– Conference to run from 26 to 27 February 2019 –

– Landmark event to discuss the disruption of finance in the region and around the world –

Manama, 3 December 2018: Steve Wozniak, co-founder of Apple, has been announced as the keynote speaker of the eighth annual GCC Financial Forum.

Co-hosted by Euromoney and the Bahrain Economic Development Board, the event will focus on the reinvention of financial services. Set to run from 26 to 27 February 2019, the two-day conference will feature speeches and interviews with international financial and technology leaders, and present an opportunity for over 800 global participants to meet, network and exchange ideas.

Steve Wozniak, one of the heavyweights of the global tech industry, founded Apple with Steve Jobs in 1976 and was instrumental in the launch of the company’s first personal computers. He is also a leading and vocal expert on AI, blockchain and the financial technology industry at large. Wozniak is particularly active in advocating the benefits of cryptocurrencies, an area that several Bahraini start-ups are exploring.

David Parker, Executive Director – Financial Services at the Bahrain Economic Development Board, said: “With Bahrain rapidly becoming the FinTech hub of the Middle East, we are eager to welcome Steve Wozniak to speak at next year’s GCC Financial Forum. He is well-known for his insight into the latest FinTech trends, and we look forward to hearing his thoughts on the new developments in global finance.”

The Forum comes at a time of exponential growth in the FinTech industry, particularly in Bahrain. Recent steps, such as the launch of the Bahrain FinTech Bay – the largest FinTech hub in the Middle East, have firmly put the country on the map as the ideal destination for designing, developing and testing innovative FinTech products. The success builds upon Bahrain’s heritage as the GCC’s first financial centre, which has grown into the region’s largest – home to over 400 financial institutions.

Parker added: “The GCC Financial Forum has established itself as a landmark event that engages key decision makers in dynamic discussions that will ultimately help the private and public sectors set the course for the future of finance. I have no doubt that Steve Wozniak will be at the heart of these debates.”

In addition to Wozniak, the event will feature speakers representing regulators, FinTech entities, global banks and policy makers from the GCC region and around the world. With financial services disruption becoming an increasing challenge to businesses, the conference will explore several key areas, including:

• Reinvention of financial services
• Responsible finance
• Women driving innovation in finance
• Open banking
• Balancing regulation and innovation

The Forum will take place as part of the second annual Fintastic Bahrain Week, a week-long series of activities that convenes regional and global financial services experts to explore disruptive innovation across the industry.

Please see here for more information about the event and how to purchase tickets.

-Ends-

About the 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.

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

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

For more information on EDB, visit www.bahrainedb.com. For information about Bahrain, visit www.bahrain.com.

About Euromoney Conferences:

Euromoney Conferences has been the world’s leading organiser of high-level financial and investment conferences since the late 1970s.  The conference business grew out of Euromoney, the strategic magazine of international finance, money and capital markets that has long been regarded by the banking and investment community as the leading publication in its field. Euromoney has held conferences in over 65 countries worldwide.

For media enquiries, please contact:

Communications and Media Department

Bahrain Economic Development Board

Phone: +973-17-589972

E-mail: internationalmedia@bahrainedb.com

– Three additional MOUs signed at the Bahrain – Zhejiang Business Forum in Hangzhou – 

HANGZHOU, ZHEJIANG, NOVEMBER 20, 2018 –  A senior delegation from the Kingdom of Bahrain organised by the Bahrain Economic Development Board (EDB) met with Mr. ZHANG Zexi, Vice Chairman of Zhejiang Provincial Political Consultative Committee and a number of local government officials and business leaders at the Bahrain – Zhejiang Business Forum in Hangzhou, Zhejiang. The forum coincides with the signing of friendly cooperation between the Capital Governor HE Sheikh Hisham Bin Abdulrahman Al Khalifa and Mr. CHEN Weiqiang, Vice Mayor of Hangzhou.

Hangzhou is Bahrain’s second friendly cooperation in China, and the new relationship represents a significant step towards stronger business ties between the two countries ahead of next year’s 30-year anniversary of diplomatic relations. “We are very excited to work with Zhejiang to create a supportive environment for cross-border business activities, enhancing information exchange and facilitating the growth of SMEs in both countries”, said Capital Governor HE Sheikh Hisham Bin Abdulrahman Al Khalifa. “Both Bahrain and Zhejiang have highly digitised economies. We believe a partnership with the Zhejiang government and local leading businesses, such as Jolly Chic, will help both Bahrain and Zhejiang accelerate digital transformation in the 21st century economy”.

