– Overall growth of 3.6% made Bahrain the fastest-growing economy in the GCC in the period –

– Momentum remains strong with estimates of non-oil growth in 2018 upgraded to 4.1% –

Manama, 12^th February 2018: The growth momentum of the Bahraini economy has continued to exceed expectations, with the annual pace of growth in the non-oil sector reaching 4.8% in the first nine months of 2017. During 2017 as a whole, non-oil growth is expected to exceed the 4.0% pace recorded in 2016, according to the latest Bahrain Economic Quarterly published by the Bahrain Economic Development Board (EDB).

The performance of the non-oil private sector also meant that overall economic growth in the Kingdom reached an annual pace of 3.6% for the first three quarters of the year – improving on the 3.2% pace of growth posted during 2016 as a whole and making Bahrain the fastest growing economy in the GCC.

Speaking on the publication of the report, Dr Jarmo Kotilaine, Chief Economic Advisor of the Bahrain EDB, commented:

“Bahrain’s economy continues to deliver at the upper end of growth expectations thanks to a combination of robust structural and countercyclical drivers. We expect this positive dynamic to continue into 2018 as the regional environment becomes more supportive of growth and as the diversified economy continues to expand, supported by an unprecedented investment pipeline.”

“Alongside this strong recent performance, we are also seeing increasing efforts to position the country to take advantage of emerging growth drivers as the region’s economy undergoes a paradigm shift. As growth becomes increasingly underpinned by improvements in productivity, Bahrain’s investment in infrastructure, regulatory reform and development of human capital will play a vital role in ensuring long-term, sustainable prosperity and expansion,” added Dr Kotilaine.

Encouragingly, non-oil growth in Bahrain is almost entirely driven by the private sector at a time of fiscal austerity. The positive momentum is broad-based, characterised by strong performances across a number of areas. Hotels and Restaurants, Social and Personal Services, Transportation and Communications, and Financial Services all expanded more than 6% year-on-year real growth during the first three quarters of 2017. All of this points to the continued strong progress of economic diversification in an economy where the non-oil sector collectively already generate more than 80% of GDP.

While growth is benefiting from a range of structural drivers, non-oil growth is particularly boosted by large-scale infrastructure investments at a time of historically subdued oil prices and low government spending growth. The overall investment project pipeline is estimated to have increased by nearly 20% last year and is led by USD32bn worth of strategically important priority projects that are progressing according to plan. These range from the airport modernisation project to the expansion of the Alba aluminium smelter and the Bapco (refinery) Modernization Project. In many areas project implementation has been accelerating and this is set to continue in 2018. For instance,  during 2017 as a whole, the value of tendered projects as part of the GCC Development Fund rose from USD3.9bn to more than USD4.1bn. The cumulative amount of money disbursed almost doubled from USD751mn in 4Q16 to USD1.4bn a year later.

Alongside a strong performance in the first nine months of 2017, Bahrain has also put in place a number of initiatives designed to position the Kingdom to benefit from future growth opportunities in emerging sectors.

In 2017, Bahrain implemented key pillars of the regulatory framework for FinTech, including the launch of a regulatory sandbox which has already accepted its first six entrants. Bahrain is also set to launch the first dedicated FinTech hub and corporate incubator in the Middle East and Africa region in February. Bahrain FinTech Bay will collaborate closely with the Central Bank of Bahrain, notably its new, dedicated FinTech and Innovation Unit, and the Bahrain EDB.

The Kingdom is also making substantial investments in its ICT infrastructure and ecosystem in a bid to make digitisation and creative tech-based entrepreneurship key drivers of economic activity. The second half of 2017 saw a number of events designed to drive the agenda forward. These included the Amazon Web Services (AWS) Summit, the Technology Week Tent, and the MIT Innovation Conference.

– Ends –

Notes to editor

Contact

Telephone: 17589966

Isa.mubarak@bahrainedb.com

Khalid.jamal@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.

– Bahrain maintains second place in global ranking for fifth year in a row –

– ICT Development Index acknowledge Bahrain’s ICT strong sector and its support to financial services growth, ranking Bahrain first in the MENA region once again –

Manama, Bahrain – 14 January 2018: Bahrain has ranked second globally and first in the MENA region in the fifth edition of the Islamic Finance Development Report and Indicator (IFDI) by Thomson Reuters and the Islamic Corporation for the Development of the Private Sector (ICD) – the private sector development arm of the Islamic Development Bank (IDB). This is the fifth consecutive year that Bahrain has retained its second place, following Malaysia in first position.

“As our region undergoes a dramatic economic transformation, the GCC presents exciting opportunities for international investors. Islamic Finance is a core pillar of our region’s offering,” said Khalid Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain. “We also continue to see investments made in technology and these are making a tangible impact, unlocking innovation and entrepreneurship. We see huge potential in the connection between technology and Islamic finance; with technology being a disruptive force across so many industries, Bahrain is continually in a strong position to leverage the opportunities available.”

