– Launch will unlock new opportunities for start-up’s and investors in Bahrain and across the region –

Manama, Bahrain, 4 March 2019: The Economic Development Board of Bahrain (EDB) and Beehive today announced the launch of Beehive, a debt-based crowdfunding platform, in Bahrain which will open up new funding avenues for SMEs and help drive innovation across the Kingdom and region.

Beehive, launched in Dubai in 2014, is MENA’s first regulated peer to peer lending platform and one of the region’s leading fintech pioneers. It uses innovative crowdfunding technology to eliminate the cost and complexity of conventional finance by connecting businesses directly with investors. The result is a more efficient, streamlined process that gives businesses faster access to lower cost loans and investors better returns on their money and diversified risk.

On this occasion, Mr. Khalid Hamad, Executive Director of Banking Supervision at the CBB, commented: “We welcome Beehive’s decision for selecting Bahrain to establish the first financing-based crowdfunding platform operator, which is a step forward in promoting the SMEs and start-ups via facilitating the link to the investors for securing the required financing. The license, which is the first of its kind in the Kingdom, is a reflection of the CBB’s continuous efforts in providing an optimal mix of policies and products to improve the quality and competitiveness of services in the financial sector.”

Dalal Buhejji – Business Development, Financial Services, Bahrain Economic Development Board, commented: “We are delighted to welcome Beehive to Bahrain, which has long recognised the importance of entrepreneurship as a high-potential driver of economic diversification and growth. Access to finance is an essential element of any start-up ecosystem and crowdsourcing has a significant role to play as additional source of funding for businesses that have previously been dependent on bank finance. Beehive will also create a new route for investors to gain exposure to the growth in the Kingdom’s SMEs, complementing existing platforms such as the Bahrain Investment Market, which is tailored to fast-growing businesses.”

Craig Moore, Beehive CEO commented: “We’re delighted to collaborate with EDB to bring the Beehive platform to Bahrain, offering pioneering businesses fast, affordable alternative finance. Our mission aligns with the Kingdom’s vision and strategy to assist the growth of SMEs, supporting them through improved access to finance, which is crucial to their development and success.”

Beehive’s launch in Bahrain follows new regulation issued by the Central Bank of Bahrain (CBB) in 2017 to enable both conventional and Shari’a compliant financing-based crowdfunding for small and medium sized businesses. Under the CBB regulation, Bahrain-based Peer-to-Businesses crowdfunding platforms are able to fund startups and SMEs in Bahrain as well as regionally and internationally.

– ENDS –

 

Anchor event of StartUp Bahrain Week draws over 75 speakers and 3,000 delegates from across the region and around the world

Features innovative topics including building a sustainable tech ecosystem, the growing FinTech industry, artificial intelligence, sustainability, venture capital and blockchain

BAHRAIN, 20 February 2019 – World-renowned innovation festival Unbound will return to Bahrain on March 6 and 7 to showcase some of the most inventive brands, start-ups, and government initiatives seen in Bahrain and across the Middle East and North Africa (MENA). Expecting to double in size from last year, Unbound Bahrain moves to a new venue, Bahrain National Theatre for the 2019 edition.

The MENA region’s largest and most exciting innovation festival, Unbound Bahrain is the anchor event of “StartUp Bahrain Week” held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander, Chairman of the Economic Development Board (EDB) in association with the EDB and supported by Tamkeen (The Labour Fund) as a strategic partner and startup community in Bahrain. The festival celebrates the Kingdom’s commitment to creating a digital economy and fuelling a digital future for the wider MENA region.

The festival will host over 75 speakers and more than 3,000 local, regional and international delegates, including inspiring entrepreneurs sharing their experiences on starting and growing a business venture.

Mr. Daniel Seal, Founder & CEO at Unbound, said: “Unbound is delighted to be returning to the MENA region. This year’s event promises to be the biggest yet, with speakers from across the globe discussing the very latest in innovation. With startup battles, awards and showcases, Unbound Bahrain provides startups with unique opportunities to connect with investors and help make ideas become a reality. In a very short space of time, Unbound has become the go-to platform for MENA innovators to embrace opportunities in Bahrain and the wider region.”

The Middle East is embracing digital disruption with technology at the heart of economic diversification. As Governments look to increasingly partner with the private sector to help drive growth and efficiencies, Unbound Bahrain will showcase the latest innovative products and services being developed by startups from around the world.