“Hangzhou and Bahrain have had a long history of trade – since ancient Maritime Silk Road. Under the Belt and Road Initiative, we believe Hangzhou and Manama will have even greater opportunities for cooperation,” said Mr. CHEN Weiqiang, Vice Mayor of Hangzhou. “Hangzhou is a leading city when it comes to China’s digital economy, and a number of leaders in the industry make Hangzhou their home, including names such as Alibaba. We look forward to strengthening links with the Kingdom of Bahrain in areas around business and culture”.

Bahrain already has a history of partnering with China’s leading firms to grow and evolve their businesses and provide support in their “going-out” efforts. In 2009, Huawei moved its headquarters to Bahrain and is now creating and accelerating Bahrain’s 5G ecosystem, one of the most advanced mobile networks in the world. In 2016, Manama signed an MOU on friendly cooperation with Shenzhen, deepening the ties between the two countries.

During the delegation’s visit to Hangzhou, Bahrain signed a number of memoranda of understandings (“MOU”) including:

• Capital Governorate signed an MOU on Friendly Cooperation with Hangzhou to enhance cooperation in the areas of logistics, transportation, financial services, tourism and training. Additionally, both cities will work to establish formal dialogues and regular visit exchange of high-tech companies.
• EDB and the Department of Commerce of Zhejiang Province signed an MOU to strengthen information exchange, establish a channel for regular investment information exchange and strengthen cooperation in economic and trade activities.
• Bahrain EDB signed an MOU with Jolly Chic – Zhejiang’s leading e-commerce platform with a focus on the MENA region – to explore the possibility for the company to enlarge their BPO offering in the Kingdom and use Bahrain as a hub for the Middle East
• Bahrain Chamber of Commerce and Industry (BCCI) signed an MOU with the Zhejiang International Investment Promotion Centre to establish cooperation between Bahraini and Zhejiang companies and develop institutional capacity for the inception and growth of the private sector in both countries.

HE Khalid Al Rumaihi, Chief Executive of the Bahrain EDB, said, “we strongly believe that through these agreements, we can work together to create a shared future for Bahrain, China, and the Gulf region. Being the region’s freest economy, Bahrain can be the ideal hub for Chinese business, SMEs and startups to access the numerous opportunities available in the region. We look forward to further enhancing economic ties with Zhejiang and welcoming Chinese companies to set up in the Kingdom.”

As one of the most open and liberal countries in the Gulf region, Bahrain is known for its unrivalled market access, world-class regulatory environment, highly competitive taxation system, the lowest operating costs in the region, high quality of life, and a technologically literate population. As China sets out to build the Digital Silk Road to nurture the technology leaders of the future, Bahrain – the Gateway to Gulf –  is perfectly positioned to be a partner of China, connecting Chinese companies to this high-spending region.

The Bahraini delegation visited Shenzhen and attended China High-Tech Fair on November 14, and will head to Shijiazhuang and Beijing as it continues to explore deeper economic ties with China ahead of the 30-year anniversary.

– ENDS – 

About Bahrain Economic Development Board (EDB)

The Bahrain Economic Development Board (EDB) is a dynamic public 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

SHENZHEN, NOVEMBER 17, 2018 – This week, a senior delegation from the Kingdom of Bahrain led by the Capital Governor HE Sheikh Hisham Bin Abdulrahman Al Khalifa and organised by the Bahrain Economic Development Board (EDB) visited Shenzhen to discuss opportunities to strengthen cooperation. They met with Mr Ai Xuefeng, Vice Mayor of Shenzhen and a number of local government officials and business leaders at the Bahrain – Shenzhen Business Forum and the China High-Tech Fair.

Next year marks 30 years since China and Bahrain established diplomatic relations. In advance of the pearl anniversary, Bahrain is set to further deepen economic ties with China. Today, Bahrain signed eight landmark agreements with Shenzhen in the areas of technology and transportation to include:

