-Week-long event series concludes with Bahrain International eGovernment Forum 2018 – 

– Activities include major conferences hosted by world-leading institutions including AWS, Huawei, Web Summit and MIT –

Manama, Bahrain, 11 October 2018: Bahrain Tech Week concluded with the Bahrain International eGovernment Forum 2018, held at the Ritz Carlton in Bahrain. The series of events hosted across Manama brought together professionals from government, major private-sector entities and startups to explore how digital innovations will revolutionise industries across the GCC.

Organised by the Bahrain Economic Development Board (EDB) in strategic partnership with Tamkeen, Tech Week took place from 30th September to 8th October. It presented a unique and diverse programme of high-profile events with more than 10 summits, forums and workshops, hosted by some of the world’s foremost technology experts.

Some of the highlights of Bahrain Tech Week include:

• AWS Summit Bahrain – where more than 2,500 participants met to debate emerging challenges and opportunities in cloud computing
• The MIT Innovation Forum – where experts from organisations such as Ethereum, Cloudflare and Kaspersky Lab covered some of the key topics in 2018: Industry 4.0, Cybersecurity and Blockchain
• Bahrain International eGovernment Forum 2018 – the 9^th eGovernment Forum saw leading speakers from international governments (including the UK Cabinet Office and City of Los Angeles) and private sector (including Microsoft, Oracle, AWS and Gartner) debate new ways of making government more efficient and effective through the use of technology
• Runway to Web Summit – where ten promising MENA startups pitched to a panel of experts and Smart Crowd won a place at Web Summit Lisbon, one of the world’s leading tech events
• Huawei Day Bahrain 2018 – where businesses met to debate topics ranging from the upcoming roll-out of 5G in Bahrain to tackling cybersecurity threats

Several initiatives were announced during Bahrain Tech Week including a new scheme by Tamkeen that covers the cost of hyperscale cloud computing services for the first 18 months with the aim of enhancing the efficiency and productivity of businesses, SMEs and startups operating in Bahrain. Tamkeen also announced the launch of Minimum Viable Product (MVP) scheme aimed at financially supporting start-ups for the development, design and testing of a first product.

Additionally, Bahrain’s Information & eGovernment Authority (iGA) and Kuwait’s Communication & Information Technology Regulatory Authority (CITRA) signed an MoU in the field of cloud computing to increase government efficiency and accelerate the implementation of projects while maintaining security and confidentiality of data.

More than 6,600 participants participated in the week-long series of events, a 47% increase on the inaugural event in 2017, to explore tech-driven disruption across different industries and sectors. 

Dr. Ebrahim Mohammed Janahi, Chief Executive Officer, Tamkeen, commented: “Technological advancements and digital communication are deeply impacting the global economy, driving marketplace development and supporting robust economic growth. Within this context, Tamkeen plays an important role in driving forward a national culture of innovation and productivity, and helping enterprises and individuals unlock the potential of emerging sectors and new job opportunities”

Dr Simon Galpin, Managing Director, of the Bahrain Economic Development Board, commented: “Digital transformation has a vital role to play in the future of the region’s economy – whether that is creating new roles such as data analysts or new types of companies in areas such as IoT and cloud computing. The transformation to a digital economy will have a positive influence as it creates more opportunities by enabling entrepreneurship and innovation to disrupt all current industries as well as creating new sectors like industry 4.0 and FinTech.”

Bahrain has seen a significant shift in the prominence of tech-driven industries over the past year, with the growth of the Bahrain FinTech ecosystem, the establishment of a $100m Fund of Funds to help fund start-ups across the Middle East; and a growing number of companies using the Central Bank of Bahrain’s regulatory sandbox to develop new products and services. These advances were reflected in the recent Global Startup Ecosystem Report, by the Global Entrepreneurship Network and Startup Genome, which featured Bahrain as the only Arab country in their global ‘ecosystems to watch’ in both fintech and gaming.

“For the sector to reach its full potential, however,” Dr Simon Galpin continued, “it is vital for people in the GCC to be able to draw on and inform the broader global debate. Bahrain Tech Week 2018 was a fantastic opportunity to bring together regional innovators with some of the world’s leading experts in their fields and I want to thank all the organisers, speakers and participants who made it a success.”