Ms. Pakiza Abdulrahman, Manager of Business Development – Startups at the Bahrain Economic Development Board, said: “The EDB is committed to fostering a supportive environment for start-ups and has found a perfect partner in Unbound to showcase the benefits of doing business in Bahrain and the Middle East. Unbound comes with an immersive experience of running this international event in London, Miami and Singapore, and we are thrilled to host them for a second year to showcase GCC & MENA’s startup trends.

“As digital disruption changes the face of the modern economy, we must do all we can to enable startups and the next generation of innovative technologies. Getting the right balance of soft infrustructure; access to funding; and mentorship in place is crucial to our success and Unbound Bahrain will be the ideal platform to learn more about the technological trends shaping our society.”

This year’s line-up of speakers builds on the 2018 inaugural event with senior leadership from some of the largest corporates in the GCC and beyond, as well as some of the most exciting start-up founders and investors. High-profile speakers include:

• Tom Goodwin, EVP, Head of Innovation, Zenith USA (Publicis): Tom is the #1 voice in Marketing on LinkedIn with over 690,000 followers. He is also one of 30 people to follow on Twitter by Business Insider and in the top two people in Advertising to follow (FastCompany). An industry provocateur and commentator on the future of marketing and business, he’s a columnist for the Guardian, TechCrunch and Forbes and frequent contributor to GQ, Ad Age, Wired, AdWeek, Inc, The World Economic Forum and Digiday.
• Tim Draper, Founder, Draper Associates: One of the world’s most well-regarded Venture Capitalists, co-founder of Draper Fisher Jurvetson. DFJ’s core funds have raised more than $5 billion and is invested in more than 300 companies.Tim was ranked 52 on the list of the 100 most influential Harvard Alumni, and seventh on the Forbes Midas List, and is known as the Creator of Viral Marketing. He was named Always-On’s #1 top venture capital deal maker.
• Waleed Alballaa, Partner, STV VC: STV, based out of Riyadh, and anchored by Saudi Telecom, the largest telecom company in the Middle East, is the largest venture capital fund in the region. As one of STV’s key staff, Waleed Alballaa has been responsible for some of the fund’s key operations and continues to be a leading voice in shaping the Middle East investment scene.
• Hussain Mohammed Al Mahmoudi, CEO, Sharjah Research, Technology and Innovation Park (SRTIP): Hussain serves a dual role as the Chief Executive Officer (CEO) of the American University of Sharjah Enterprises (AUSE) and as the CEO of the Sharjah Research, Technology and Innovation Park (SRTIP). Mr. Hussain has held leadership roles at leading regional and international companies such as the Royal Dutch Shell Group, Emirates National Oil Company (ENOC), and several Dubai Holding entities.

In formats ranging from keynote speeches, fireside chats, and panel discussions, Unbound Bahrain will dive into innovative topics including ecosystem building, FinTech, artificial intelligence, sustainability, investing & venture capital, and blockchain.

Platinum Partner Amazon Web Services (AWS), which is set to open its first Middle East data centre in Bahrain this year, is supporting Unbound Bahrain. 12 qualifiers from regional start-up competitions prepare to battle it out and pitch their entrepreneurial skills to a panel of expert judges in the Grand Final at the AWS pavilion.

Initiatives at Unbound Bahrain will include the Unbound50 Zone, a competition to showcase the latest start-ups across the MENA region, as well as the Female Founders Challenge, a platform for women in tech to pitch their pioneering ideas. In addition to this, Unbound Bahrain will host pitch-to-investors sessions, which provide start-ups with the opportunity to raise awareness of their product in front of an international audience.

The Bahrain Institute of Banking and Finance (BIBF), the leading provider of quality education in the region, will partner with Unbound Bahrain as the official Training Provider and a Strategic Partner for the Unbound Bahrain 2019 Event. BIBF will launch its “Technopreneurship” Programme, targeting start-ups, SMEs and creative individuals who aim to secure the knowledge and skills that will prepare them to start their own journey.

As the region’s leading telecoms provider, Zain Bahrain will again support Unbound Bahrain, as a Gold Sponsor and the event’s official telecommunications partner. Zain Bahrain is committed to promoting the empowerment of Women in Technology, and as such will be hosting a special panel, providing a global platform for MENA’s most inspiring female founders and entrepreneurs. Ride-hailing app Careem has also joined Unbound Bahrain as its official Transport Partner.

