Armada launches US$50 million logistics centre in Bahrain – expected to create more than 400 jobs when operational –

May 14, 2017

Manama, 14 May 2017: ARMADA, a leading GCC textile and fashion distribution company, has today broken ground on the construction of its US$50 million regional logistics centre in the Bahrain Logistics Zone. The logistics centre is expected to create more than 400 jobs when operational.
ARMADA, established in Kuwait in 1973, specialises in the distribution of leading international textile and fashion brands. ARMADA has expanded from a single shop into a popular chain with 250 branches around the GCC and representing 15 international brands such as RIVA, CHOICE and ESCADA.
The ARMADA logistics centre is expected to generate up to US$70 million worth of revenue annually. The logistics centre will rely on an intelligent storage system to increase capacity and facilitate the fast and efficient processing of goods between ARMADA’s logistics centre and the exports processing areas.  Construction of this centre is expected to be completed within 18 months.
The ground breaking was attended by Mr. Ahmed Al Tahan, Chairman of ARMADA, H.E. Engineer Kamal bin Ahmed Mohammed, Minister of Transportation and Telecommunications and HE Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB).
Mr. Ahmed Al Tahan, Chairman of ARMADA, said: “Bahrain’s business friendly environment and strategic location offer us many opportunities to expand in the region. In addition, it has the shortest travel time in the region between its exports hubs and logistics zones. This is the main reason for choosing Bahrain as our regional hub, as it allows us to easily reach out into other markets.”
H.E. Engineer Kamal bin Ahmed Mohammed, Minister of Transportation and Telecommunications said: “Bahrain has built its transport and logistics sector with a strong, modern infrastructure network that supports business growth and facilitates access to the neighbouring markets. With high quality logistics services, the strategic Bahrain Logistics Zone offers a natural hub for both regional and international trade.”
As part of its efforts to attract investment and create jobs in the local market, the EDB has supported ARMADA during the set-up process in Bahrain. HE Khalid Al Rumaihi, Chief Executive of the EDB said: “We welcome ARMADA’s decision to choose Bahrain as a regional hub for its logistics operations, as many high-profile international logistics companies have before them. Bahrain’s strategic location at the centre of GCC, its cost-effective operations environment, and the availability of a highly-skilled and well-educated workforce are important factors which will ultimately attract more investment to the Kingdom.”
The logistics sector is a key enabler to the growth and diversification of Bahrain’s economy. It contributes 7% to the Kingdom’s GDP and provides more than 19,000 jobs for the local market.
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Notes to editors:
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include tourism, manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com

Bahrain to participate in transport logistic exhibition in Munich

May 08, 2017

– Delegates to hold high-level meetings with exhibitors and investors –

Manama, 8th May 2017: The Bahrain Economic Development Board (EDB) will participate in Transport Logistic Exhibition in Munich this week. A high-level delegation will showcase investment opportunities within Bahrain’s growing transportation and logistics sector.
The Bahrain delegation will include His Excellency Kamal bin Ahmed Mohammed, Minister of Transportation and Telecommunications; His Excellency Khalid Al Rumaihi, EDB’s Chief Executive, and senior representatives from the private and public sector. At the Exhibition, the delegation will hold bilateral meetings with exhibitors, businesses and investors.
The EDB’s participation in the Transport Logistic Exhibition is part of its efforts to attract investment and create job opportunities in the local market. The exhibition is a world-leading trade fair for logistics, mobility, IT, and supply chain management. It acts as the business platform and driving force behind the global logistics and transport industry, and will include a comprehensive conference programme gathering logistics companies from around the world under one roof.
HE Al Rumaihi said ahead of the roadshow:
“Germany and Bahrain are strong trading partners with a history of cooperation in business. Our countries’ relationship has gone from strength to strength ever since we entered economic bilateral relations in 1972. Today, non-oil trade continues to grow between both nations, where it has grown from BHD141 million in 2009 to more than BHD198 million in 2016.
“Participating in the Transport Logistics Exhibition in Munich represents a perfect and timely opportunity to promote our economy and help international investors take advantage of the opportunities that Bahrain’s logistics sector offers. Strategically located in the Gulf, Bahrain provides easy access to the GCC markets.”
The Kingdom is making substantial investment in infrastructure through a programme worth over US 32billion. It includes, among other projects, an airport modernisation programme which will increase the air cargo volume to 1 million metric tonnes per annum once the project is completed in 2020.
Bahrain is the preferred location for many international logistics businesses, with companies such as DHL, Agility and the German Schmidt ME Logistics all choosing Bahrain as a hub for their operations in the Gulf.
-ENDS-
Notes to editors:
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, 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. The financial services sector is particularly strong in Bahrain and the EDB works to support the continued growth of the banking industry and key sub-sectors, including Islamic finance.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