Islamic finance assets grew 7 per cent globally to US$2.2 trillion in 2016 and are projected to reach US$3.8 trillion by 2022, showing great momentum in the sector. With 24 Islamic banks holding assets valued at over US$25.7 billion, the report also noted that Bahrain is making great strides through the promotion of Islamic finance education and literacy. Bahrain’s Islamic regulatory environment, where the Kingdom was placed first globally in overall regulations and in Shariah governance, was also praised. The Central Bank of Bahrain, recently, released a new Shari’ah Governance module which is significantly impacting the Shari’a compliance and governance standards among Islamic banks in Bahrain, in an effort to set clear benchmarks for the global Islamic banking market. The Shari’a Governance module sets higher standards of transparency, governance and competence, clarifying the roles and responsibilities of the management and the Board of Directors towards Shari’a compliance.

Fundamental to the growth of all banks is the power of data. Supporting the development of its financial services industry, Bahrain has also just been announced as the regional leader in ICT Development for the fourth year running, enabling other sectors to take advantage of the state-of-the-art technology available in the Kingdom.

“With Bahrain’s very high level of internet usage, we are capitalising on the development of the ICT sector,” said John Kilmartin, Executive Director of ICT at the Bahrain Economic Development Board (EDB). “Amazon Web Services (AWS) recently announced the launch of its first Region in the Middle East based in Bahrain. This is an indicator of the sentiment around investment in ICT here. We are in a unique position to foster the growth of disruptive technologies and promote innovation in traditional industries.”

The index measures ICT development based on skills, access and usage, relying on quantitative data sources from UNESCO and ITU. Bahrain is leading the MENA region in the ICT Development Index, ranking 33 out of a total of 188 countries worldwide, and far ahead of the other players in the region. Furthermore, Bahrain’s key strengths rest on an extremely high level of internet penetration, with 98% of the population being active internet users; this compares to an average of only 77.6% in European countries. It has amongst the highest levels of smartphone ownership, supporting a significant level of social media and online banking usage.

The Kingdom is supporting the disruptive power of technology and the growth of new industries by continuing with a policy of regulatory reform. This year saw the establishment of a regulatory sandbox, the introduction of Shari’a-compliant and traditional crowdfunding regulations, and saw the launch of Bahrain Fintech Bay, the largest Fintech hub in the Middle East, creating the right framework for technology to disrupt traditional Islamic finance.

-ENDS-

Notes to editors:

Further information:

Telephone: 17589966

Isa.mubarak@bahrainedb.com

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.

Manama, Bahrain – 19 December 2017: “unbound Bahrain”, a two-day festival to celebrate the most innovative start-ups in the GCC region, will be taking place in Bahrain from 7-8 March 2018 at the Bahrain International Circuit.

The festival is being organised by “unbound”, which specialises in global innovation events, and is being held in association with Bahrain Economic Development Board (EDB) and supported by “Startup Bahrain”.

“unbound Bahrain” will be part of StartupBahrain week and is expected to attract 1000 regional entrepreneurs, who will have the opportunity to meet with leading innovators and explore over 100 emerging technologies, products and services from across the region.

The festival will bring together fifty influential speakers from fintech, adtech, travel, e-commerce and more, for two days of panels and keynote speeches. Sessions will highlight the latest trends supporting the transition to a digital economy, as well as the creation of a supportive environment for innovation and e-commerce in the Gulf, the role that governments play in innovation, reaching the connected consumer and the future of finance. The festival will also feature a Female Founders Startup Challenge, startup-investor pitching, exhibitions and hackathons.

HE Khalid Al Rumaihi, Chief Executive of the EDB, said: “Technological advancements are revolutionising the way we do business and transforming our economies into digital powerhouses. Start-ups are playing a crucial role in driving this transformation, and in Bahrain, we are working hard to put in place a supportive ecosystem that will encourage the innovation the region needs. Events such as those organised by “unbound” are important platforms for discussing industry trends and for sharing the latest new products, solutions and services that will support long-term economic growth. We are delighted to be the partner for the first “unbound” festival to be held in the GCC.”

“Having helped fuel innovation ecosystems around the world over the past five years, I recognise the opportunity for growth of the knowledge economy of the Gulf and believe the kingdom to be an important strategic gateway for the region,” said Daniel Seal, Founder and CEO of unbound. “We’re thrilled to be working closely with the visionary EDB to bridge the gap between disruptive, emerging companies and established, international brands.”

Bahrain Technology Week, which took place in September this year, successfully highlighted the role that modern technology is playing in disrupting global industry and emphasised the positive contribution that start-ups make to developing regional economies. During the event, Amazon Web Services announced plans to launch its first Middle East Region in Bahrain by early 2019, improving access to state-of-the-art technology for Gulf-based businesses and reducing the need for costly data infrastructure. An innovation-focused forum organised by MIT University was also held during the week.