Unbound Bahrain will provide seamless networking opportunities with local and international business leaders and innovation stakeholders, highlighting the Gulf’s rise as a leading digital hub. Further information can be found on www.unbound.live/bahrain.

-Ends-

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589972

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 Unbound

Unbound is a global innovation platform, with festivals in Bahrain, London, Singapore and Miami. As a powerful, trusted brand with a globally respected voice on innovation, Unbound bridges the gap between entrepreneurs, corporate business, governments and trade agencies to fuel a digital future. It encourages innovation by showcasing pioneering ideas to digital communities around the world.

In 2018, Unbound festivals welcomed 25,000 of the finest minds in tech to hear from a thousand future-focussed speakers, and take part in immersive brand experiences, pitch sessions and start-up battles. For more information please visit www.unbound.live.

Week-long events provide insights into business-friendly Bahrain as regional centre for startups

Highlights Bahrain’s dynamic diversification drive towards a digital economy

 Manama, Bahrain: 18 February 2019 – Under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander, Chairman of the Bahrain  Economic Development Board (EDB), Bahrain will host the next edition of StartUp Bahrain Week – a series of inspirational events for entrepreneurs, investors and businesses aimed at the dynamic startup community.

Bahrain’s focus on shaping a regional hub for entrepreneurs, as part of its ongoing efforts to meet key goals within the Economic Vision 2030, comes under the spotlight between 3 – 10 March 2019. With the region’s premier startup forums organised by the EDB, strategic partner Tamkeen (Bahrain Labour Fund) and in collaboration with the startup community in Bahrain.

The events will provide an environment for like-minded individuals to network and learn about the startup ecosystem that has successfully been created by Bahrain thanks to its business-friendly economic and regulatory framework.

H.E. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board, said:

“StartUp Bahrain Week promises to be a week-long of inspirational events for entrepreneurs and investors that will encourage innovation and growth in the startup ecosystem. Currently, the regulatory climate we have cultivated, in recent years, has provided a solid foundation for the startup community. We look forward to sharing knowledge, great ideas, and most importantly the opportunities available in Bahrain.”

“We are now seeing our financial services sector transform due to technology and disruptive startups, and we hope to see technology and startups play a role in other sectors as well, such as Manufacturing, taking us forward to the fourth industrial revolution.”

Dr. Ebrahim Janahi, Chief Executive Officer of Tamkeen, said:

“Tamkeen is delighted to once again be a strategic partner of StartUp Bahrain Week. It underlines our commitment to helping promising talent develop the right skills for the knowledge economy. These are skills that we need to encourage and develop within Bahrain and across the region. StartUp Bahrain Week comes just weeks after Tamkeen announced the region’s first talent programme specifically for the financial services and technology industry focused on training and developing Bahrainis in the FinTech space, one of the fastest growing startup sectors.”

StartUp Bahrain Week will attract key stakeholders including investors, corporates, accelerators, incubators, educational institutions and government agencies. More than 2,500 delegates are expected to attend the week-long events featuring over 20 speakers and two startup competitions.

These include: –

Unbound Bahrain: The anchor event of StartUp Bahrain Week, the global innovation festival will showcase some of the Middle East and North Africa’s most innovative startups and government initiatives.

Unreasonable Thinking Summit: A two-day forum on innovation and disruption designed to educate and inspire the Bahraini business community, especially startup entrepreneurs.

Entrepreneurship Training: Workshops aimed at discussing opportunities and challenges for entrepreneurs from idea conception to business plan execution.

Bahrain Deep Tech Programme: A three-day boot camp with doctoral scientists, researchers and entrepreneurs discussing and showcasing cutting-edge technologies and how to turn their ideas into commercial opportunities.

StartUp Bahrain Ecosystem Tour: An informative exploration of Bahrain’s burgeoning startup scene, where participants will meet key influencers who are driving disruptive technology that is reaffirming Bahrain’s position as the go-to destination for regional startups.

Urban Experience: A networking event for the startup community to share ideas and identify potential areas of collaboration and cooperation.

Flat6Labs Demo Day: An opportunity to see startups pitch their inspiring ventures on stage to an audience of investors, government agencies and business leaders that could lead to potential new investments and a future commercial deal.