Tamkeen supports Bahrainis across various sectors in developing the right skills to drive digital innovation. Last year, Tamkeen signed a partnership with the Information and eGovernment Authority (iGA) aimed at ICT training for Bahraini professionals in government organisations, including specialised courses in Amazon Web Services (AWS) Certificate ahead of the launch of AWS’s first Region in MENA, which will be inaugurated in Bahrain in early 2019. Tamkeen has also launched a new scheme that covers the cost of more than 120 cloud computing services offered by Amazon Web Services (AWS). The scheme, offered as part of Tamkeen’s Enterprise Support Program, covers the reimbursement of 100 per cent of the cost of the services.

– ENDS –

Notes to editors

Further information:

May Taher

internationalmedia@bahrainedb.com

+973 17589972

About the 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

– Legislative reforms include competition and data protection laws to encourage innovation –

– New bankruptcy law will support growth in the startup ecosystem –

Manama, 3 October 2018: Bahrain continues to enhance its investment ecosystem by implementing four new laws which have been officially issued by His Majesty King Hamad bin Isa Al Khalifa. The laws address a range of issues and will have a particularly strong impact on the Kingdom’s economy and its growing startup ecosystem.

The laws come as part of a wider development effort, designed to create new opportunities for investors looking to access the $1.5tn GCC economy. Government initiatives implemented in recent years have helped spur strong growth in FDI. Bahrain EDB attracted a record US$810m of investment during the first nine months of the year compared to US$733m in 2017 as a whole.

The four laws set to be implemented in the coming months are:

• Personal Data Protection Law – Bahrain will introduce a nationwide data protection law, supporting the development of the Kingdom’s digital economy. The law promotes the efficient and secure processing of big data for commercial use and provides guidelines for the effective transfer of data across borders.
• Competition Law – facilitates innovation as well as increases productivity and efficiency by introducing legislation to prevent the formation of monopolies or the practice of anti-competitive behavior. This will make it easier for new businesses to enter existing markets and compete with significant players.
• Bankruptcy Law – enables experimentation and innovation by businesses and improves the outcomes of the bankruptcy process for all parties. The law introduces reorganisation, whereby a company’s management is allowed to remain in place and continue business operations during the administration of a case, as in the United States’ Chapter 11 law. The Bankruptcy law also includes provisions for Cross-Border Insolvency, and special provisions in relation to the insolvency of small and medium-sized enterprises, which provides a higher threshold of protection to those enterprises.
• Health Insurance Law – promotes an integrated health system for Bahrain, based on a sustainable financing system that supports and attracts investment in both the health care and insurance industries. The Supreme Council of Health has overall responsibility for the rollout of the system and will carry out the necessary activities to regulate the health insurance system. The Government will establish the Health Insurance Fund to assure improved pooling under a new national umbrella and coverage for beneficiaries related to benefits and service provision.

Speaking about the new laws, the Minister of Industry, Commerce and Tourism, HE Zayed R. Alzayani, said: “These laws represent a positive and significant step forward to increase and encourage foreign direct investments, and inject further resources into all economic sectors of the Kingdom of Bahrain. The four laws are accompanied by a flexible regulatory framework which ensures their implementation meets the goals and objectives of Bahrain’s Vision 2030, maintains Bahrain’s status as a favorable destination for world-wide investors, and raises the Kingdom’s appeal to international financial and economic institutions.

Commenting on the new laws, HE Khalid Al Rumaihi, Chief Executive, Bahrain Economic Development Board, said: “We are very excited to see the impact of these new laws, which will help to enhance the environment in existing industries as well as open new opportunities to investors The future prosperity of the GCC depends on growth driven by higher productivity and on embracing the new industries that will drive growth in the decades to come.”

Moreover, HE Khalid Al Rumaihi added: “We have seen a very strong period of growth in FDI in Bahrain over the past few years, and the broader programme of regulatory development has been an essential enabler of that. However, we know that to maintain that growth, we need to continue to innovate. Bahrain has a long track record as a regional pioneer, and these new laws underline how important it is for us to maintain that culture of innovation.”

– Ends –

Notes to editor

Contact:

May Taher

Global Communications

Telephone: +973 17589966

Email: may.taher@bahrainedb.com

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.

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.

