Page 18 – Invest in Bahrain

‘Women are nearly a third of investors on Bahrain Bourse’

Posted on March 9, 2020August 25, 2020 by edbuser

09 March 2020

MANAMA: Women make up 29 per cent of total investors at Bahrain Bourse (BHB), and the value of shares held by them is currently BD580 million, Bahrain Bourse (BHB) chief operating officer Narjes Jamal has said.

In a statement issued yesterday after BHB hosted a bell-ringing ceremony to mark the celebration of International Women’s Day, the official said the total volume of shares held by female investors is 711m.

“As industry setters, we are hosting a variety of ring-the-bell events in order for all stakeholders to take action in achieving the goals of gender equality.”

According to Ms Jamal, across companies listed on Bahrain Bourse, women currently have 2pc board representation and 7pc hold CEO positions compared to 16.9pc and 4.4pc respectively on a global level.

“As a stock exchange, we are working alongside listed companies and industry professionals to take practical action in advancing gender equality through voluntary guidance documents, internal policies, training, mentoring, raising awareness, and educating market participants on gender equality and the role of gender diversity in enhancing business performance.”

“We aim to reinforce the importance of the role of females in executive and board positions across the capital markets, going in line with our efforts in promoting sustainability, in which ‘gender equality’ falls under the ‘social’ angle of sustainabilty,” she added.

Ms Jamal was joined by Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj and BHB chief executive Shaikh Khalifa bin Ebrahim Al Khalifa in ringing the market-opening bell.

BHB is partnering 81 other global exchanges for a week of bell-ringing activities for the second consecutive year, in partnership with the United Nations Sustainable Stock Exchanges (SSE) Initiative, the World Federation of Exchanges, IFC, UN Global Compact, UN Women to help raise awareness and highlight opportunities for the capital market ecosystem to advance gender equality and sustainable development.

The event was held for the sixth consecutive year globally. This year, the UN’s International Women Day was themed ‘I am Generation Equality: Realising Women’s Rights’.

Held throughout March, these bell-ringing events aim to raise awareness on women’s economic empowerment and the opportunities for the private sector to advance gender equality and sustainable development.

As part of the events, participants are encouraged to make commitments to improve gender equality in their markets, improving diversity in senior management and on the boards of directors, or improving transparency on gender policies and practices.

Last year, Bahrain Bourse announced its voluntary commitment towards the United Nations Sustainable Stock Exchanges (SSE) initiative in promoting sustainable and transparent capital markets.

The SSE initiative focuses on sustainable disclosure of environmental, social and governance (ESG) factors.

avinash@gdn.com.bh

Why Bahrain can become a major hub for finance and technology

Posted on February 20, 2020August 25, 2020 by edbuser

Reposted from Arabian Business

Through careful planning and bold regulatory reforms, Bahrain is poised to become a major hub for finance, technology and innovation, according to a new report by the Milken Institute.

However it added that Bahrain needs to continue its efforts to overcome challenges and achieve the objectives laid out in the kingdom’s Vision 2030 strategic plan launched in 2008.

The report, Bahrain and the Fourth Industrial Revolution, is authored by Claude Lopez, Milken Institute director of research, together with research analysts Joseph Bendix and Cesar Servin.

“Bahrain has developed a business-friendly environment, regulatory framework, and support system that make the kingdom an attractive destination for global companies, investors, and entrepreneurs,” said Lopez, citing a six-fold increase in foreign direct investment between 2016 and 2018.

“With its skilled population, low cost of living, and continued investment in technology infrastructure, Bahrain is positioned to continue to achieve positive outcomes.”

The Milken Institute report points to recent policy changes that increase transparency, protect investors, align with international standards, and modernize access to Bahrain’s capital markets, which have yielded measurable results.

In addition, it said Bahrain has enhanced support structures for small and medium-sized enterprises (SMEs) and startups that connect government agencies, investors, and other stakeholders to help businesses grow.

The report said Bahrain’s strong emphasis on startups and technology comes with challenges that need to be addressed to ensure the resilience of the new economic model.