The week also features a line-up of high profile speakers from around the world including Nawaf Alkooheji, CEO of Tenmou, Bahrain’s first business angel investment company; Tim Draper, one of the world’s most highly respected venture capitalists; Waleed Alballaa, of Saudi-based STV, the region’s largest venture capital fund, and a leading voice on the Middle East investment scene; and Wajeeha Awadh, a FinTech and digital banking expert with Bahrain-based Al Baraka Banking Group.

Other speakers include Indian politician and writer Dr Shashi Tharoor; best-selling author, motivational speaker and business strategist John Sanei; Khaled Nuseibeh, GCC general manager of Careem, the region’s first hail-riding app; Amir Farha, CEO of BECO Capital, a venture capital firm focused on reinventing the Middle East through innovation and technology entrepreneurship; A. Al-Shaksy, founder of Oman-based venture capital firm Phaze Ventures; and Dr Cameron Mirza, head of strategy at the University of Bahrain.

Bahrain is home to a vibrant regional startup ecosystem of over 90 companies. This includes a concentration on tech based and tech enabled startups, which is underpinned by the 23 incubators and 4 accelerators, and an onshore regulatory environment with multiple funding options that enable startups to test their innovative products and services. Skiplino became the first tech startup in Bahrain to secure series A funding from a Kuwaiti venture capital firm KISP Ventures. With technology and innovation transforming the global industries, Bahrain’s agile reaction to the transformation to a digital economy is an example of Bahrain’s action-orientated approach to supporting the startup community.

For more information about StartUp Bahrain Week, visit https://startupbahrain.com/week/

Follow @StartUpBahrain and @BahrainEDB on social media to keep up to date with the agenda.

-ends-

 For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: communication@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.

Financial and technology sectors converge for a week of events, conferences and workshops promoting the dynamic FinTech industry 

Global tech innovator and Apple Computers co-founder Steve Wozniak headlines The GCC Financial Forum on 26-27 February, co-hosted by Euromoney Conferences

 Manama, Bahrain: 11 February 2019 – Bahrain’s central role in the rapidly developing world of FinTech will be celebrated later this month as the annual Fintastic Bahrain Week, a series of conferences and seminars for experts from the global financial and technology communities, is held in Bahrain between February 24 – 29.

Over a thousand delegates from the worlds of business, government and academia will be in Bahrain to learn more about the latest trends in the reinvention of financial services and enjoy keynote speeches from world-renowned speakers. Events will also include best practice workshops for start-ups and fireside conversations with respected FinTech pioneers and leaders.

Fintastic Week will see Bahrain hosting the eighth GCC Financial Forum on 26 – 27 February, an annual event that has become an increasingly important date for the diary of the region’s FinTech community. Global tech innovator and Apple Computers co-founder Steve Wozniak will take centre stage and share his thoughts and predictions on the current and future state of the global financial technology industry.  Other notable speakers at event include HE Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy; and Louise Beaumont, co-chair of the Open Banking & Payments Working group, at Tech UK.

Commenting on the Forum, Victoria Behn, Director of Middle East and Africa at Euromoney Conferences, co-organisers of the GCC Financial Forum noted:

“We are honoured to host the GCC Financial Forum in partnership with the Economic Development Board of Bahrain for the eighth consecutive year. With international financiers, senior regional policymakers and leading FinTech firms attending from across the Middle East, the GCC Financial Forum will once again be an unmissable event.”

The disruptive power of FinTech is being increasingly felt across the Middle East as Governments look to diversify their economies and improve productivity through increased uptake of innovation and technology. Such transformation is showing through in the numbers already, with GCC start-ups expected to raise $2bn of private funding in the next decade, in comparison to only £150m in the previous ten years.

The potential for even greater change is illustrated by the fact that 86% of the MENA population remained unbanked in 2017. This is despite a very high mobile phone penetration rate and more than half the region’s population being under 30. Two factors that would usually help drive the uptake of digital services.

To make the most of the conducive conditions internationally recognised reforms have taken place across the region, such as open banking; regulatory sandboxes; and the updating of regulations to reflect the digitised economy. Bahrain has been at the forefront of these efforts, often collaborating with global partners, including the Global Financial Innovation Network, a coalition of 11 financial regulators including from the UK, US, Hong Kong and Australia seeking to design and implement a global sandbox. Or through the region’s first and largest FinTech Incubator, Bahrain FinTech Bay, which has a roster of international supporters including Microsoft, Cisco and American Express.

