Commenting on the Bahrain-Saudi relations during the Future Investment Initiative (FII) Institute held in Riyadh, Ali Al Mudaifa, Chief Business Development Officer at the Bahrain Economic Development Board (Bahrain EDB), said that FDI stock coming from Saudi investments in Bahrain has amounted to USD9.8 billion, making up around 29% of the total inward FDI stock in Bahrain, which has reached USD33.5 billion in 2021.

He added that these investments, attracted by Bahrain EDB and its partners, came as a result of the strong economic relations between Bahrain and Saudi Arabia, as well as the support from the leadership in both countries. These investments come from a number of sectors such as financial services, ICT, manufacturing, and logistics. The financial services sector had the largest share of these investments by (68%), followed by the industrial sector (19%).

Al Mudaifa pointed out that Bahrain EDB has witnessed strong interest from Saudi investors in Bahrain’s business friendly environment, which encompasses its best-value operating costs, skilled workforce, forward-looking regulations, and advanced infrastructure that connects both Kingdoms.

He expects more Saudi investments coming in the near future in light of the increased economic cooperation between both countries, in addition to the launch of the Bahraini Economic Recovery Plan, which targets investment of more than USD30 billion in strategic infrastructure projects and other priority sectors.

Overall, Bahrain EDB attracted USD921 million in direct investment from 66 companies during the first nine months of 2022. The investments are expected to generate over 4,700 jobs over the next three years in key sectors, including financial services, ICT, logistics, manufacturing, and tourism.

The investments are expected to create 770 Jobs

Bahrain’s Economic Development Board (EDB) attracted USD98 million (BHD37 million) worth of Direct Investments from 14 prominent international companies in its Information and Communications Technology (ICT) sector in the first 3 quarters of 2022. These investments will further economic growth and are expected to create over 770 jobs to help achieve the objectives of the Kingdom’s Economic Recovery Plan.

Through the Economic Recovery Plan, Bahrain launched a 4-year Telecommunications, ICT, and Digital Economy Sector Strategy (2022-2026) earlier this year. The strategy has four main pillars, including the development of the telecommunications infrastructure, supporting the digital economy, enhancing e-governance, and developing digital capacity. The strategy aims at improving the Kingdom’s overall global position in the e-Participation index of the UN eGovernment Survey, establishing a world-class digital infrastructure, and increasing the efficiency of government services through e-transformation.

Commenting on the investments, Musab Abdullah, Executive Director of Investment Development – ICT at the Bahrain Economic Development Board, said: “We are pleased to see more and more ICT companies calling Bahrain home for their regional operations. The continuous development in the ICT sector is a strategic priority for the Kingdom. The Kingdom’s highly qualified local talent, best-value operating costs, as well as its strategic location and connectivity to the entire region positions Bahrain as the destination of choice for global ICT companies.”

As a result of the government vision to position the Kingdom as a regional leader in ICT, and a regional hub for ICT industries such as gaming and internationally connected data centers, today Bahrain is ranked first in MENA for ICT readiness by the UN.

The ICT sector is a major pillar in Bahrain’s economy. The sector generates large numbers of high-value jobs, of which 59% of jobs are held by Bahraini nationals. According to statics released by the Ministry of Finance and National Economy, the ICT sector contributed 6.8% to Bahrain’s real GDP at the end of Q4 2021.       

Overall, Bahrain EDB attracted USD921 million (BHD348 million) in direct investment from 66 companies during the first nine months of 2022. The investments are expected to generate over 4,700 jobs over the next three years in key sectors, including financial services, ICT, logistics, manufacturing, and tourism.

The Bahrain Economic Development Board (Bahrain EDB), supported by Team Bahrain, has attracted USD290 million (BHD109 million) in direct investment during the first three quarters of 2022 through 25 manufacturing and logistics companies setting up and expanding within the Kingdom. The investments are expected to generate more than 1,200 jobs over the next three years.

Companies expanding in Bahrain include FedEx, BASF, and Racing Force International. Meanwhile, the new companies entering Bahrain include Bahrain Sugar Refinery, Hoover Circular Solutions, and K.K.C. Industry W.L.L (iCool).

Ahmed Sultan, Executive Director – Business Development for Manufacturing and Logistics at Bahrain EDB, said: “We are very pleased to see international manufacturing and logistics companies set up and expand in Bahrain, benefiting from the Kingdom’s strategic location, enabling them to tap into USD1.67 trillion GCC market. Manufacturing and logistics are among the priority sectors for us and under the Economic Recovery Plan to support future growth and employment within the Kingdom.”

Manufacturing sector is a significant and consistent contributor to the economy, accounting for over 13% of the GDP and a key driver of the Kingdom’s economic diversification, sustainability and future success. Manufacturers and logistics companies enjoy duty free trade through Bahrain’s FTAs with 22 countries around the world, including the first ever US FTA with a GCC member. 

Overall, Bahrain EDB attracted USD921 million (BHD348 million) in direct investment from 66 companies during the first nine months of the year. The investments are expected to generate over 4,700 jobs over the next three years in key sectors, including financial services, ICT, logistics, manufacturing, and tourism.

The Chief Executive of the Economic Development Board (EDB), Khalid Humaidan, today met with members of the seventh intake of the Prime Minister’s Fellowship Program.

During the meeting, Humaidan highlighted the EDB’s mandate including its efforts to attracting direct investments in the Kingdom’s priority sectors in order to further economic diversification and to create job opportunities for citizens, in line with Bahrain Economic Vision 2030.

The Chief Executive noted that the PM Fellowship Program reflects His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Ministers’ commitment to enriching the leadership skills of young government professionals, and enabling them to closely oversee the developing and implementing government policies and strategies,, adding that the program would stimulate teamwork and enhance innovation.