The award-winning “unbound” global innovation festivals are held across the world including in Singapore, London and Miami.

When: March 7 & 8, 2018- 9:00am – 6pm
Where: Bahrain International Circuit
Who: 1000 attendees – made up of 35% corporate and brand executives, 35% founders and entrepreneurs, 15% digital and media agencies, 5% government and trade agencies, 5% investors, 5% journalists.

-ENDS-

Notes to editors:

Please follow this link to apply for your press pass to unbound Bahrain.
Further information:
Telephone: 17589966
Isa.mubarak@bahrainedb.com

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.

About unbound

unbound connects brands and corporates with disruptive technology, products and services in order to fuel their innovation and growth. unbound works across three key areas: Labs, Insights and Festivals. Over 21,000 founders, entrepreneurs, investors, brand executives, startups and opinion formers will attend the award-winning unbound festivals in 2018. For more information, please visit www.unbound.live or follow on Facebook & Twitter, @unboundglobal.

Strong performance from the private sector led by Hotels & Restaurants, Social & Personal Services and Financial Services 

 Growth momentum remains well ahead of the regional norm

Manama, 20 November 2017: Growth in the non-oil sector of Bahrain’s economy reached an annual pace of 4.7% in the first half of 2017, ahead of the 4.0% non-oil growth recorded during 2016 as a whole, according to the latest Bahrain Economic Quarterly published by the Bahrain Economic Development Board (EDB).

The robust Strong non-oil growth figures were almost entirely due to activity in the private sector, underscoring the strength of structural and countercyclical growth drivers in the Bahraini economy. This positive momentum at a time of fiscal consolidation and minimal oil output growth underscores the dynamism of the Kingdom’s economy.

Non-oil growth in the first half of 2017 was broad-based with particularly strong momentum observed in sectors such as Hotels & Restaurants, Social & Personal Services and Financial Services, which all expanded more than 7% year-on-year in the period. Additionally, the Transportation & Communications and Real Estate & Business Activities sectors all posted solid figures.

Overall real economic growth in the Kingdom reached an annual pace of 3.4% for the first half of the year, which marked a small further improvement over the 3.2% pace of growth posted during 2016 as a whole. ​

The growth momentum of the Bahraini economy, apart from building on favourable demographics and connectivity, is benefiting further from a strong investment pipeline as well as important regulatory and institutional reforms. Major infrastructure projects serve as a particularly important source of economic continuity while also driving forward economic diversification and stimulating demand for goods and services across the non-oil economy.

Speaking on the publication of the report, Dr. Jarmo Kotilaine, Chief Economic Advisor of the Bahrain EDB, commented:

“The fact that growth figures have once again surprised on the upsides attests to the exceptional strength of the countercyclical growth drivers in the Bahraini economy, notably the unprecedented project pipeline, led by major ventures such as the airport modernization.

“However, growth is also increasingly benefiting from important structural reforms. During the first half of this year, initiatives such as pioneering crowdfunding regulations, a regulatory sandbox for fintech companies and a Cloud First policy (designed to help organisations take advantage of cloud technology), have dramatically improved Bahrain’s business environment. Bahrain is successfully positioning itself at the forefront of innovation at a time when the growth prospects for the Gulf economies are becoming increasingly tied to productivity.

“As a result of this and the opportunities being created by economic transformation across the region, we are seeing bigger and brighter names attracted to Bahrain. For example, Amazon Web Services, whose summit was one of the highlights of the recent Bahrain Technology Week, will be opening its first Middle East Region here by 2019.”

Bahrain’s tourism industry is also growing steadily. According to the Bahrain Tourism & Exhibitions Authority, the aggregate total number of tourists visiting Bahrain during the first three quarters of 2017 was 8.7mn – up 12.8% on 1-3Q16. With development projects worth approximately US $10 billion under construction across the Kingdom, including the US $159 million The Avenues shopping mall that was opened recently, and hotel resorts The One & Only in Seef and The Wyndham Grand in Bahrain Bay, this trajectory is set to continue in the near future.

Bahrain has a pipeline of infrastructure projects worth over US $32 billion either under construction or scheduled for the near future.

-ENDS-

Notes to editors:

Further information:

Telephone: 17589966

Isa.mubarak@bahrainedb.com

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.

Manama, Bahrain – 15th November 2017: HE Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) delivered keynote remarks during the 11th edition of the ‘Arab Conference at Harvard’, which was organized by the Harvard Arab Alumni Association along with the Harvard Business School MENA club and took place earlier this week at Harvard University in Boston in the United States.