Mastercard Inaugurates First Office in Bahrain

May 03, 2017

Opening of a dedicated office reinforces Mastercard’s commitment to strengthening its presence in the wider Middle East & Africa region

Dubai, UAE – 03 May 2017: Mastercard, a leading technology company in the global payments industry, has inaugurated its first dedicated office in the Kingdom of Bahrain. The move comes as part of its ongoing commitment to the market and drive to provide strong on-ground support to partners across the wider Middle East and Africa region.
To mark the occasion, Mastercard organized an exclusive event for its key stakeholders in Bahrain, where senior Mastercard executives including Raghu Malhotra, President, Middle East and Africa and Khalid Elgibali, Division President, Middle East and North Africa, hosted H.E. Khalid Al Rumaihi, Chief Executive of Bahrain Economic Development Board (EDB), among other local customer banks and officials.
“Mastercard has a long and rich history with the Kingdom, and the opening of our first dedicated office further cements our footprint in the market as we get ever closer to our local partners. We have a robust expansion and growth strategy in place for the region, and the establishment of our formal presence is a key pillar as we look to further meet the market-specific needs of our customers. We look forward to leveraging our global and local expertise and innovation capabilities to roll out world-class payments technologies in this market alongside our partners,” said Raghu Malhotra, President, Middle East and Africa, Mastercard.
“As a prominent financial center in the region, Bahrain is making great strides towards becoming a fintech hub, and through our tailored products and payments solutions, we are excited to play an active role in the future growth and development of the payments sector in the Kingdom,” added Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.
H.E. Khalid Al Rumaihi, Chief Executive of the Bahrain EDB, said: “With our supportive ecosystem, mature regulation and sound governance, as well as a longstanding history as a regional financial center, the financial services industry in the Kingdom is one which continuously evolves to meet the needs of the region. We see many exciting opportunities within the industry, and particularly rapid growth in the Fintech sector, and we are delighted to welcome Mastercard to Bahrain, and its new payments solutions to the market.”
Mastercard’s decision to open its Bahrain office and follow through with it was influenced by EDB’s catalytic role throughout the registration process and the access gained to important local industry players. The office will operate under the name: Mastercard Singapore Holding Pte Ltd – Bahrain Representative Office.
The commencement of Mastercard’s formal operations in Bahrain follows the opening of a dedicated office in Pakistan in late 2016.
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About Mastercard:
Mastercard (NYSE: MA), www.mastercard.com,is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardMEA and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on theMEA Engagement Bureau.
Mastercard Communications Contact
Omar Abuhanoud, +971 4 563 8603
omar.abuhanoud@mastercard.com