H.E. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board, a co-host of Fintastic Bahrain Week noted:

“The FinTech space in the Middle East is growing and its opportunities and potential are being recognised by the global FinTech community. In Bahrain, we are building on our heritage of excellence in financial services by developing innovative new products and services that will transform how consumers and businesses right across the region approach this sector, and events such as Fintastic Bahrain Week bring these fresh and new ideas to the table.”

“As we look to diversify our sources of growth, FinTech will play an increasingly important role in creating coordinated, agile and action orientated economies across the region. That is why Fintastic Bahrain Week is so important. It will bring together like-minded individuals and companies who want to take advantage of this opportunity and work together to achieve a more financially inclusive and sustainable future.”

All Fintastic Bahrain Week events have been deliberately designed to provide meaningful insights that can have a direct impact on the development of new innovations, whether by FinTech entrepreneurs or established financial players. The events include:

• The GCC Financial Forum on February 26 and 27 where Steve Wozniak will take centre stage by delivering the main address followed by an interactive session with the audience. The event will tackle industry topics such as responsible finance, open banking, women driving innovation in finance, and the changing regulatory landscape, under the theme ‘The Reinvention of Financial Services’.
• The 3^rd Middle East & Africa FinTech Forum under the theme ‘Banking Beyond Disruption’ will be held February 20 – 21. The event is sponsored by Bank ABC and AFS (Arab Financial Services) and will bring together internationally renowned thought leaders, practitioners and innovators from the FinTech and artificial intelligence (AI) arenas to discuss a wide range of issues including the future of banking; potential impact of AI and how it will transform the future; open banking; crowdsourcing; and financial inclusion.
• Bankruptcy Law and its Impact on Banking and Startups Seminar on February 24 will be an interactive session addressing how FinTech start-ups can ensure their innovations can be successfully rolled-out across the region through high quality compliance and regulatory adherence.
• RegFact Conference 2019 held under the patronage of the Central Bank of Bahrain and organised by Bahrain FinTech Bay, takes place on February 25 and will explore how the private sector and regulators can work together to design the most pro-innovation regulatory system possible to allow FinTech to flourish.
• The BDB Rowad Majlis ‘Fireside Debate’ on February 25 will provide an enlightening opportunity for start-ups to meet international venture capitalists to discuss the booming FinTech sector in the Middle East and how access to funding can be improved.

For more information about Fintastic Bahrain Week and to register, please visit bahrainedb.com/events/fintastic-bahrain-week-2019/

Follow @BahrainEDB on social media to keep up to date with the agenda.

-ENDS-

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: communications@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.

Diversification stimulates non-oil sector expansion 2.4% year-on-year in Q3 of 2018 led by construction sector

Exports of local origin products up by 9% year-on-year January-November

Manama, 5^th February 2019: Bahrain’s highly-diversified economy continues to show steady growth, where the third quarter of 2018 saw this driven yet again by the non-oil sector. The review of the Kingdom’s performance was recently published in the Bahrain Economic Quarterly (BEQ), which identified that GCC fiscal rebalancing should boost confidence and contribute to economic continuity more broadly in the region.

Such confidence is reflected in an acceleration of growth across the GCC, although the average growth rates will be markedly lower than pre-2008 years due to the unprecedented infrastructure boom in the region, the report highlighted. The BEQ, published by the Bahrain Economic Development Board (EDB), noted that infrastructure remains a key driver of growth, but now goes hand-in-hand with a stronger emphasis on productivity-promoting measures being seen across the Middle East.

As the Bahrain economy continues to diversify away from hydrocarbons, the BEQ found that Bahrain’s annual real GDP growth of 1.6% in the third quarter was underpinned by expansion in the construction and manufacturing sectors, as well as increased infrastructure spending. Project activity in the GCC-funded projects alone has seen a major build up, with the cumulative total active projects rising by 16.3% year-on-year (YoY). Apart from the continued infrastructure build-up, Bahrain is seeing increased investment in technological modernisation and innovation. Most notably, such factors are driving change within the country’s rapidly growing FinTech cluster, but they are also key behind the ongoing expansion in manufacturing.