– FDI inflows rise by 138% in the first three quarters compared to the same period last year –

– Surpasses 2017 record figure of $733m –

– Investments expected to create more than 4,200 jobs –

Manama, 25 September 2018: Bahrain EDB has attracted a record number of investment as businesses from around the world continues to look to Bahrain to access the opportunities in the $1.5tn Gulf economy. In the first nine months of 2018, FDI inflows increased by 138% when compared to the same period of last year. This year, Bahrain EDB has already attracted a total of 76 companies, accounting for an investment of $810m, breaking the 2017 record of 71 companies, and a total investment of $733m.

The FDI attracted in the first nine months of 2018 was more than five times of the total attracted in 2015. This strong growth has come in spite of a challenging global environment for FDI, with global FDI flows falling 23% in 2017. Investments in 2018 are expected to generate more than 4,200 jobs over the coming three years, of which more than 1,100 will be high quality jobs (defined as providing a basic monthly salary of more than $ 1,850).

The investments overall cover all sector focuses with Manufacturing and Logistics accounting for the majority of investment with 31 companies including Ariston Thermo and Mueller (a copper tube manufacturer). As well as, a total of 15 companies were attracted in Tourism, Real Estate, Education & Healthcare, ICT and FS. Some of which include Al Sahel Resort, Flat6labs, Nest, Bank of Jordan, NFT Ventures, and Thales (a specialized aerospace and security company).

Commenting on the news, H.E. Khalid Al Rumaihi, Chief Executive, Bahrain Economic Development Board, said: “We continue to see strong interest towards the GCC opportunity – and our unique Team Bahrain approach provides the means to unlocking these opportunities. The region’s potential is rising with solid investments and a growing number of high-quality jobs for Bahrainis.

“However, while we are excited by this success, we will continue to look towards new initiatives to enhance FDI even further. The Kingdom is introducing a number of key regulatory reforms in the coming months, which will ensure the Kingdom remains competitive and business friendly.”

Among the most prominent developments during 2018 has been the advancement of the FinTech ecosystem, with the launch of Bahrain FinTech Bay, the largest fintech hub in MENA; the establishment of a $100m Fund of Funds to help fund start-ups across the Middle East; and  a growing interest in the Central Bank of Bahrain’s regulatory sandbox.

The Kingdom also saw several major announcements earlier this year during the Gateway Gulf Investor Forum, which brought together over 850 global investors and business leaders to explore ways of unlocking the opportunities being created by the economic transformation in the GCC. The event provided a direct route into accessing the GCC market by showcasing major investment-ready projects worth USD $18billion, with projects in the planning phase driving up the value of the project pipeline to USD $26 billion.

– Ends –

Notes to editor

Contact:

May Taher

Global Communications

Telephone: +973 17589972

Email: may.taher@bahrainedb.com

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.

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.

Week-long event series will explore the impact of emerging technologies on the future of the GCC

Bahrain’s Cloud First policy estimated to have saved 90% in government ICT infrastructure expenditure since last year’s event

 Manama, Bahrain, 09 September 2018: The Bahrain Economic Development Board (EDB) today announced that the Kingdom will host Bahrain Tech Week from 28 September to 7 October 2018, bringing together technology experts from government, major private-sector entities and startups to explore how digital innovations can revolutionise industries across the GCC.

Delivered in strategic partnership with Tamkeen, Bahrain Tech Week presents a uniquely diverse programme of events, with more than ten summits, forums and workshops exploring tech-driven disruption across different industries and sectors. Last year’s Tech Week attracted over 4,500 attendees across multiple events.

The AWS Summit, part of Amazon Web Service’s global events series, and the MIT Innovation Forum will form the cornerstones of Bahrain Tech Week, alongside events hosted by global telecommunications leaders, Huawei, as well as regional tech-startups, accelerators, and government entities.

H.E. Khalid Al Rumaihi, Chief Executive of the Bahrain EDB, commented: “As disruptive technologies transform industries around the world, investment in innovation is a key enabler and driver of economic growth. Having developed the GCC’s most advanced and liberalised ICT infrastructure, Bahrain has an important role to play in pioneering new frameworks that will allow further innovation and continue to attract world-class technology companies like AWS to Bahrain and the region.”

The AWS Summit builds on the success of last year’s event, which attracted more than 1,800 participants. Announcements were made on the region’s first Cloud First policy as well as plans to launch the MENA region’s first AWS Region (data centre) in Bahrain. Cloud-driven technology is already innovating government processes in Bahrain, with the Information & eGovernment Authority (iGA) estimating that up to 60-90% has been saved since last year’s announcement across government ICT infrastructure spending through migration onto cloud servers.