15 Hotels Worth US$10 billion to Open in Bahrain by 2020 • Room capacity to increase by 4,000 rooms

April 26, 2017

According to figures released in the latest Bahrain Economic Quarterly (BEQ) by the Bahrain Economic Development Board (EDB), the Kingdom’s hotel and restaurant sector witnessed robust growth at a rate of 3%. This was underpinned by plans to establish 15 new five and four-star hotels and beachfront resorts, with a collective investment value of more than US$10 billion over the next five years.
The list includes world-renowned hotel brands including: The One&Only Resort, Wyndham Grand Hotel, Fairmont, Vida Hotel & Resort, The Address Hotel & Resort, Ibis Hotel and Pullman Hotel.  These hotels will add to the Kingdom’s existing portfolio of over 190 hotels and resorts. This includes 18 five star hotels, 48 four-star hotels, 35 three star hotels, 81 serviced apartments and 11 resorts. These hotels currently offer a capacity of more than 16,500 rooms, with big names such as the recently opened Four Seasons Hotel Bahrain Bay, ART Rotana Amwaj Islands Hotel & Resort, Downtown Rotana, the Westin and Le Meridian Hotel Bahrain City Centre.
In order to continue to attract new visitors and support demand, Bahrain unveiled its brand-new tourism identity: ‘Ours. Yours. Bahrain’ as part of Bahrain Tourism and Exhibitions Authority’s (BTEA) commitment towards reinvigorating the Kingdom’s tourism industry. The campaign’s strategic and infrastructural initiatives aim to increase this amount to US$1 billion by 2020, effectively doubling tourism’s contribution to Bahrain’s GDP from 3.6% to 6.6%.
BTEA also established six international offices to help drive development and raise awareness of Bahrain’s tourism in key global markets such as: UK, France, India, Germany and Russia.
Stressing the importance of the Kingdom’s developments in the tourism and hospitality sectors, HE Khalid Al Rumaihi, Chief Executive at the Bahrain EDB commented: “These future investments in the hospitality sector will bring several new international hotel chains to the Kingdom and raise the profile of existing ones. It is expected to increase hotel capacity by around 4,000 hotel rooms in the country by 2020 and fill the gaps in the market, especially in the mid-market and luxury sector – for example, in the development of all-inclusive premium resorts.
“These new developments will both help to meet rising demand and attract new visitors to the Kingdom. Bahrain showed strong growth in tourist numbers in 2016, witnessing a 6% increase in the number of tourist arrivals, receiving 12.2 million. Bahrain is a regional hub for tourism, with over 300 million people within two hours flight, of which the majority are regional visitors travelling from within the GCC.”
The tourism sector is an essential pillar of the Kingdom’s economy. Bahrain views the sector as a key area of growth, and has been focusing its efforts towards its development alongside financial services, manufacturing, ICT, transportation and logistics.
As a result of strong fundamentals and new investment the sector is expected to continue to grow. In 2015, the tourism sector accounted for 6% of the total GDP and contributed revenues of US$1.9 billion  to the Kingdom’s economy. The Kingdom’s tourism market is expected to grow at a CAGR of 4.8%, reaching US$1 billion by 2020. In 2014, Bahrain’s tourism sector was the highest direct contributor to GDP of any economy in the Gulf.
The Kingdom’s Key Tourism Developments
The Kingdom has a strong pipeline of infrastructure projects worth over $32billion, some directly supporting the tourism sector. They include a second causeway linking Bahrain and Saudi Arabia which will connect the two countries by road and by the proposed GCC rail network, in addition to the US$1.1 billion Bahrain International Airport modernisation programme, which on completion will increase the airport’s capacity by 65% to receive up to 14 million passengers per year.
Alongside the expansion and modernisation of Bahrain International Airport, Gulf Air – Bahrain’s national carrier – announced on the side-lines of the 2016 Bahrain International Airshow that it will expand its aircraft fleet with an order valued at US$7.6 billion consisting of 16 Boeing 787-9 Dreamliner, 17 Airbus A321neo and 12 Airbus A320neo aircraft.
Cruise-ship holiday-makers are also a target for the Kingdom, and Bahrain has received over 90,000 passengers in the 2016/2017 GCC cruise season.
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KuveytTurk Turkey to relocate gulf operations to Bahrain

April 18, 2017

 
Manama, 18 April 2017: Kuwait Turkish Participation Bank Inc (Kuveyt Turk), Kuwait Finance House’s leading subsidiary in Turkey, has announced today the relocation of its Gulf operations and staff to Bahrain. Following the move, KuveytTurk Bank will centralize its regional Treasury activities out of Bahrain under its existing wholesale banking license.
 
KuveytTurk, with the support of Kuwait Finance House’s advanced network and experience in interest-free banking, has acted as a bridge for Turkish investors looking to grow internationally, especially within the Gulf Region. At the end of 2016, KuveytTurk Bank had paid up Capital of TRY 2,787,322,000 and an equity of approximately $1.2 Billion (4.2 billion TRY), and is looking to expand its services in the GCC region over the next three years. In 2015 KuveytTurk also set up the first and only Islamic Bank in Germany named as KT Bank AG Germany. KT Bank AG have also started to play an important role for the trade business between Germany and GCC Countries.  
 
KuveytTurk joins a number of other leading Turkish companies operating in Bahrain. This includes several prominent Turkish banks, including Yapi ve Kredi Bankası A.S., Vakıfbank Turkiye Vakiflar Bankasi, Finansbank A.S., Kuwait Turkish Participation Bank Inc., Turkiye Halk Bankası A.S, Denizbank A.S., ING Bank A.S., Turkiye Finans Katilim Bankasi A.S., T.C. Ziraat Bankasi A.S. and Turkiye Is Bankası A.S. Bahrain has proven to be a popular place for Turkish companies, with over 1,000 Turkish employees living and working in Bahrain.
 