Based on their analysis, the authors also identify several challenges, including the need for startups to grow into larger firms that will create more jobs, access to highly trained labour to satisfy these additional jobs, and assistance for existing firms transitioning to the new digital economy.

The report offers several recommendations, including assisting micro-firms to grow and offer more jobs, facilitating access to international talent and ensuring private-sector wages are competitive.

The report also recommends supporting small local firms with services that can help with the transition to digital.

Learn more about FinTech in Bahrain

Learn more about Bahrain’s Financial Industry

The Italian Trade Agency (ICE) to open an office in Bahrain

Posted on February 5, 2020 by edbuser

Rome, Italy. 5th February 2020: The Italian Trade Agency (ICE) today announced the opening of an office in Bahrain after signing an agreement with the Bahrain Economic Development Board (EDB), on the sidelines of an official delegation visit to the Italian Republic, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, and First Deputy Prime Minister.

The agreement seeks to enhance trading and investment opportunities and cooperation between both countries’ strategic economic sectors, including manufacturing and Logistics, Financial Services, Information and Communication Technology, Tourism, Construction, and Oil and Gas. The agreement, which is expected to further develop bilateral economic cooperation between Bahrain and Italy, is one of the many agreements worth a total of EUR330 million signed during HRH the Crown Prince’s official visit to the country.

HE Khalid Humaidan, Chief Executive of the Bahrain EDB, said: “Italy and Bahrain have longstanding trade and economic ties and this week’s official visit aims to strengthen that relationship by providing a platform for collaboration, partnership, and shared opportunities. That is the spirit in which we sign today’s agreement, which will pave the way for trade and investment cooperation between companies in the Italian Republic and the Kingdom of Bahrain.”

Roberto Luongo, Managing Director at the Italian Trade Agency, said: “Today’s agreement will advance even further the already formidable economic and trading partnership enjoyed by Italy and Bahrain. I look forward to working closely with the Bahrain Economic Development Board to identify and create opportunities between Italian and Bahraini companies, facilitating business relations and investments across an increasingly wide range of sectors.”

The agreement marks the latest chapter in a long history of economic and trade ties between Bahrain and Italy, first established in 1973. Since then, a number of agreements across a range of sectors have been signed, including those covering the protection of investments and the mutual exemption of taxes on air and sea transport.

Bahrain is currently home to more than 60 Italian commercial enterprises, with the largest concentration of firms in the manufacturing sector. With its flexible regulatory environment, world-class physical and digital infrastructure, and some of the best-value operating costs in the region, hyper-connected Bahrain is increasingly the destination of choice for companies from all over the world seeking to access the growing USD1.5 trillion Gulf markets.

–Ends–

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973 397 989 19

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

About The Italian Trade Agency

The ICE is the Italian government agency that supports the business development of Italian companies abroad and promotes the attraction of foreign investment in Italy. With a motivated and modern organization and a widespread network of overseas offices, ICE provides information, assistance, consulting, promotion and training to Italian small and medium-sized businesses. Using the most modern multi-channel promotion and communication tools, it acts to assert the excellence of Made in Italy in the world.

For more information visit https://www.ice.it/en/

Bahrain Fintech Bay announces new CEO

Posted on January 29, 2020August 15, 2020 by edbuser

Published by Arabian Business on 28 Jan 2020

Bahrain Fintech Bay (BFB) on Tuesday announced changes to its leadership team, with Khalid Dannish being promoted to the role of CEO, effective from February 1.

The appointment follows the departure of founding CEO Khalid Saad who will be leaving to pursue his own Fintech ventures that aim to further support the ecosystem, a statement said.

Since its launch in February 2018, Bahrain Fintech Bay has brought together over 100 partners and is home to 42 Fintech residents and established a national Fintech talent program, as well as its first acceleration program.

Dannish said: “I have had the privilege to be a part of Bahrain Fintech Bay from our launch, and I am delighted to be given the opportunity to lead the next phase of growth and strengthen our value proposition to our partners, fintechs and the region.