• An MOU between EDB and the artificial intelligence (AI) firm, Intellifusion Technologies to advance AI dynamic portrait recognition that can benefit China, Bahrain, and the Middle East. Additionally, the MOU aims to promote the exchange and development of AI technology by sharing experiences and information through seminars or forums as well as exploring the potential for establishing headquarters and an AI institute in the Kingdom
• EDB partnered with Shenzhen FinTech company, IAPPPAY, to establish a full mobile payment gateway in Bahrain and explore opportunities in cryptocurrency, the possibility of initiating FinTech Funds, the potential for the establishment of a Mobile Internet Incubator in the Kingdom to accelerate regional digital economic development, the promotion of investment opportunities in Bahrain to leading industrial players in China, as well as the establishment of a FinTech ecosystem between MENA and China
• An MOU between EDB and Shenzhen Outbound Alliance aimed at strengthening economic cooperation, information exchange, and establishing a regular communication channel for business information, and investment opportunities
• An MOU between EDB and Softbank China Capital – Wonder News aiming to encourage Softbank China Capital and their investment portfolio companies to establish a presence in Bahrain and use the Kingdom as a regional hub to cover the Middle East
• EDB and 4PX signed an MOU exploring the possibility of 4PX initiating and establishing funds together with Bahraini companies in order to invest in entrepreneurship in China and Bahrain
• EDB and Shenzhen Cool-hi Network Culture Technology partnered to promote the development of E-sports between the Middle East and China including hosting E-sports events and exploring investment opportunities in E-sports downstream supply chain between MENA and China
• Bahrain Chamber of Commerce and Industry (BCCI) signed an MOU with the China Council for the Promotion of International Trade Shenzhen Branch (CCPITSZ) to harness and enhance collaborative initiatives to promote trade and investments between the two countries
• EDB and CCPITSZ signed an MOU to harness and enhance collaborative initiatives between Bahrain and Shenzhen, strengthening information exchange and cooperation in economic and business activities

Since Manama – the capital city of Bahrain – and Shenzhen signed friendship city agreements in 2016, the two cities have forged a number of business links. In June 2018, Bahrain EDB inaugurated its representative office for Southern China in Shenzhen, aiming to facilitate more investments by Chinese companies in Bahrain. “Our partnership with Shenzhen was built on common heritage as open and innovative business hubs with shared economic interests. We are very pleased to see our ties with this vibrant city continue to strengthen and believe these agreements will help us move towards a new era of collaboration,” said HE Sheikh Hisham Bin Abdulrahman Al Khalifa.

HE Khalid Al Rumaihi, Chief Executive of Bahrain EDB, said, “Shenzhen is the first city with which we established a friendship city agreement in China. We see our partnership with Shenzhen as a model for forging wider and deeper business ties between our two countries. There are numerous opportunities for Chinese companies in the region, especially as the GCC markets continue to transform their economies. Bahrain’s location as the Gateway to the Gulf, and given the fact that it is one of the key countries along the new Belt and Road route, along with our open and liberal lifestyle, competitive business landscape, and world-class regulation makes the Kingdom the ideal location from which Chinese companies can access this $1.5 trillion GCC market.”

“Bahrain is known as the Pearl of Gulf and is an important port on the ancient Maritime Silk Road. Bahrain is also one of the most open and dynamic countries with the top-ranking business environment in the Middle East”, said Mr Ai Xuefeng, Vice Mayor of Shenzhen, “Bahrain and Shenzhen are already partnering in a number of areas. We sincerely hope to further work together with Bahrain to achieve greater prosperity between the two countries, promoting cooperation in key areas including finance, ICT, innovation and startup, and tourism.”

The Bahrain – Shenzhen Business Forum was attended by 250 people. Shenzhen is the first stop of the Bahraini delegation’s 9-day tour of China’s principal commercial centres. The delegation will visit Hangzhou, Shijiazhuang, and Beijing as it continues to explore deeper economic ties with China ahead of the 30-year anniversary.

-ENDS-

About Bahrain Economic Development Board (EDB)

The Bahrain Economic Development Board (EDB) is a dynamic public 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

Isa Mubarak

Communications | Bahrain Economic Development Board

Telephone: +973 17589966

Email: isa.mubarak@bahrainedb.com

Manama, 11 November 2018: A high-level Bahrain business delegation will land in China this week on a visit organized by the Bahrain Economic Development Board (EDB) aiming to strengthen economic and trade ties between the two countries. Bilateral relations have gathered momentum since His Majesty King Hamad’s visit to China in 2013 and Bahrain is perfectly positioned to play a central role in China’s One Belt, One Road initiative.

Led by HE Shaikh Hisham bin Abdulrahman Al Khalifa, Governor of Capital Governorate, the Bahraini delegation is comprised of HE Khalid Al Rumaihi, Chief Executive of EDB, HE Dr Anwar Alabdulla, Ambassador Extraordinary and Plenipotentiary of the Kingdom of Bahrain to China, HE Mr. Sameer Abdulla Nass, Chairman of BCCI, and representatives from the private and public sectors.