Mr. Cetin Yurttaser, Director of KuveytTurk Bahrain said: “We had presence in other Financial Centres within the Region and experienced that Bahrain has the best legal and regulatory infrastructure supported by the Central Bank of Bahrain therefore have decided to move back and centralise our GCC Treasury activities within Bahrain”
 
Mr. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) said: “We are pleased to welcome KuveytTurk Bank to Bahrain and believe it is testament to the growing ties between our two countries.
 
“The economic change we are seeing across the GCC is helping to create exciting opportunities for international investors and the expertise and scale of Turkish companies mean they are well placed to play an important role in the region in the years to come.”
 
– ENDS- 
Notes to editors:
 
Further information:
May Taher, Bahrain Economic Development Board
Tel: + 973 1758 9972
Email: internationalmedia@bahrainedb.com 
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
 
Key areas of focus include tourism, manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
 
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com

MALAYSIA’S SIRIM QAS International opens regional branch office in Bahrain

April 09, 2017

 
MANAMA, 9th April 2017 – SIRIM QAS International, Malaysia’s premier certification and testing body, has opened its maiden branch office in the Middle East in Manama, Bahrain. Upon opening, SIRIM QAS International will be offering the IECEx certification of personnel competence for explosive atmospheres, IECEx certified service facilities certification, product certification and management system certification services in Bahrain. 
Speaking at the opening ceremony, SIRIM Chairman, Tan Sri Dr. Ir. Ahmad Tajuddin Ali, said: “SIRIM QAS International has intentions to be a Gulf Cooperation Council (GCC) Notified Body to help Malaysian manufacturers and those in neighbouring countries obtain ‘Gulf Marking’ to penetrate the GCC market, expanding trade between both countries.
“We chose to set up our regional headquarters in Bahrain because of the country’s strategic location, attractive liberal business environment and its reputation as a modern industrial, business and service centre in the region. Bahrain’s strong growth prospects and natural gateway into the GCC market make it an ideal destination for any international company interested in expanding to the fast growing Middle East region.”
The Assistant Undersecretary of Domestic Trade at the Ministry of Industry, Commerce and Tourism Mr. Hameed Rahma said: “We are pleased to welcome SIRIM QAS International to Bahrain, SIRIM is a leading international certification and testing organisation with over 40 years of experience. We and the EDB support such investments that strengthen the standardization infrastructure, enhance the ability to test products and boost consumers’ confidence in the products offered in the market. Bahrain offers investors a strategic location, an attractive investment climate and a reputed regional hub for commerce, manufacturing and trade. SIRIM can capitalize on those benefits and use Bahrain as a gateway to expand to the region.”
Mr. Rahma also said: “SIRIM is planning to be a certified body by GCC Standardization Organization to provide conformity certificates based on GCC product safety programs. This will support Malaysian manufacturers as well as manufacturers in the GCC to obtain the conformity certification for required products and will also help to increase trade between Malaysia and the GCC countries.”
The Bahrain Economic Development Board (EDB) provided full support to Sirim QAS in establishing their new regional office. Commenting on the announcement, Mr. Khalid Al Rumaihi, Chief Executive of the EDB said:
“We are delighted to welcome Sirim QAS International and their expertise to the Kingdom. The company joins a number of other firms taking advantage of the Kingdom’s regional connectivity, business friendly regulations and low operating costs. These advantages make Bahrain an ideal platform for international businesses to grow. We look forward to continuing our support for SIRIM QAS and other prospective Malaysian businesses as they seek to expand their operations in the Middle East and around the world.”
 
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About SIRIM Berhad

A wholly-owned company of the Malaysian Government under the Ministry of Science, Technology and Innovations, SIRIM Berhad is a premier Research and Technology organisation providing timely and focused research, developing new technologies and improvements in the manufacturing, technology and services for the Malaysian industrial sector. SIRIM Berhad is also a champion of Quality and has gained international recognition, underlying its mission of “being a total solution provider in quality and technology innovations.” www.sirim.my
About SIRIM QAS International

SIRIM QAS International is Malaysia’s leading conformity assessment body with over 40 years of experience in providing certification, inspection and testing services in Malaysia and overseas.  It is a wholly-owned subsidiary of a Malaysian government-owned company, SIRIM Berhad.  The various accreditations and recognitions from Malaysian and international bodies not only attest to its impartiality and competence in conformity assessment but also facilitates the acceptance of its certificates and test reports worldwide. www.sirim-qas.com.my
 
MEDIA CONTACT:
Ruhil Amani Zainal Abidin, +6013 2010402 ruhil@sirim.my 
Patricia Limbang, +6019 268 5679 patricia@sirim.my

Spring of Culture Events Continue with “A Tale or Two for Alef”

April 05, 2017

  
Manama – Economic Development Board, 5th April 2017: Spring of Culture continues this weekend with the children’s play, “A Tale or Two for Alef” The play starts on Thursday 6th April and is being performed over a period of three days.
 