The role of training and education in enabling digital innovation will also form an important theme of the week, with AWS estimating that 10,000 data solution architects will be needed across the region in the next five years.

H.E. Dr Ebrahim Mohammed Janahi, Chief Executive, Tamkeen, commented: “Bahrain Tech Week is an important opportunity to explore how technological innovations are being harnessed to maximise growth potential of the national economy, from both an economic and human capital perspective. As the pace of disruption increases exponentially, it is crucial to ensure that our talented young people are developing the right skills and resources to drive innovation in the digital economy. Bringing together international and regional partners to explore the impact of emerging digital trends is crucial to the continued development of a world-class and future-ready workforce in Bahrain.”

Bahrain has seen a significant shift in the prominence of tech-driven industries over the past year, with the growth of the FinTech ecosystem, the establishment of a $100m Fund of Funds to help fund start-ups across the Middle East; and a growing number of companies using the Central Bank of Bahrain’s regulatory sandbox to test new products and services. These advances were reflected in the recent Global Startup Ecosystem Report, by the Global Entrepreneurship Network and Startup Genome, which featured Bahrain as the only Arab country in their global ‘ecosystems to watch’ for both FinTech and gaming.

To participate in Bahrain Tech Week, visit: http://bahrainedb.com/events/bahrain-tech-week-2018

– ENDS –

Notes to editors

Further information:

May Taher

internationalmedia@bahrainedb.com

+973 17589972

About the 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.

Growth for rest of 2018 expected to improve as project momentum accelerates

Manama, 12 August 2018: An acceleration in the pace of project implementation in the first quarter of 2018 is expected to underpin faster non-oil growth in Bahrain throughout the course of the year, according to the Bahrain Economic Quarterly.

The forecast for strong growth across the year as a whole comes in spite of a weaker performance in the first three months of 2018. Bahrain’s growth in Q1 2018 was negatively impacted by a one-off maintenance-related reduction in oil production, leading to a 15% contraction in the oil sector. Non-oil sector growth in the quarter remained positive but slowed due to a combination of base effects after a period of accelerating growth and the lagging impact of anticipated unevenness in infrastructure project implementation in the second half of 2017.

However, the economic outlook is favourable due to a number of factors. After a period of slower growth in 2017, the YoY rate of real expansion in the construction sector has accelerated markedly to 6.7% during the first three months of 2018. Construction has always been an important driver of growth in other non-oil sectors and the renewed momentum in the first quarter suggests sectors such as manufacturing, trade, real estate and financial services are likely to benefit over the course of the year.

This growth in construction is partly the result of a rapid increase in the pipeline of projects tendered as part of the GCC Development Fund to a cumulative total of just over $5.1bn. This compared to less than $4.2bn at the end of 2017.

At the same time, private and semi-government projects are making headways. The BAPCO modernisation project is the largest investment in Bahrain’s history and getting underway this year. Development activity is starting in the Khalij al Bahrain field and the deep gas finds.

The report projects Bahrain’s non-oil sector to grow 4.3% in 2018, with headline growth of 3.4%. The forecast follows a strong performance in 2017, in which the Bahraini economy was the fastest-growing in the GCC with headline growth of 3.8% and 4.8% growth in the non-oil sector.

Expectations of more rapid growth in 2018 are also underpinned by strong growth in lending activity. Bahraini retail banks have seen a clear and sustained increase in their activity over the past year. The annual rate of growth of bank loans shot up from 2% in May 2017 to 11.2% in May 2018, with the majority of the new loans going to the private sector. Beyond this, companies in Bahrain can be expected to benefit from a much more favourable regional backdrop with headline growth set to accelerate markedly from last year’s low. At the same time, the oil price environment is beginning to inject new liquidity into the regional economy. All this should have positive indirect effects on Bahrain through visitor flows and regional investments.

Commenting on the report, Dr Jarmo Kotilaine, Chief Economist, Bahrain Economic Development Board, said: “While growth in Q1 2018 reflected a one-off maintenance-related contraction in the oil sector, the broader economic data underpins our confidence in likely full year growth.