“Together with the Economic Development Board and our founding partners we have built a truly impactful and innovation-led platform to position Bahrain for years to come.”

Khalid Humaidan, chairman of Bahrain Fintech Bay, added: “I would like to thank Khalid Saad for leading Bahrain FinTech Bay since its inception and we wish him all the best in his endeavors. Furthermore, I look forward to working with Khalid Dannish to take this important national initiative forward and strengthen Bahrain’s leadership in Fintech.”

Prior to Bahrain Fintech Bay, Dannish was a vice president at JP Morgan in London.

Bahrain Fintech Bay provides a physical hub to incubate scalable Fintech initiatives through innovation labs, acceleration programmes, curated activities, educational opportunities and collaborative platforms.

Standard Chartered partners with Bahrain FinTech Bay to foster fintech innovation in the Kingdom

Posted on January 29, 2020May 29, 2023 by edbuser

Manama – Bahrain – Standard Chartered and Bahrain Fintech Bay announced a strategic partnership to support Bahrain’s fintech sector and industry, in line with the Kingdom’s Vision 2030.

Standard Chartered and Bahrain FinTech Bay will work together to offer thought-leadership and mentorship programs to the growing fintech industry and share innovative market expertise and solutions to individuals seeking to grow their fintech businesses.

Abdulla Bukhowa, CEO of Standard Chartered Bahrain said, “We are pleased to announce this strategic partnership with Bahrain Fintech Bay. In line with our strategy, this partnership provides another platform for the bank to share global expertise and innovative financial solutions that suit a steadily growing digital business market, led by a diverse population. Given Bahrain’s position as one of the leading fintech hubs in the region, we are confident that the fintech sector will continue to grow, especially with the nurturing and cultivating environment Bahrain offers. As we celebrate 100 years of being in Bahrain, we strongly believe in the need for innovation to stay relevant to our markets. We continue to invest and innovate in our digital offerings for clients. This allows us to extend our reach and provide offerings that reflects the changing needs and preferences of our clients.

Khalid Saad, CEO of Bahrain Fintech Bay said, “Bahrain FinTech Bay continues to strategically grow its local and international ecosystem. The partnership with Standard Chartered, who this year celebrates 100 years in Bahrain and are one of the world’s leading banks, will aim to further develop Bahrain’s FinTech ecosystem drawing on Standard Chartered’s global presence and innovation lead initiatives.”

With its strong prospects for growth, the financial technology market in the Middle East and North Africa (MENA) region is estimated to grow by up to $125 million a year to reach $2.5 billion in 2022, bringing the

number of fintech start-ups from six in 2005 to 250 by 2020.[1] The sector is poised for a major leap with projected private-funding investments worth $2 billion in start-ups in the GCC over the next decade.[2]

-Ends-

Standard Chartered

We are a leading international banking group, with a presence in more than 60 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.

About Bahrain FinTech Bay (“BFB”)

Bahrain FinTech Bay (“BFB”) is the leading FinTech Hub in Middle East, located conveniently in the Arcapita Building, Bahrain. Bahrain FinTech Bay provides a physical hub to incubate insightful, scalable and impactful FinTech initiatives through innovation labs, acceleration programmes, curated activities, educational opportunities and collaborative platforms.

Bahrain FinTech Bay partners with governmental bodies, financial institutions, corporates, consultancy firms, universities, associations, media agencies, venture capital and FinTech startups to bring the full spectrum of financial market participants and stakeholders together.

For more information on Bahrain FinTech Bay visit http://www.bahrainfintechbay.com

About FinTech Consortium (“FTC”)

The FinTech Consortium is a fintech Incubator and Ecosystem Builder that aims to further the development, interaction and acceleration of FinTech ecosystems.

We foster synergies among market players, including government bodies, financial institutions, corporates, investors and innovators, who believe that technology can bring added value to the financial industry.