In reflection of the Kingdom’s demographics and diversification, construction has long been an important source of growth and the sector expanded by 5.4% year-on-year in the third quarter. Overall it increased 6.2% in the first three quarters of 2018. Not only is construction performing strongly on its own, it also has an important multiplier effect into the country’s ecosystem, especially in other parts of the non-oil economy such as real estate, finance, manufacturing, and trade. Growth in construction feeds through into strong momentum in these allied sectors. Real Estate and Business Activities grew by 3.2% in the first nine months of the year, for example.

Substantial investment in infrastructure is not only benefiting the construction industry, but the overall Bahraini economy. Large projects such as the opening of the Alba Line Six, which now makes the aluminium smelter the largest in the world, and the Bahrain Petroleum Company (Bapco) Modernisation Programme, are just two of the many large-scale infrastructure developments being undertaken across the Kingdom. These projects not only create jobs and investment during the construction process, but have a long-term impact through increased exports and broader competitiveness.

The commitment to Bahrain’s long-term prosperity from the public and private sector is increasingly recognised around the world. Ongoing investment by overseas multinationals such as Mondelez and Arla in the Kingdom’s manufacturing capabilities has resulted in a clear acceleration in the sector’s growth. Manufacturing rose 3.0% YoY in the third quarter and was up 3.8% in the first three quarters of 2018. Such an increase in domestic manufacturing, most notably in metals led by aluminium. has fed through to a boom in non-oil exports, up more than 9% YoY in the first 11 months of 2018.

– 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

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.

– New wave of legislations includes Electronic Communications and Transactions Law –

– Ground-breaking reforms to bridge trade and finance seamlessly, strengthen Bahrain’s digital economy –

In a global first, Bahrain has enacted the Model Law on Electronic Transferable Records (MLETR), developed by the United Nations Commission on International Trade Law (UNCITRAL). The move is part of a series of sweeping reforms aimed at bolstering the digital readiness of the GGC region’s US$1.5 trillion economy.

In strategic cooperation with the UNCITRAL Secretariat, Bahrain also revised its existing Electronic Transactions Law with new provisions that align with the United Nations Convention on the Use of Electronic Communications in International Contracts and renamed it the Electronic Communications and Transactions Law.

A 2018 report by KPMG titled ‘The Cost of Doing Business in the GCC’ in the ICT sector recognised Bahrain as having the most liberalised and competitive IT sector in the region with the lowest costs for critical ICT metrics, such as cross-border internet connectivity. While building on this foundation, the new laws further enhance the country’s competitiveness on a global scale. The overall benefits of the legislations include:

• Electronic Transferable Records Law – introduces electronic transferable records that are functionally equivalent to commercial documents and instruments issued on paper, such as bills of lading, bills of exchange, cheques, promissory notes and warehouse receipts. These electronic documents allow the person who holds them to claim payment of a sum of money or delivery of certain goods, enabling the merger of the finance and logistics supply chains in a single data workflow.
• Electronic Communications and Transactions Law – updates the current electronic transactions law and promotes a wider use of electronic communications in business.

His Excellency Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB), said:

“Bahrain continues to lead the way in digital reforms. The latest achievement of being the first country in the world to adopt the UNCITRAL Model Law on Electronic Transferable Records gives us an unrivalled advantage in the GCC region. The new laws are a key step forward in achieving the Bahrain Vision 2030 and The Economic Vision 2030 for Bahrain.”

Electronic transferable records and transactions offer unprecedented flexibility, speed, security and scope, covering the entire gamut of electronic commerce, including distributed ledgers such as blockchain. These capabilities support the goals set by public-private partnership-led initiatives such as Team Bahrain, which has succeeded in attracting investments from leading multinationals into the country.

His Excellency Khalid Al Rumaihi continued:

“From a regional perspective, Bahrain has achieved many firsts in its 47-year history – from discovering oil to diversifying its economy, as well as driving innovation through the GCC region’s first FinTech sandbox. We are confident that the new legislations will revolutionise the way we do business, develop talent and create a sustainable trading environment.”

Luca Castellani, Secretary of Working Group IV (Electronic Commerce) of the United Nations Commission on International Trade Law (UNCITRAL), noted:

“Bahrain is the first country in the world enacting the Model Law on Electronic Transferable Records, which establishes a modern legislative framework for a digital-first economy by legally enabling, for example, the use of blockchain in fintech and logistics. The adoption of UNCITRAL texts, including the incorporation of additional provisions in the revised Electronic Transactions Law, helps creating confidence in overseas traders and investors that Bahrain is committed to upholding modern commercial law standards and places Bahrain at the forefront of innovation and business-friendliness.”