“The stronger regional growth dynamics, a benign liquidity situation in the banking sector, the renewed expansion in the construction sector and implementation of a large infrastructure project pipeline suggest growth is likely to accelerate over the course of the year as a new phase of construction growth helps to support activity across the economy.”

– Ends –

 Notes to editor

Contact:

May Taher

Global Communications

Telephone: +973 17589966

Email: may.taher@bahrainedb.com

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.

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.

Economic Development Board – Manama: A high-level Bahrain business delegation, led by the Startup Bahrain initiative, Bahrain Economic Development Board (EDB), Tamkeen (Labour Fund), Ministry of Industry Commerce and Tourism,  as well as startup accelerators Brinc and C5 and the Nest has attended the leading business and entrepreneurship event in Asia RISE Hong Kong Summit from 9th to 12th July.

As part of Bahrain’s participation at the Summit, the delegation showcased the Kingdom’s experience in providing a fertile, supportive environment that empowers start-ups and stimulates their growth. In addition, a special pavilion was devoted to shed light on Bahrain’s ecosystem. Over 350 speakers from the world’s largest companies, including Microsoft and Amazon, as well as start-ups from around the world, showcased their expertise at the conference, which is expected to bring together 15,000 entrepreneurs from over 100 countries. 

John Kilmartin, Executive Director of ICT, Bahrain Economic Development Board said: “Conferences such as RISE Hong Kong are great platforms to promote Bahrain’s startup ecosystem and the milestones achieved in attracting and supporting startups in the kingdom StartupBahrain in cooperation with Tamkeen, continues to play a pivotal role in highlighting Bahrain’s startups success stories by sponsoring five Bahraini Startup founders to attend the conference with the objective of growing their businesses. While in Hong Kong the delegation will take part in two other events, the first is organized by startup accelerator Brinc and the second one is by Metta’s members’ club which is organized by Nest, a Hong Kong based corporate accelerator.”

For his part, Tamkeen’s Chief Operations Officer Mr. Qusay Al Arayedh  stressed the importance of the Bahraini startups in this Summit as part of the participating Bahraini delegation.

“Attending such global event widens opportunities to learn from the best practices as well as showcase the Bahraini model of startup ecosystem and exchange expertise,” he pointed out.

“To ensure maximum exposure during this event, Tamkeen supported the participation of five startups, selected by a committee of specialists in the field of Information Technology and Communication,” Mr. Al Arayedh explained.

StartupBahrain is a community initiative made up of startups, corporates, investors, incubators, educational institutions and the Bahrain government to promote startup culture in Bahrain. Efforts are being made on 6 pillars (community, incubators & accelerators, funding, talent, corporate and policy & regulation) to make Bahrain a great place to startup and scale companies regionally and globally. Representatives from Startup Bahrain took part in a number of global startups events in 2017 including Web Summit Lisbon, Step Dubai, Rise Up Cairo, Arabnet Ryiadh, in an effort to boost the entrepreneurship sector in the kingdom.

– Ends –

For more information, please contact:

Communications 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.

– Region’s first active Fund of Funds will support emerging technology startups –

Manama, 24 June 2018: Bahrain Development Bank (BDB) announces that the Al Waha Fund of Funds has successfully closed its US $100m fundraising round, making it the first active venture capital fund of funds in the region.

The announcement marks an important milestone for the region’s growing startup ecosystem. It will provide additional capital to innovative and technology-driven startups in Bahrain and across the Middle East through venture capital funds currently established in Bahrain, and by attracting new funds to the region.

The Limited Partners (LP) Advisory Committee met for the first time last week to close the US $100m, setting the strategic direction of the fund, and approved the allocation of US $35m into a series of venture funds. The LPs include Mumtalakat, National Bank of Bahrain, Batelco Group, Tamkeen and Bahrain Development Bank, amongst others and where BDB is the GP managing the fund.

Commenting on the announcement, Shaikh Mohammed bin Essa Al Khalifa, Chairman, Al Waha Fund of Funds Advisory Committee, said: “We are very pleased to announce the successful closure of the fund and we have already made encouraging progress in allocating the capital raised.

“One of the key constraints on the development of the startup and technology ecosystem in the region is lack of access to capital – this fund can help to make a significant difference to that challenge, enabling entrepreneurs to realise the potential of their ideas.”

Today’s announcement follows the launch of the Al Waha Fund of Funds at Gateway Gulf Forum last month. Gateway Gulf Forum, brought together more than five hundred global investors and business leaders to explore how to unlock the opportunities being created by the economic transformation in the GCC.