Through our FinTech incubation platform, we offer corporate incubation, research lab and venture acceleration as well as provide access to analytical tools and FinTech related resources. We believe that FinTech is a crucial infrastructure layer to strengthen financial services. For more information on FinTech Consortium visit http://www.fintech-consortium.com

[1] https://www.thenational.ae/business/technology/mena-s-nascent-fintech-market-to-grow-by-125m-a-year-1.769203

[2] http://www.arabnews.com/node/1450571/corporate-news

Bahrain partners with the World Economic Forum to launch ‘Closing the Skills Gap’ accelerator

Posted on January 27, 2020August 15, 2020 by edbuser

Davos, January 27, 2020 – The Bahrain Economic Development Board (EDB) – the Kingdom’s investment promotion agency – has partnered with the World Economic Forum (WEF) to launch an innovative new accelerator, aimed at increasing employability and preparedness for the future of work among the current and next generation workforce. The announcement was made at the 50th WEF annual meeting at Davos.

The ‘Closing the Skills Gap Accelerator’ is one of several such accelerators launched in partnership with WEF’s Platform for Shaping the Future of the New Economy and Society. The accelerators are national level public-private leadership collaboration platforms that address national and industry skills gaps in the face of the massive technological disruption sweeping the globe. So far six countries have established their own: Argentina, India, Oman, Pakistan, South Africa and the UAE. Additionally, Brazil also announced their ‘Closing the Skills Gap Accelerator’ during the Annual Meeting. The goal is to expand the model to build a global network of 15 economies accelerating closing the skills gaps by 2020.

It is estimated that Bahrain will witness a workforce growth of 8,000 workers annually, with the burden of accommodating these entrants falling primarily on the private sector. Findings from a 2019 employer survey across eight main sectors – Healthcare, Financial Services, Manufacturing, Logistics, Oil & Gas, Renewables, ICT, and Startups – indicated a major gap in digital skills in the labour market. The new accelerator will bring together the Kingdom’s businesses, government, civil society, education institutes, and training providers under one roof to generate local skills gap insight, develop an action plan, and drive its execution.

Khalid Humaidan, Chief Executive, Bahrain EDB, said: “Digital transformation is happening at an unprecedented pace across the globe – and nowhere more so than in the Middle East, where ambitious reforms and diversification efforts have placed a renewed focus on the region. But as disruptive technologies change the way we work, live and interact, skills gaps are emerging which must be filled to prepare for the future. Bahrain benefits from a young and growing population, and by equipping the next generation with the right skills we can build truly sustainable development. WEF Davos 2020 presents the ideal forum for the public and private sectors to work in close collaboration as we seek to solve the challenges of tomorrow.”

–ENDS—

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

—End–

Milken Institute highlights Bahrain’s progress toward becoming a major technology and innovation hub

Posted on January 23, 2020August 25, 2020 by edbuser

New report examines steps taken in recent years to attract investment while detailing challenges ahead

LOS ANGELES, January 19, 2020 – Through careful planning and bold regulatory reforms, the Kingdom of Bahrain is poised to become a major hub for finance, technology, and innovation, according to a new report released today by the Milken Institute. However, Bahrain needs to continue its efforts to overcome challenges and achieve the objectives laid out in the Kingdom’s Vision 2030 strategic plan launched in 2008.

The report, Bahrain and the Fourth Industrial Revolution, is authored by Claude Lopez, Ph.D., Milken Institute director of research, together with research analysts Joseph Bendix and Cesar Servin.

“Bahrain has developed a business-friendly environment, regulatory framework, and support system that make the Kingdom an attractive destination for global companies, investors, and entrepreneurs,” said Lopez, citing a six-fold increase in foreign direct investment between 2016 and 2018. “With its skilled population, low cost of living, and continued investment in technology infrastructure, Bahrain is positioned to continue to achieve positive outcomes.”

In addition, Bahrain has enhanced support structures for small and medium-sized enterprises (SMEs) and startups that connect government agencies, investors, and other stakeholders to help businesses grow. Today, three Bahraini firms are listed among the top-100 startups by Forbes Middle East, and the Kingdom boasts the largest share of female founders in the Middle East and North Africa in the 2019 Global Startup Ecosystem Report.

