14 million manufacturing facility in Bahrain. This milestone marks Aerolam’s first international plant, set to be located in the Bahrain International Investment Park, Salman Industrial Area, Hidd. It will support the company’s commitment to meeting the growing demand for insulation solutions across the Middle East and North Africa (MENA) region.

The construction industry in MENA, particularly in Saudi Arabia (KSA) and the United Arab Emirates (UAE), is projected to expand at a compound annual growth rate (CAGR) of 7.01% over the next five years. In response to this booming demand, Aerolam’s Bahrain-based greenfield project will enable the company to provide high-quality insulation products to these key markets. Once operational in Q4 2025, the facility will create local jobs and manufacture a diverse range of XLPE insulation products, including rolls, sheets, boards, and pipes, all produced under the trusted Aerolam brand.

“We are thrilled to celebrate the groundbreaking of our Bahrain facility,” said Mr. Brijesh Patel, Managing Director of Aerolam Group. “This new plant will position us to better serve the MENA region with sustainable, energy-efficient, and fire-safe insulation solutions. It represents a significant step forward in our mission to support regional growth in the construction and insulation industries.”

Mr. Nilesh Sanghvi, Director and Board Member of Aerolam Group, highlighted the importance of the new Bahrain facility as a part of Aerolam’s strategic growth. “This plant is a core part of our expansion strategy, showcasing our dedication to our customers across the MENA region and our confidence in Bahrain as a regional hub for innovation and manufacturing,” Mr. Sanghvi said.

Mr. Neville Dsouza, General Manager of Aerolam Middle East added, “This groundbreaking marks a defining moment for our company. By establishing a manufacturing presence here, we’re positioning ourselves to contribute meaningfully to the industry’s growth while enabling a robust business environment that benefits all stakeholders. We extend our gratitude to the Bahrain Economic Development Board (EDB), Tamkeen, the Ministry of Industry and Commerce (MOIC), and the Bahrain government for their ongoing support and dedication to creating a favourable business environment for the manufacturing sector.”

The manufacturing industry is one of the most important contributors to Bahrain’s economy. Representing around 14% of GDP, the sector is a key driver of the Kingdom’s economic diversification efforts. Bahraini manufacturers enjoy duty-free access through its FTAs with 24 countries around the world, including the first US FTA with a GCC member.

Bahrain Economic Development Board (Bahrain EDB) today reported at the sidelines of Singapore Fintech Festival 2024 attracting over USD 100 million in investment commitments from Singapore-based companies since November 2023 across key sectors, namely financial services, ICT, and tourism. Marking a new milestone for the Island nation’s investment promotion agency, the results demonstrate the impact of Bahrain EDB’s expansive international footprint, wherein the Singapore office is the first to have been established in the ASEAN region a year ago.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board said, “Underscoring the established trust of international investors in Bahrain’s value proposition, this milestone achievement is a testament to the impact and agility of our ‘Team Bahrain’ approach, wherein both the public and private sectors work in tandem to ensure Bahrain’s investment environment remains attractive, defined by forward-looking regulatory frameworks and streamlined services, offering a seamless journey for businesses setting up in our island nation,” adding, “We take pride in the steady growth of investments from key markets including Singapore and in witnessing international firms that set up in Bahrain successfully expand and flourish.”

Strategically positioned in the heart of the Arabian Gulf, Bahrain is celebrated for its openness, tolerance, and cultural diversity. The island nation is home to a highly skilled talent pool, where the local workforce is consistently elevated and supported by government grants and subsidised programmes, and thereby equipped to meet the demands of an evolving global market. Women make up 34% of the financial services and insurance sector alone. Several leading firms, including Citi and PwC Middle East, have chosen Bahrain as their base for tech hubs and service centres to cater to their global clientele.

Dalal Buhejji, Executive Director of Financial Services at Bahrain EDB, added, “Bahrain has always been a hub for innovation and financial services. As a singular financial regulator, the Central Bank of Bahrain (CBB) has been a pioneering force in supporting the development of Bahrain’s thriving financial services sector introducing robust regulatory frameworks that include regional-firsts in crypto assets and open banking. Beyond this, businesses operating in Bahrain benefit from a future-ready workforce that combines bi-lingual, driven Bahraini nationals with a diverse expat talent pool offering global perspectives.”