Bahrain’s startup ecosystem has benefitted from a number of significant initiatives and reforms in recent years, as part of the Economic Vision 2030, delivered under the leadership of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and Chairman of the Bahrain Economic Development Board (EDB). These include a reduction in the minimum capital required for starting a business, measures to enable onshore crowdfunding in conventional and shari’a-compliant finance and the introduction of a regulatory sandbox.

– Ends –

 Notes to editor

Contact:

May Taher

Global Communications

Telephone: +973 17589966

Email: may.taher@bahrainedb.com

About Bahrain Development Bank

BDB commenced its operations in 1992 as a specialist Bank, BDB activities are focused on financing and development of small and medium businesses in addition to encouraging & supporting the entrepreneurship activities in the Kingdom of Bahrain.

Working In-line with Bahrain Economic Vision 2030, BDB adopts a dynamic and effective strategy for stimulating entrepreneurial activity in implementing its plans for financing & advising small and medium businesses.

This strategy is in line with the Bank’s mission of being an active participant in national strategy by supporting this sector of the economy. BDB’s role in this context is especially significant given the growing size and contribution of this important segment to domestic economic activity.

FDI inflows to Bahrain grew 114% in 2017 to $519 million, according to data released by the United Nations Conference on Trade and Development (UNCTAD), the fastest growth rate in the GCC. The rapid growth came in spite of a drop in global FDI of 23%.

Growth in investment was supported by a number of major economic reforms in recent years – with UNCTAD citing Bahrain’s amendments to its commercial companies law allowing 100% foreign ownership in additional sectors as an example of liberalisation supporting FDI growth. This has continued into 2018 with several significant developments in the first half of the year.

In 2017, The Bahrain Economic Development Board (EDB) attracted 71 new companies to Bahrain with investments amounting to BHD 276 Million (US $733 million). The record-breaking achievement helped increase the number of jobs by up to 72%, creating more than 2,800 jobs in the local market over the course of the next three years.

“Foreign direct investment creates jobs, diversifies the economy and fuels growth – so we are delighted to see such strong momentum, even against a challenging global backdrop. This proves the growing interest in the GCC opportunity is translating into investment,” said Khalid Al Rumaihi, Chief Executive, Bahrain EDB.

“We have undertaken a number of significant initiatives in the first half of this year to build on this success and we expect to announce a number of further measures in the coming months, helping investors to access the GCC opportunity.”

Bahrain’s reforms were also recognised as Site Selection magazine recently named Bahrain as the best place to invest in the Middle East and Africa per capita for the third year in a row.

The ‘Best to Invest’ rankings are determined by the level of capital investments in the country and performance on key international indices published by organisations such as the World Bank, WEF and UNDP. The rankings also saw Bahrain EDB included in the list of Top Investment Promotion Agencies for 2018, one of only four agencies from the region included.

Among the most prominent developments in 2018 has been the growth of the Bahrain FinTech ecosystem, including the launch of Bahrain FinTech Bay, the largest fintech hub in MENA; the establishment of a $100m Fund of Funds to help fund start-ups across the Middle East; and a growing number of companies using the Central Bank of Bahrain’s regulatory sandbox to develop new products and services.

These advances were reflected in the recent Global Startup Ecosystem Report, released by the Global Entrepreneurship Network and Startup Genome, which included Bahrain in global ‘ecosystems to watch’ in both fintech and gaming. Bahrain was the only Arab country to be included in either list.

The Kingdom also saw a number of major announcements last month during Gateway Gulf Forum, which brought together over five hundred global investors and business leaders to explore ways of unlocking the opportunities being created by the economic transformation in the GCC. The event provided a direct route into accessing the GCC market by showcasing major investment-ready projects worth USD $18billion, with projects in the planning phase driving up the value of the project pipeline to USD $26 billion.

Among the announcements were the launch of the $1bn Bahrain Energy Fund, the first such fund in the GCC and which will be unique in providing institutional investors with access to local energy assets and the launch of Bahrain’s first five star ‘retreat’ style destination by Al Sahel Resort Company, as part of the broader development of the country’s tourism sector.

For Further inquiries, please call:

National Communications

Bahrain Economic Development Board

Tel: 17589966

Communications@bahrainedb.com