Bahrain’s strong emphasis on startups and technology comes with challenges that need to be addressed to ensure the resilience of the new economic model. Based on their analysis, the authors identify several challenges, including the need for startups to grow into larger firms that will create more jobs, access to highly trained labor to satisfy these additional jobs, and assistance for existing firms transitioning to the new digital economy.

The report offers several recommendations, including

Assist micro-firms to grow and offer more jobs
Facilitate access to international talent
Ensure private-sector wages are competitive
Support small local firms with services that can help with the transition to digital

Bahrain and the Fourth Industrial Revolution was produced by the Milken Institute with support from the Bahrain Economic Development Board. The funders had no role in the research analysis or preparation of the manuscript.

Dr. Lopez is available for interviews on these and other topics related to international economics. She may be contacted directly at clopez@milkeninstitute.org

These issues will also be discussed at the upcoming Milken Institute Middle East and Africa Summit, set for February 11-12, 2020, in Abu Dhabi.

###

About the Milken Institute

The Milken Institute is a nonprofit, nonpartisan think tank that helps people build meaningful lives, in which they can experience health and well-being, pursue effective education and gainful employment, and access the resources required to create ever-expanding opportunities for themselves and their broader communities. For more information, visit www.milkeninstitute.org

Contact:

Geoffrey Baum, Director of Media Relations

gbaum@milkeninstitute.org or 213-840-3870

BAHRAIN AND KARNATAKA SIGN MEMORANDUM OF UNDERSTANDING PROMOTING COOPERATION IN FINTECH, AI, IOT AND CYBER-SECURITY

Posted on January 23, 2020August 15, 2020 by edbuser

Davos – 24 January, 2020: The Bahrain Economic Development Board (EDB) – the Kingdom’s investment promotion agency – and the Department of Information Technology; Biotechnology; and Science & Technology, Government of Karnataka, have signed a Memorandum of Understanding (MoU) to promote cooperation in AI, FinTech and other emerging technologies while fostering innovation and startup growth.

The agreement, which was signed at the World Economic Forum’s 50^th Annual Meeting at Davos, aims to achieve three principal goals:

Build robust FinTech, Artificial Intelligence (AI), Internet of Things (IoT) and Cybersecurity ecosystems where startups and technology firms engage in external partnerships with corporates, universities, research institutions, technology experts and government agencies.
Develop education programmes and curricula relating to FinTech, AI, IoT and Cybersecurity, to benefit the sectors in their respective jurisdiction. This may include facilitating and enhancing cooperation between relevant authorities such as universities/research institutions, technology experts, and government agencies.
Nurture FinTech, AI and Cybersecurity startups and centres and collaborate to facilitate their growth through development and support.

Bahrain is one of the oldest and most established financial centres in the Gulf region. Bahrain has capitalised on its banking expertise to grow one of the most concentrated and advanced FinTech ecosystems in MENA. With its cutting-edge regulation, competitive costs of doing business and supportive ecosystem, Bahrain is an increasingly attractive destination for startups looking to take their first steps outside of their domestic markets and increase their international presence.

Karnataka is the leading technology hub in the world and has also emerged as the leading R&D and innovation ecosystem for start-ups. Home to over 1.2 million software professionals and over 80% of fortune 500 companies, Karnataka has a unique mix of rich technology talent and the cutting-edge R&D, which has made it the go to destination for IT, biotechnology and startups.

Bahrain will benefit from Karnataka’s expertise in emerging technologies such AI and Cybersecurity, while Karnataka will have access to Bahrain’s renowned FinTech prowess. Authorities from both parties will also collaborate on facilitating SMEs, including startups, through incubation and ecosystem exposure visits.

The agreement marks the latest chapter in one of the longest-running economic and trading relationships between India and Bahrain, which is shifting increasingly towards service exports, FinTech and ICT. Bilateral trade between the two nations currently stands at some US$ 1.3 billion.