As the first Gulf nation to diversify its economy, Bahrain continues to flourish, with its digitally empowered financial services sector contributing almost 17% to real GDP as of 2023. The sector boasts a diverse mix of prominent international banks, financial institutions, fintechs, and new digital asset players. This includes Singapore-based firms like Whampoa Group’s Singapore Gulf Bank and the recently licensed Crypto.com to provide payment services.

Bahrain EDB’s Singapore-based office serves its headquarters by providing strategic on-ground presence and advisory services to investors and businesses within Singapore seeking to expand or set up in Bahrain, which has cemented itself as a business-friendly gateway to the Middle East and North Africa (MENA). Offering comprehensive services that includes research-led market insights and industry assessments, Bahrain EDB supports investors journey from end-to-end, facilitating connections with key decision-makers across Bahrain’s public and private sector and providing tailored aftercare services long after businesses first embark on their journey.

A total of 32 landmark announcements and deals over USD 12 billion were announced at the second edition of Gateway Gulf 2024, which ran between 3 – 4 November. Organised by Bahrain Economic Development Board (Bahrain EDB), the forum was attended by 250 ministers and business leaders from around the world and highlighted significant trade and investment opportunities in Bahrain and the wider Gulf, as the region’s economies increasingly drive growth in non-oil sectors.

In finance, Al Salam Bank (ASB) announced the launch of ASB Capital, a newly established Category 3A asset management firm licensed by the Dubai Financial Services Authority (DFSA). Investcorp announced key investment related initiatives, and SICO Bank introduced diversified investment products. J.P. Morgan Payments announced plans to hire technologists in Bahrain. Additionally, Singapore Gulf Bank announced the launch of corporate banking services for the global digital economy.

Highlighting Bahrain’s digital transformation momentum, ARRAY Innovation signed three new partnerships with the National Bank of Bahrain (NBB), Aluminium Bahrain (Alba), and the Labour Fund (Tamkeen) to promote advanced enterprise software, analytics, artificial intelligence, and machine learning solutions. Beyon unveiled its visionary digital city and signed a development agreement with Edamah.

In manufacturing, Alba and Daiki Aluminium reaffirmed their commitment to establishing a sustainable aluminium dross processing facility in the Kingdom of Bahrain. Racing Force Group and Bahrain International Circuit announced the completion of the Bell Racing Helmets factory extension and groundbreaking for its new open manufacturing production (OMP) facility. Meanwhile, Bapco Energies also announced reaching a decisive milestone of expanding its refining capacity in compliance with the latest sustainability regulations under Bapco Modernisation Program (BMP).

Key projects were announced by Edamah, the real estate arm of Bahrain Mumtalakat Holding Company, including the opening of its latest resort Hawar by Mantis. Infracorp, a leading company specialised in infrastructure investment and sustainable development, revealed an agreement with Kempinski to launch Harbour Heights Kempinski Hotel and exclusive branded residences in the heart of Manama’s exclusive Bahrain Harbour.

Government announcements included details from Bahrain’s Ministry of Industry & Commerce about a National Industrial Development Fund and SMEs Development Fund. The Ministry of Housing and Urban Planning outlined plans for the development of 3,000 residential units and apartments in Khalifa City, while Mumtalakat, Bahrain’s sovereign wealth fund, signed several partnership agreements across key verticals of their portfolio.

Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), has signed an agreement with Sunset Hospitality Group to operate the upcoming Beach Club at Bilaj Al Jazayer, on the sidelines of Gateway Gulf 2024. This high-end venue will complement attractions like the Bahrain Surf Park, as well as the exclusive Tivoli and Avani hotels and residential suites, adding to Bilaj Al Jazayer’s appeal.

The appointment reflects Edamah’s commitment to transforming Bilaj Al Jazayer into a premier, beachfront tourist destination in Bahrain and the region.

Commenting on the development, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Edamah, said: “We are proud of the progress that Edamah has made in realizing the ambitious vision for Bilaj Al Jazayer. This project is a crucial milestone in a series of developments that will significantly enhance Bahrain’s tourism infrastructure, and it is a prime example of how sectoral integration can contribute to sustainable economic growth.”

The Bilaj Al Jazayer project boasts a three-kilometer beachfront and spans over one million square meters. It is set to become a combined destination offering top-tier entertainment, hospitality, and residential facilities, alongside high-end amenities.