Bahrain is at the forefront of economic liberalisation in the GCC region, demonstrated by reforms such as allowing 100 per cent foreign ownership of businesses across various sectors, from arts and entertainment to telecoms, manufacturing and real estate. Notably, the influx of foreign direct investments into the country increased by over 138 per cent to US$810 million in the first nine months of 2018, making it one of the region’s fastest-growing economies.

– ENDS –

 

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589972

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.

The Bahrain Economic Development Board (EDB), an investment promotion agency with overall responsibility for attracting investment into the Kingdom, attracted 92 companies and investments worth BHD314 million (US$830 million) in 2018. These achievements were announced at the annual EDB Reception that was attended by strategic partners from both the public and private sectors and more than 200 investors, industry peers, and officials.

The investments are expected to generate about 4,700 new job opportunities over the coming three years, across industries like Logistics, Manufacturing, Tourism, Real Estate, Education, Healthcare, ICT, and Finance.

In his keynote address to the audience, His Excellency Khalid Al Rumaihi, Chief Executive of the Bahrain EDB, attributed the accomplishment to the visionary directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and Chairman of the EDB,  along with Team Bahrain – a model of public-private sector collaboration. The Team Bahrain approach has proven to be successful in a number of initiatives throughout 2018 and is set to continue to enhance the investment climate and ease of doing business.

His Excellency Khalid Al Rumaihi also reiterated the EDB’s goal of presenting the Kingdom’s competitive advantages to international investors. These advantages include Bahrain’s high quality of life, low operating costs, strong ICT infrastructure, world-class regulation, and the highly-qualified local human capital. The EDB will continue to work with the relevant private and public sector organisations to ensure that Bahrain is recognised as the gateway to the Gulf and remains at the top of key international rankings like the MENA ICT Readiness Index (ITU), Global Islamic Finance Development Index by (Thomson Reuters), and the Global Connectedness Index (DHL).

Concluding his speech, he mentioned that in 2019 the EDB would build on the successes of the previous year, including by working towards hosting the biennial Gateway Gulf Investor Forum in 2020. The inaugural Forum, which took place in 2018, showcased projects worth US$26 billion (BHD 9.8 billion) across sectors.

-Ends-

Media Contact

Communications | Bahrain Economic Development Board

Telephone: +973 17589966

Email: communications@bahrainedb.com

– Bahraini Economic Delegation Concludes Promotional Visit to India –

Manama: December 5, 2018 – Bahrain’s economic delegation concluded its official visit to the Republic of India, organised by the Bahrain Economic Development Board (EDB) this week to promote investment opportunities in the Kingdom of Bahrain. The delegation’s activities were centred in Mumbai, India.

The Bahraini delegation included officials from the EDB, the Central Bank of Bahrain and representatives of the private sector. During the visit, the EDB organised a business forum which formed an important interactive platform or delegation members to discuss opportunities with around 100 Indian investors and sector representatives. The delegation sought to enhance the bilateral investment relations between Bahrain and India by promoting the Kingdom’s investment opportunities in the financial services, financial technology and real estate sectors, as the Kingdom is the ideal gateway to the Gulf market, worth $ 1.5 trillion.

The visit is part of the EDB’s efforts to attract investments to the Kingdom to contribute to the creation of jobs in the local market. In 2014, The Ministry of Industry, Commerce and Tourism and the EDB coordinated the visit of an economic trade delegation to India to encourage investment between the two countries, coinciding with the historic visit of His Majesty King Hamad bin Isa Al Khalifa to India.

Mumbai is a vital hub for financial services and technology in India. During the visit, the delegation highlighted Bahrain’s experience in creating a supportive environment for incubators and business accelerators represented by the Bahrain FinTech Bay, as well as discussing the competitive advantages of the Kingdom’s investment environment in terms of low operating costs, its advanced legislation and economic openness.

The visit saw the signing of an agreement between the EDB and the Indian state of Maharashtra to create a framework for cooperation in the promotion of innovation in financial technology and to provide mutual support to the financial technology environment through training programmes.