Khalid Humaidan, Chief Executive of Bahrain Economic Development Board, commented: “Bahrain and India share historic ties dating back 5,000 years to the Dilmun era, generating hundreds of millions of dollars in annual bilateral trade. With today’s MoU signing at Davos, we look forward to further strengthening those links and welcoming innovative Indian firms seeking to access and scale across the growing $1.5 trillion GCC market. Bahrain not only offers competitive costs and easy set-up, but the government has implemented a programme of ambitious reforms to encourage investment in a range of sectors. India is an emerging power in fields such as FinTech and ICT, with great experience we can learn from – and as the de facto test bed of the Gulf, Bahrain has positioned itself as the ideal destination of choice for turning knowledge into opportunity.”

Dr E.V. Ramana Reddy, IAS, Additional Chief Secretary at the Department of IT, BT and S&T, Government of Karnataka, said: “For the first time, Government of Karnataka is keenly participating in the WEF Annual Meeting with a delegation headed by Hon’ble Chief Minister. The Annual Meeting is a fitting venue for the signing of this MoU as global leaders have converged here to discuss sustainability. Disruptive technologies such as AI and IoT have the potential to solve this challenge. We are indeed pleased to sign this agreement with Bahrain Economic Development Board. Parties of today’s cooperation are setting the foundation for a long-term partnership in the fields of fintech, IoT, AI and cybersecurity. As we move forward, it is enormously exciting to think what we might achieve through collaboration, mutual innovation and knowledge exchange.”

–Ends–

For more information and media enquiries, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

—End–

New brand identity for Bahraini goods

Posted on January 22, 2020 by edbuser

21 Jan, 2020

By Sandeep Singh Grewal in Gulf Daily News

A NATIONAL brand identity aimed at promoting Bahraini companies in the regional and international markets has been launched.

The ‘Made in Bahrain’ logo features the national flag and can be used on commercial registrations (CRs) or to label Bahraini products.

The initiative was launched by Industry, Commerce and Tourism Minister Zayed Alzayani at the Wyndham Grand Manama, Bahrain Bay yesterday.

“The ‘Made in Bahrain’ initiative is one of the most important initiatives to promote local products,” he said, at the ceremony.

“This is aimed at developing domestic exports and ensuring that Bahraini products and services are promoted and recognised in international markets.

“This will upgrade the quality of Bahraini exports and position us as a global industrial player, with the manufacturing sector currently representing about 14.5 per cent of the gross domestic product (GDP).”

The minister added that the project will also increase dependency on local industries, and help achieve self-sufficiency and food security.

The mark will be granted to local factories licensed by the ministry which manufacture products containing 35 per cent or more of domestic content.

However, the ministry reserves the right to change the ratio at any time in the future.

The ‘Made in Bahrain’ logo

Traders can print and label the logo to packing or wrapping of the registered products, and in all marketing advertisement including local and international exhibitions.

However, they cannot use the logo as part of their company or entity’s brand, and modify it in any manner.

The ministry is working with Tamkeen, Export Bahrain and the UN Industrial Development Organisation (Unido) on the project along with award-winning local factories.

“We can now identify products made in Bahrain that will have their own identity and a wider reach in global markets,” said ministry Under-Secretary of Industry Affairs Osama Alarrayedh.

“We will work with the national factories which do not meet the criteria, in co-operation with Unido, to improve their ability to attain eligibility.”

Identify

Mr Alarrayedh said products such as food items, metals, petrochemicals and other locally manufactured items can register with the ministry and use the official ‘Made in Bahrain’ logo.

Export Bahrain chief executive Dr Nasser Qaedi said local companies will now have more confidence to position their exports.

“The ‘Made in Bahrain’ mark will add value and help buyers abroad distinguish our products,” he told the GDN.

He added that local industries could be provided financing, insurance, shipping or logistics, and even an e-commerce platform to promote their products as part of the ambitious plan.