The theme of the conference this year was “Arab Visionaries: Claiming Tomorrow”, which aimed at combating discriminatory and reductive imagination surrounding the Arab World that diminishes it to a geography of violence and failure.

During his speech, HE Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) highlighted the role of the EDB in helping Bahrain’s economy grow by attracting foreign investments, creating jobs in the local market and working with other government agencies to foster a holistic environment that supports economic expansion, innovation, and diversification.

HE Al Rumaihi also addressed a number of key topics affecting the business community today such as the impact of low oil prices, the need to enable innovation and disruption in our economies, and the importance of establishing an ecosystem that supports the private sector and entrepreneurship to help create opportunities that bring entrepreneurs back and encourage them to stay.

The Arab Conference at Harvard is the largest pan-Arab conference in North America, bringing together nearly 1,300 people of whom 65% are students in the US and 35% are professionals traveling from either the US or the Middle East to discuss key issues with the region’s most prominent politicians, key business public figures, and civil society leaders.

-ENDS-

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 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

Manama, November 09, 2017: INTRATOOL GROUP, a leading provider of engineering, technological and manufacturing services, has today launched the GCC operations branch of its service subsidiary. INTRA Services Company LLC specialises in critical and emergency services for the oil and gas industry, petrochemical, industrial and energy sectors.

INTRATOOL is a prominent Russian services company to have inaugurated a dedicated office in the Kingdom of Bahrain. The move comes as part of its ongoing commitment to the market and the drive to provide strong technical and engineering support to partners across the Gulf and Africa.

INTRATOOL is supported by several key Russian governmental authorities: Russian Export Committee, Russian Federal Industry Development Fund and Saint Petersburg Government, amongst others. The company has affiliate offices across Russia, the Caspian region (Kazakhstan, Azerbaijan, Turkmenistan) and the European Union (Germany and Lithuania).

Major customers for the company include Gasprom, Rosneft, Lukoil, Transneft, Shell, ExxonMobil, BP, NCOC and KIOS.

Growth within the critical and emergency services sectors is resulting in high demand for local, online operations that are available 24/7. The INTRA Engineering Hub will support the company’s localisation program and is expected to create technical and senior level jobs in the local labour market within the first three years. The Bahrain office will then be used as a base from which to develop the regional strategy.

The launch ceremony was attended by INTRATOOL senior management including Mr. Sergey Terentiev, Chairman, Mr. Alexander Shilov, President, and Mr. Evgeniy Shakirov, GCC Branch Director. The office was opened in the presence of Mr. Vagif Garaev, the Ambassador of the Russian Federation to Bahrain, HE Sheikh Hisham bin Abdulrahman Al Khalifa, the Capital Governor, Jasim Alghatam, General Manager of Dynamic Structures, and Hussain Rajab, Executive Director of Manufacturing, Transport and Logistics at the Bahrain Economic Development Board (EDB).

The Bahrain EDB supported INTRATOOL during the set up process in Bahrain and H.E. Khalid Al Rumaihi, Chief Executive of the EDB said: “Bahrain offers businesses a highly connected, low-cost and well-regulated location at the heart of the GCC from which to build their regional operations.

“Investments from companies such as INTRATOOL are critically important to Bahrain- they act as a catalyst for economic growth and create high quality specialised jobs in the local market. They also demonstrate the success of the EDB’s efforts to attract investment into Bahrain and are testament to the strength of Bahrain’s well-diversified economy.”

Sergey Terentiev, Chairman of INTRATOOL said: “We are very impressive of the great support of the Bahrain Governmental office and the support of the our Bahrain partners: Dynamic Structures, EDB, Tamkeen and others friends. Our countries are getting close to each other that provide exclusive situation for business opportunities. We look forward to establish in the Bahrain is unique business hub for services operations in the GCC region. We would like to establish a channel for the Russian technologies to the region to bring innovation to increase the efficiency of the business in the region.

Evgeniy Shakirov, GCC Branch General Director, added: The Branch Director of the INTRA Branch, Evgeny Shakirov read the official letter from the Government of the Saint Petersburg which says: “The Governor of the Saint Petersburg would like to send you most sincere greetings on setting up a branch of INTRA Services Company in the Kingdom of Bahrain. It is a pleasure to mention that the INTRATOOL Group is the first Russian company providing special services for oil and gas industry and the first St. Petersburg company opening its branch in the Gulf. The Government of St. Petersburg is ready to support the INTRATOOL Group in promoting projects and establishing the links with local authorities and business circles in the Kingdom of Bahrain and the Gulf countries. I wish you and your team suceess.”

Establishing a strategic technological and engineering hub in Bahrain is a key part of INTRATOOL’s goal to grow the group’s operational footprint in the Gulf, expanding into the wider GCC region from a solid and active operations base in Bahrain. The Gulf region is an exciting new market for INTRATOOL, which sees great potential driven by high demand for its services in the market.

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