Here at the Bahrain Economic Development Board (EDB), we have just concluded the first quarter of the year and are already building strong momentum alongside our new neighbours here in Bahrain.
From technology to F&B concepts, here are some of the new names making their entry to the Kingdom with the support of Team Bahrain:
Beehive is a lending-based crowdfunding platform that offers new funding avenues for SMEs to help drive innovation across the Kingdom and region. Launched in Dubai in 2014, Beehive is MENA’s first regulated peer-to-peer lending platform and one of the region’s leading FinTech pioneers. Its innovative crowdfunding technology eliminates the cost and complexity of conventional finance by connecting businesses directly with investors. This gives SMEs easier access to lower cost loans, while guaranteeing higher returns and diversified risk for investors.
With its first regional office in Bahrain, leading UK-based technology company Innervate aims to serve the Middle East’s financial sector with specialised customer relationship management technology. Its regional clients include the Saudi British Bank, Mitsubishi Bank, Aspen Insurance and Carnival Cruise. With an initial investment of approximately US$1mn, Innervate plans to recruit system integrators, data scientists, business analysts and system architects. Notably, it has become the first Microsoft Dynamics 365 Gold partner in Bahrain that mainly focuses on the financial services sector.
Sri Lanka-based JLanka International, a premier solar and renewable energy technology solutions provider, will invest up to $10 million over five years in Bahrain’s renewable energy sector. Its Bahrain office marks the company’s first overseas expansion and will serve as its international headquarters. With a 400+ strong team including scientists, engineers and technicians, JLanka successfully developed its own fast EV chargers, smart meters and power optimisation devices in Sri Lanka. In Bahrain, the company expects to create up to 50 direct jobs and more than 250 indirect job opportunities.
Established in 2002, Simit Sarayi is a world-renowned Turkish bakery with a presence in Europe, US, and the Middle East. Marking its entry into Bahrain, Simit Sarayi, together with its local franchisee Alsaaf Golden Foods, has launched its flagship outlet at The Avenues Mall with plans to expand its presence across Bahrain. With outlets in 25 countries globally, the company founded the first simit factory in the world in Turkey and is certified by TUBITAK.