Meanwhile, LuLu Group director Juzer Rupawala said the hypermarket chain fully backed the initiative and was also keen to showcase such products in their stores.

Similar views were echoed by Bahrain Chamber of Commerce and Industry food wealth committee chairman Khalid Al Amin, who is also Midway Supermarket chief executive.

The Finance and National Economy Ministry’s Bahrain Economic Quarterly report for Q3 2019 stated that overall non-oil exports reached just over BD786.3 million, a 6.2 per cent increase over the same period in 2018.

sandy@gdn.com.bh

Bahrain JCW X-raid team victorious at the 2020 edition of the Dakar Rally with Carlos Sainz in the driver’s seat

Posted on January 17, 2020August 25, 2020 by edbuser

RIYADH, January 17^th, 2020 – The Bahrain X-raid team has claimed victory at the Middle East’s first Dakar Rally. The route of Dakar 2020, hosted by Saudi Arabia, traveled through vast expanses of the largest country in the Middle East. 550 drivers from 62 nations faced a total of 7,500 km, with the Bahrain X-raid team driver Carlos Sainz and co-driver Lucas Cruz completing the 12 stages in forty two hours and fifty nine seconds.The Bahrain-sponsored winning team also included champion driver Stephane Peterhansel and co-driver Paulo Fiúza who finished the rally in third position respectfully.

Bahrain has a long history of support for the motorsports industry, having hosted the region’s first ever Grand Prix in 2004. The 2020 edition of the rally marks another motorsport milestone for the Middle East, with Saudi Arabia becoming the first country in the region to play host to the challenge, gaining the right to hold it for the next five years.

Dakar marks a significant moment for the whole of the Middle East, with Saudi Arabia creating major sporting opportunities and bringing substantial global attention to the region. The rally began in the Red Sea port city of Jeddah and concluded in the capital, Riyadh, covering 7,500 kilometres over 13 days. The route passed through some of the most historical and culturally significant locations in Saudi Arabia, including the UNESCO World Heritage site of Al Ula. The Bahrain-sponsored X-raid team won in their first ever self-developed and constructed Mini John Cooper Works and Mini John Cooper Works Buggy.

The new partnership with Team X-raid builds upon Bahrain’s investment in MacLaren Group which includes the F1 Team, MacLaren Automotive and the recently launched McLaren pro cycling team to showcase the progressive opportunities the Kingdom is placing on further establishing itself as a hub for strategic sporting development. Indeed, this home-grown enthusiasm for the sport has attracted global investments, such as US manufacturer OMP Bell Racing Helmets, which recently launched its regional headquarters in Bahrain to supply equipment for the Kingdom’s F1 team drivers and access the wider GCC markets. Situated at the nexus of the Middle East, Bahrain has earned a reputation as a springboard for businesses seeking access to the growing US$ 1.5 trillion Gulf opportunity, including its largest market, Saudi Arabia.

Sheikh Abdulla bin Isa Al Khalifa, President of Bahrain’s Motor Federation, said: “This year’s Dakar Rally victory is a great source of pride for Bahrain as we watched our talented team Carlos Sainz and Stephane Peterhansel rack up repeated stage wins to claim overall victory. As the X-Raid team sponsor, we congratulate Carlos and Stephane on their monumental victory and wish them every success in their endeavours for the rest of 2020. And from one Kingdom to another, we must also thank our neighbours Saudi Arabia for their successful hosting of this year’s rally across 7,500km of truly unforgettable landscapes.”

Sven Quandt, Team X-raid owner, said: “We are delighted to partner with a country like Bahrain that can claim such longstanding support for the motorsports industry. The country’s participation in Team X-raid’s victory adds another dimension to its vision to be a nation that hosts, supports, organises, develops and participates in the success of the global sports movement. It gives me enormous pleasure to join the Kingdom in giving our talented team the warmest congratulations.”

–ENDS–

Learn more about Dakar 2020

Learn more about the lifestyle in Bahrain

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973 397 989 19

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.