Shenzhen will be the first stop of a 9-day tour of China’s principal commercial centres. The delegation will successively visit Hangzhou, Shijiazhuang, and Beijing, as it continues to explore deeper economic ties with China.

Over the length of this official visit, the delegation will meet with Chinese government officials, with Mr. Chen Rugui, Mayor of the Shenzhen, with the Governor of Zhejiang and Hebei Provinces, and with several Chinese business leaders.

In addition to attending the Bahrain-Shenzhen Economic Forum and the China High-Tech Fair, the most prominent high-end technology event in China and Huawei R&D Center. The delegation is also expected to sign landmark agreements and sign a number of MOUs with its Chinese counterparts. The Fair, which is organised annually by several Chinese ministries and government agencies, highlights the latest trends in China’s technology sector and plays an important role in the implementation of the national development strategies for China.

HE Shaikh Hisham bin Abdulrahman Al Khalifa, Capital Governor commented: “Such high-level visits across China emphasise the continuous interest of the Kingdom of Bahrain for deeper economic ties with China and the spirit of collaboration that is growing between our two nations over the years. These visits highlight our mutual desire to expand cooperation at all levels, from financial services to ICT, tourism, manufacturing, transportation and logistics services.

Our long-established bilateral relations, dating back 30 years since the establishment of diplomatic relations, are based on solid foundations and with these visits, we intend to share more experiences, establish more partnerships and take the relationship between Bahrain and China to new heights.”

HE Khalid Al Rumaihi, Chief Executive of the Bahrain EDB commented: “Visits like these support the EDB’s mandate to attract inward investment, grow the local economy and create quality jobs. We are particularly excited to be taking part in the China High Tech Fair for the third year and showcase areas in which Chinese businesses, particularly in the ICT sector, can tap into Bahrain and the wider region.”

This is the fifth consecutive year that a Bahrain delegation has visited China. In 2017, the delegation conducted a visit to China and Hong Kong during which significant MoUs were signed with Chinese businesses and trade organisations. These include MOUs on Shenzhen-Bahrain Cross-Border E-commerce Cooperation, Shenzhen-Bahrain Innovation and Entrepreneurship Express and Huawei-Bahrain Telecom Talents Training Agreement.

Manama and Shenzhen became sister cities in 2016 and Bahrain EDB inaugurated in June 2018 its representative office for Southern China in the city, to facilitate more investments by Chinese companies in Bahrain.

Foreign investments in Bahrain have increased from $142 million in 2015 to $810 million in the first three quarters of 2018. Bahrain has already attracted some big Chinese names to invest in the country, including the ICT giant company Huawei and China International Marine Containers Company (CIMC). The total goods traded between Bahrain and China excluding oil, increased from $872 million in 2009 to over $1.7 billion in 2017.

-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.

– The report reveals that Bahrain is leading the GCC region in cost competitiveness for doing business and living-

-Specific measures include Tamkeen covering 100% of the hyperscale data centre subscriptions for 18 months for companies registered in Bahrain-

-Bahrain’s utility costs are 25% cheaper than the average in the GCC-

-Bahrain enjoys a cost advantage of 15% to 20% in terms of annual operating costs for an ICT business compared to the average in the GCC-

Manama, 4 November 2018: A KPMG report on ‘The Cost of Doing Business in the GCC’ in the ICT sector has found that Bahrain has the most liberalised and competitive IT sector in the region. It also leads on most indicators for cost of doing business in the GCC region – a market worth $1.5 trillion. Crucially, the report revealed that Bahrain has lower costs than any other GCC country for cross-border internet connectivity, a critical metric for an ICT hub. The report also found the average cost of living to be significantly lower in Bahrain than the GCC average.

Overall, the total average cost of operating in Bahrain for ICT dependent enterprises was 16% less than the GCC’s average, and the total average cost of living was 23% lower. Key findings from the report include:

• The average annual cost of operations for cross-border internet connectivity in Bahrain is $126,000, compared to the average for GCC which is $233,400
• Commercial rental costs for office space in Bahrain are lower, compared to other GCC countries – $43,800 for Bahrain, compared to an average of $86,480 for the GCC
• Overall commercial utility costs (electricity and water, internet and telephone services) in Bahrain are 25% lower compared to the average GCC utility costs.