• First regulated bank in Bahrain offering comprehensive crypto-compatible banking services
• Real-time settlement capabilities, fully remote onboarding will support businesses in the global economy

Singapore Gulf Bank (SGB), the digital bank backed by Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain, and privately-held investment group Whampoa Group, today announced, on the sidelines of Gateway Gulf 2024, the launch of its corporate banking services. Operating under full regulatory approval from the Central Bank of Bahrain, SGB will offer comprehensive digital banking services to corporate customers in the digital economy to manage their traditional financial and digital assets on a single platform. Global clients can onboard through SGB’s remote digital on-boarding solutions. SGB will extend its digital banking services to individual clients by the end of the year.

In addition to regular corporate banking services, SGB will provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. This enables businesses to manage their finances flexibly – whether they are traditional or digital assets – facilitating their participation in the digital economy.

Edmund Lee, Founding Chairman of the Board of SGB, stated: “We’re building the foundation for a new era of global finance where traditional and digital worlds converge to enable businesses to operate anytime and anywhere.”

H.E. Noor bint Ali AlKhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, said, “The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain. As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets. SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”

H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, commented: “SGB’s launch demonstrates Bahrain’s commitment to fostering innovation in financial services while upholding the highest regulatory standards. With SGB, Bahrain will serve as a crucial nexus that connects businesses around the world and bridges traditional and digital financial services.”

SGB is pioneering a new era of banking where everyone can easily access and manage digital assets alongside traditional assets within one integrated network. Underpinned by its compliance-first approach, SGB will serve as a vital link between mainstream financial services and the rapidly advancing digital asset economy, empowering the next billion users with access to the future of finance.

At Gateway Gulf 2024, an investment forum hosted by the Bahrain Economic Development Board (Bahrain EDB), Aluminium Bahrain B.S.C. (Alba) and Daiki Aluminium Industry Company Ltd. reaffirmed their strategic partnership by announcing their intention to form a joint venture ‘Alba-Daiki Sustainable Solutions (ADSS)’ which will establish a cutting-edge, sustainable aluminium dross processing facility in the Kingdom of Bahrain.

This announcement, made during the forum, underscores Bahrain’s commitment to economic diversification and environmental sustainability. Alba will hold a 70% stake in the joint venture and Daiki will have the remaining 30%. Both partners are targeting to commence operations by September 2026, marking a significant milestone to environmental stewardship and technological advancement in the region.

The Forum was attended by Alba’s Chairman of the Board, HE Khalid Al Rumaihi, Alba’s CEO Ali Al Baqali, and Daiki Aluminium Industry Company Ltd.’s Chairman and Representative Director, Yamamoto Takaaki. 

HE Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, commented on the partnership: “The strategic alliance between Alba and Daiki Aluminium underscores Bahrain’s growing appeal as a global investment hub. This collaboration showcases how our Kingdom’s advanced infrastructure, innovation-friendly policies, and talented workforce are attracting transformative projects. It’s a clear demonstration of our commitment to sustainable economic diversification and our ability to foster international partnerships that drive long-term prosperity in the Kingdom.’’

Adding further, Alba’s Chairman of the Board, HE Khalid Al Rumaihi stated: “This partnership with Daiki Aluminium marks a pivotal moment in Alba’s history and Bahrain’s industrial landscape. By combining our strengths, we’re not just enhancing our operational efficiency, but also setting new standards for sustainable aluminium production in the Gulf. This venture aligns perfectly with our commitment to innovation and environmental stewardship, while reinforcing Bahrain’s position as a leader in economic diversification. We’re confident that this collaboration will create significant value for our stakeholders and contribute substantially to the Kingdom’s sustainable development goals.”

Yamamoto Takaaki, Chairman and Representative Director of Daiki Aluminium Industry Company Ltd., stated: “Our collaboration with Alba represents a significant milestone in sustainable industrial development, perfectly aligned with the vision showcased at Gateway Gulf 2024. As the GCC region aims to reach a GDP of around USD3 trillion by 2030, this partnership demonstrates how targeted investments can drive both economic growth and environmental progress. By leveraging our century-long expertise in aluminium recycling alongside Alba’s world-class operations, we’re not just creating a more efficient production process – we’re contributing to Bahrain’s impressive 84% non-oil GDP.’’