The Bahraini delegation also met with officials from leading Indian companies, with ties to major international businesses, in the areas of trade, entertainment, financial services, Fintech, consultations, business solutions and ICT. The delegation discussed the potential to explore cooperation, where representatives of the Indian companies showed interest in strengthening its relations with Bahraini business sectors.

Dr. Simon Galpin, Managing Director at Bahrain Economic Development Board, said: “I am very optimistic about the results of this roadshow that will pave the way to a strategic partnership on the government side and between Bahraini and Indian businesses in vital sectors such as FinTech, financial services, and ICT. Bahrain and India have many common interests since both countries are seeking a transformation towards a digital economy, and an adoption of tech solutions by the financial services environment in both countries.”

Bahrain and India enjoy strong economic and trade relations. According to the latest statistics, trade between both countries has exceeded $1 billion. Bahrain’s industrial diversification policy has played a major role in boosting economic cooperation with India. Currently, there are more than 23 branches of Indian banks and companies registered in Bahrain, in addition to 3,181 joint ventures registered in Bahrain.

The Economic Development Board has attracted 76 companies with a total investment of BD305 million ($810 million), surpassing the record achieved by the Board in 2017 when it attracted 71 companies with a total investment of BD276 million ($733 million). Direct investments in the first nine months of 2018 was almost five times higher than investments in all of 2015.

-ENDS-

About Bahrain Economic Development Board (EDB)

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 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. 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.

Media Contact

Communications | Bahrain Economic Development Board

Telephone: +973 17589966

Email: communications@bahrainedb.com

Mumbai, December 4, 2018: The Economic Development Board (EDB), the investment promotion arm of the Kingdom of Bahrain today signed a Memorandum of Understanding (MoU) with the Maharashtra Government to provide a framework for co-operation between the two authorities to promote FinTech in their respective markets.

A senior delegation led by Dr Simon Galpin, Managing Director, Bahrain Economic Development Board (EDB) today met Shri S. V. R. Srinivas, IAS, Principal Secretary, Directorate of Information Technology, Government of Maharashtra. The MoU was signed by Dr Simon Galpin, MD, EDB & Shri S.V.R. Srinivas, IAS Principal Secretary, DIT.

This MoU is in line with the EDB’s aims of exploring greater synergies between India and Bahrain in the financial technology space and will last for an initial period of three years.

Under the aegis of this MoU, the Government of Maharashtra and the EDB will support each other in promoting the FinTech environment education programmes, delegation visits and through the facilitation of cooperation between relevant parties such as financial institutions, universities/research institutions, technology experts, and government agencies.

Shri S.V.R Srinivas, IAS, Principal Secretary, DIT remarked, ‘’With this collaboration we stand at the frontier of a new future. We are going to work together to unlock a new generation of talent, creativity and innovation and be prepared for a future in which technology will be a game changer”.

This collaboration will identify new areas of growth within the financial services sector and explore innovative projects in areas such as digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (APIs), AML, eKYC, amongst other new technologies.

Dr Simon Galpin, Managing Director of the Bahrain EDB, said “We see this agreement as a model for forging wider and deeper business ties between our two countries. This strategic partnership will introduce innovations that will further strengthen the landscape of the FinTech industry, which is widely regarded as the financial sector’s future, by enhancing traditional financial services delivery and technological innovations in financial literacy and education, retail banking and investment. Bahrain stands ready to learn from its close trading partner, whilst also sharing its own knowledge.”

Bahrain has long been the home of finance in the GCC, and with the launch of Bahrain FinTech Bay, it has become one of the most concentrated FinTech ecosystems in the region, and a leading FinTech hub in the Middle East and Africa.

Additionally, with a dedicated FinTech unit, the Central Bank of Bahrain has devised and delivered a pro-innovation regulatory framework. This includes the region’s first onshore Regulatory Sandbox, established last year, which became a test-bed for FinTech start-ups.

The collaborative approach between Bahrain’s government and private sector has been instrumental in the advancement of FinTech growth and activities. With Financial Services now accounting for 17% of total GDP, Bahrain is committed to enabling innovators across the FinTech ecosystem.

– ENDS – 

About Bahrain Economic Development Board (EDB)

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 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. 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.

Media Contact

Communications | Bahrain Economic Development Board

Telephone: +973 17589966

Email: communications@bahrainedb.com