These statistics further substantiate Bahrain’s ambition to address the needs of overseas investors and enterprises looking to take advantage of advanced digital business infrastructures, free from stringent regulation. Recent policy reforms have been introduced to enable start-ups to test, innovate and scale quickly, establishing Bahrain as a fast growing, highly-connected business hub with accessibility at its core. Examples include improvements to the regulatory environment, including updating the bankruptcy law; introducing the data protection law; adopting a cloud first policy; reducing the minimum capital requirements for starting a business. All the above are important steps the Government has taken to enable a thriving digital economy.

Dr Simon Galpin, Managing Director, Bahrain Economic Development Board commented:

“Our liberal and advanced ICT infrastructure, supported by a strong track record of reform and deregulation, has ensured Bahrain is consistently positioned at the top of global ICT readiness indices, including being ranked first in MENA by the ICT Development Index. Our Cloud First commitment and the launch of the Middle East’s first hyperscale data centre by AWS will further advance our ICT readiness, opening up new sectors, increasing productivity and enabling businesses of all sizes to scale faster at a lower cost. This recent report from KPMG is a testament to our innovative and progressive approach.”

In addition to analysing the cost of business and living, the report from KPMG further comments on the incentives for the IT sector in GCC jurisdictions, revealing that the EDB, which has recently won the United Nations’ Investment Promotion Award for its partnership with Amazon Web Services’ (AWS). Additionally, the Government has recently launched a “Cloud Computing scheme” that will provide 100% financing support of the cost for any Bahrain-registered business subscribing to a hyperscale data centre for 18 months. This offer forms part of a wider initiative to position Bahrain as regional ICT hub, an effort unique to a region which has historically relied upon oil prices to generate wealth.

– 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.

 – Second quarter sees annual growth rate of 2.4% –

– Construction expands at 6.7% and manufacturing by 4.5% –

Manama, 31 October 2018: Bahrain’s headline real growth rate increased sharply in the second quarter of 2018 to an annual pace of 2.4%. The data published in the Bahrain Economic Quarterly Report (BEQ) shows a significant increase in growth from the previous quarter which was underpinned by both the normalisation of oil production and markedly faster non-oil growth.

The quarterly report produced by the Bahrain EDB, found that Bahrain’s non-oil GDP expanded by 2.8% in the second quarter, driven by the construction (up 6.7%) and manufacturing sectors (up 4.5%). The ongoing expansion in the construction sector is illustrated by the total sum of infrastructure projects in Bahrain reaching USD 87.3bn in mid-September according to MEED Projects, a 3.8% year-on-year growth. A number of strategic projects are making headway. For instance, the cumulative total of active infrastructure investments funded by the GCC Development Fund attained USD 3.7bn in the third quarter, which is an increase of 12.7% on 2017. With the recent build-up in tendered projects, this figure is set to grow further at an accelerating pace in the near-term.

The total value of foreign direct investment is continuing to increase at a brisk pace. The total value of projects facilitated by the EDB in the first nine months of 2018 was 138% higher than a year earlier. Of the companies attracted by the EDB in the first three quarters of 2018, 31 out of the 76 companies fall in the manufacturing sector, highlighting the sector’s strength and the Kingdom’s ideal geographic position as a gateway to the Gulf.

Dr Jarmo Kotilaine, Chief Economic Advisor, Bahrain EDB, commented: “Bahrain’s impressive improvement in the second quarter was thanks to a broad-based recovery across the whole economy. In particular, the expansion of Bahrain’s non-oil GDP stands out in the regional context. With the oil industry now accounting for less than 20% of the economy, Bahrain growth was largely led by the non-oil economy, as opposed to most of the Gulf region where the stronger growth has been led by higher oil prices and production.”

Increased economic growth across the GCC will benefit all countries, but the BEQ concluded that Bahrain will be a particular beneficiary as renewed spending power drives growth in visitors and business activity. For example, the Bahraini tourism industry continues to grow across a broad range of metrics. Visitor numbers are up 5.8% year-on-year and the average number of nights spent in Bahrain per visitor jumped by 16%. This reflects Bahrain’s reputation for combining a cosmopolitan city with richly preserved heritage.

On the other hand, the BEQ struck a note of caution that although GCC growth is expected to accelerate to 2.5% this year and 3% in 2019, this is still below historical levels. Business confidence also remains unpredictable, and the growth of the non-oil sector has proved lacklustre. This has prompted a number of Governments to initiate economic stimulus programmes after a period of fiscal retrenchment.

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.