The EDB’s CE highlighted Bahrain’s skilled workforce as one of the Kingdom’s greatest competitive advantages, which has contributed to attracting  FDI.

The Chief Executive expressed his hope that the fellows fully benefit from the program and develop the right skills to contribute to the development of the government’s initiatives and achieve its long-term goals. For their part, the members of the seventh intake of the Program expressed their appreciation to the Chief Executive, for the support and encouragement to further develop and excel in service to the Kingdom of Bahrain.

FranklinCovey, a leading training and coaching solutions provider serving more than 140 countries with thousands of clients, including 90% of Fortune 100 companies, launches its first FranklinCovey Education Middle East headquarters in Bahrain to oversee its offices in the region and serve its regional clients.

Co-Founded by Dr. Stephen Covey the author of the global best-seller “The 7 Habits of Highly Effective People,” the FranklinCovey company provides leadership training and assessment services for the organization and the individual in the areas of leadership, individual effectiveness, and business execution.

FranklinCovey Education Middle East (exclusive partner to FranklinCovey) boasts some of the world’s most prominent educational-leadership programs, including the world-renowned “Leader in Me” program, which has served over 5,000 schools in 80 countries plus a big number of well-known colleges and universities around the world. Some of the regional educational clients include New York University Abu Dhabi, American University Sharjah, Tabuk University Saudi, and the Royal College of Surgeons in Ireland (RSCI) Bahrain.

Commenting on the launch of FranklinCovey Education Middle East in Bahrain, Ahmed Shawqi, Managing Director of FranklinCovey Middle East, said: “We’re excited for the launch of our headquarters in Bahrain. It will allow us to oversee our operations across many countries like Saudi Arabia, the UAE, Oman the GCC region, and other countries like Jordan and Iraq.

“We’re witnessing a major step towards empowering youth and students in Bahrain and the region with the leadership and life skills they need to thrive in the 21st century.”

Ali Al Mudaifa, Chief Investment Officer of the Bahrain Economic Development Board (EDB) said: “Our talent is one of our greatest competitive advantages. It has continuously made Bahrain the right destination for companies to set up their business.

“We’re proud to witness one of the world’s leading training providers set up their headquarters here. This launch comes at an opportune time as the country ramps up its efforts to upskill talents to lead the next phase of economic growth, in line with the objectives set under the Economic Recovery Plan.”

Bahrain’s growing student and working-age population are driving up the demand for training and formal education, particularly for higher education – the fastest growing education subsector. As part of the National Economic Recovery Plan, the government of Bahrain aims to employ 20,000 Bahraini nationals and provide training for 10,000 Bahrainis annually by 2024.

Bahrain ranked 1st globally in multiple subindices within Metas’ (Facebook) Inclusive Internet Index conducted by Economist Impact, including national female e-inclusion policies, female digital skills training & STEM education, open data policies, and privacy regulations.

The Inclusive Internet Index 2022 measures whether the internet is accessible and affordable in each country and how much it enables social and economic mobility. It assesses the performance of 100 countries in four indicators of inclusion: availability (usage, infrastructure and quality), readiness (literacy, safety and policy), affordability (price and competitive environment), and relevance (local and relevant content).

Dalal Buhejji, Executive Director of Investment Origination at the Bahrain Economic Development Board (EDB) said, “Bahrain continues to focus on creating equal opportunities within the tech and innovation sector, as well as leading on female tech-inclusion with initiatives like Women in FinTech led by the Supreme Council of Women.

Prioritising IoT and ICT comes naturally to us due to the Kingdom’s availability of talent, best-value operating costs, and its forward-thinking regulators – coupled with the infrastructure that drew companies such as Citi to set up their Global Tech Hub in Bahrain.”

It is worth noting that The Kingdom of Bahrain was recently ranked first in the GCC for the availability of advanced computer programming talent in Information and Computer Technology (ICT), according to the International Telecommunication Union (ITU) Report 2020.

Telecommunications, ICT, and digital economy are considered vital sectors under the Kingdom’s Economic Recovery Plan. The sector strategy aims to establish a world-class digital infrastructure by attracting big-tech companies, and making Bahrain a regional digital innovation hub.

Spire, the premier Open Banking provider in the GCC is set to expand its operations in Bahrain and the MENA region through a 15 million BD investment plan, with support from the Bahrain Economic Development Board (EDB). This expansion will create 200 jobs over the next three years in high-value data sciences and artificial intelligence sectors.

Spire graduated from the Central Bank of Bahrain (CBB) Open Banking Sandbox and has been ratified by CBB to offer Open Banking services in Bahrain. Spire has established its headquarters in Bahrain and is in process of setting up a regional office in KSA. The company brings a strong international partner network including Salt Edge, a leading Canadian Open Banking player and Mastercard to offer next-gen Open Banking solutions.

Spire aims to provide Open Banking compliance, infrastructure and strategic financial management solutions for banking customers and small businesses.  The company is already revolutionizing financial data sharing as well as making money movement simple, secure, and fun.

Osama Al Khajah, Chariman, Board at Spire Technologies, said: “Open Banking will comprehensively change how banks and fintechs engage with the larger economy. Spire is empowering individuals and businesses and will directly help create more affordable and more innovative financial solutions. Bahrain was a natural choice for Spire to launch its MENA business given the Kingdom’s strong regulatory framework, large talent pool and tremendous support from EDB and the central bank.”

Musab Abdullah, Executive Director of Investment Development – Financial Services, Technology & Innovation at the EDB, said: “Spire’s success reflects Bahrain’s strong financial services eco-system, including open banking services. We are pleased to support the company with its expansion and see it benefit from Bahrain’s pro-innovation regulatory framework and its collaborative “Team Bahrain” approach.”