– Bahrain Economic Development Board recognised for excellence in boosting sustainable investment –

– UN award focuses on the promotion of Sustainable Development Goals –

– Bahrain one of four to be recognised in 2018 and only country from MENA –

Manama, 28 October 2018: The Bahrain Economic Development Board (EDB) has won the United Nations’ Investment Promotion Award for excellence in boosting investment into sectors that will help meet the UN’s Sustainable Development Goals. The award acknowledges EDB’s work with Amazon Web Services that is set to launch its first Middle East ’Region’ in Bahrain in 2019.

The award is yet more recognition of Bahrain’s success in transforming into a digital economy, with the AWS investment a central pillar of efforts to support long-term economic growth and the creation of high quality jobs. The increased availability of cloud computing will help Bahrain and other countries in the region develop emerging sectors, enhance productivity, and support the growth of start-ups.

Receiving the award at the World Investment Forum in Geneva, H.E. Zayed R. Alzayani, Minister of Industry, Commerce and Tourism, and EDB Board Member said: ‘In line with Vision 2030 the government of Bahrain has launched initiatives in human capital development placing the Kingdom on the right track for growth. Bahrain has become a hub for dozens of value-added projects following long term plans to attract investments for infrastructure projects, the development of legislative frameworks and easing the process for investment in various sectors.

‘Bahrain is honoured with the recognition of this international award, which is also an addition to our continuous successes that are a result of the vision of His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander, and First Deputy Prime Minister’

H.E. Khalid Al Rumaihi, Chief Executive of the EDB commented: ‘Working across the public and private sectors to attract investment is at the heart of our Team Bahrain approach and was crucial in securing AWS’ significant investment. This award is testament to that, and we are immensely proud to have the UN’s Investment Promotion Award recognise many years of hard work by the EDB team.’

The collaborative approach to addressing the needs of overseas investors is illustrated by recent regulatory reforms to enable a conducive commercial environment for all sectors, but most notably in technology. For example, improvements have been made to the regulatory environment including updating the bankruptcy law; introducing a data protection law; and the reduction of minimum capital requirements for starting businesses. All important elements for producing a thriving digital economy.

Innovative approaches to encouraging growth is a key focus of the UN’s Sustainability Goals and is illustrated by a number of other initiatives in Bahrain that were highlighted by the award’s judges. These include the adoption of a Government-wide Cloud First policy; and the C5 Cloud Scalerator; a long-term partnership between AWS, the EDB and Tamkeen, Bahrain’s public body for enhancing labour force productivity; which is the region’s only accelerator for start-ups wanting to develop a cloud based commercial strategy.

An additional focus of the UN’s Sustainability Goals is the promotion of high quality education, a factor that runs throughout Bahrain’s efforts to build an economy fit for the future. As part of its investment, AWS has launched its Training and Certification Programme in Bahrain and has received unprecedented levels of response. Over 2,300 young Bahrainis have signed up in the scheme’s first few months, a sign-up rate exceeding both China and India.

– ENDS –

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: 17589966

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.

– Bahrain a high performer in education and health –

– Bahrain’s Human Capital score has increased by 10% –

Manama, 17 October 2018: The World Bank last week announced its inaugural Human Capital Index, with Bahrain coming in the lead for the MENA Region. Focusing on health and education, the Index measures how productive a child born today will be by the time they turn 18. The Kingdom’s score also increased by 6% since the research project started five years ago, in 2012.

Bahrain’s performance was most notable in education, where it ranked first in the GCC for attainment and in the top quartile globally for the number of years a child spends at school, averaging 13.3 years per child.

Equally, it was also in the top quartile for key health measures such as adult survival rates (the percentage of 15-year olds living until they are 60), and child survival rates (the percentage of children living until they are five).

H.E. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) commented: “The World Bank’s Human Capital Index is yet another testament of Bahrain’s high performance in key measures of economic and social sustainability. In the past few years, Bahrain witnessed major developments in the health and education sectors, where today the UNDP’s Human Development Index ranks Bahrain in the very high human development category, with our ranking improving 13.4% between 1990 and 2017.

 “Bahrain recognises that improving the skills, health and knowledge of the country’s population is crucial to the future development of our Kingdom, and it is particularly pleasing to see our efforts reflected in this index.”

Compared to its regional peers, Bahrain’s Human Capital Index is marginally higher for girls than it is for boys, specifically because of higher education attainment, while health outcomes for girls and boys are virtually identical.

The World Bank set up the Human Capital project to draw more attention to the fact that the improvement of human capital is crucial to sustainable economic growth and poverty reduction. Investing in human capital is even more important as advances in science and technology changes the way we live and work.

– Ends –

 For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: 17589966

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.