“A Tale or Two for Alef” draws on the rich cultural heritage of folktales from across the region, and features puppets, music and opportunities for audience interaction. The show was created by the local team that brought “Chaos in the Town” to last year’s Spring of Culture festival, in collaboration with the Jordanian/Czech Dafa Puppet Theatre.
 
The play tells the story of a young girl, Alef, who embarks on a great adventure. On her way to find the mysterious land of gold, she meets four friends who have had to leave their homes, and together the children discover wonderful new worlds.
 
“A Tale or Two for Alef” will play for three days, commencing Thursday 6th April with a single show at the Alumni Club in Adliya at 5pm and followed by three shows each day on Friday and Saturday at 10:30am, 3pm and 5pm at the same venue.
 
The Bahrain Economic Development Board (EDB) supported the “A Tale or Two for Alef” shows as part of its support of local talents. The Spring of Culture festival, recognised as one of the leading cultural events in Bahrain, contributes significantly to Bahrain’s tourism sector each year, which is a priority sector for the EDB.
 
Tickets for the event are available for sale at the Spring of Culture stand at City Centre Bahrain Entrance Four and online on the festival’s official website www.springofculture.org. The 12th annual festival runs from February to April 2017 and hosts a number of prominent local and international artists.
 
The Gold Sponsors of this year’s festival are the National Bank of Bahrain, Huawei, GFH Financial Group, while Silver Sponsors include Bahrain Airport Company, Aluminium Bahrain (ALBA), Bank of Bahrain and Kuwait, DHL and Bahrain Duty Free. Additional support has been provided by the Bahrain Institute of Banking and Finance (BIBF), Investate, the National Oil and Gas Authority and Bahrain Maritime & Mercantile International (BMMI) and the embassies of Italy, Japan, USA and Mexico in Bahrain.
 
For the latest news and updates on events, follow the official Spring of Culture account @springofculture on Instagram, Twitter, and Facebook.
 
Full details of the Spring of Culture and its various activities are available on the website www.springofculture.org.
 
-ENDS-
 
For more information, please contact:
 
Economic Development Board
Telephone: +973 17589966
E-mail: NC@BahrainEDB.com
 
Notes to editors:
 
About Spring of Culture
The Spring of Culture is an annual festival recognised as one of the most significant cultural events in Bahrain. The festival is organised by the Bahrain Authority for Culture and Antiquities (BACA) in cooperation with the Economic Development Board (EDB), Shaikh Ebrahim Centre for Culture and Research, Al Bareh Art Gallery, Al Riwaq Art Space and La Fontaine Centre for Contemporary Art.
 
The Spring of Culture has offered up a multitude of exciting and distinctive experiences over the past twelve seasons. The annual festival has brought an array of talented artists from Bahrain, the Arab world and beyond, covering theatre, art, music, poetry and literature. The festival also includes a host of other cultural activities held throughout the Kingdom that highlight Bahrain’s rich heritage and unique cultural and historical landmarks, entertaining and educating local citizens and overseas visitors.

New laws bring Bahrain on par with international financial capitals

April 03, 2017

Bahrain First in GCC to Integrate Laws in Legal System
-EDB and CBB to Promote laws to Financial Institutions-
Manama, 3rd April 2017: Bahrain’s latest three financial laws will be the focus of an outreach programme introduced by the Economic Development Board (EDB) in partnership with the Central Bank of Bahrain (CBB). The programme aims to explain the importance of the “Trusts Law”, the “Investment Limited Partnership” and the “Protected Cells Companies” to financial institutions and banks in the Kingdom, while also promote discussion to support in further enhancing the sector’s performance.
These new laws offer innovative forms of structures and financing that complement the range of existing structures available in the Kingdom. They work together to enhance Bahrain’s competitiveness in financial services and make it easier to raise finance, conventional and Islamic, for investment activities.
Mr. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) said: “We see great potential in the GCC for investors looking for strong returns – and the development of the local funds industry can play an important role in facilitating that investment.
“These reforms will provide a strong boost to the sector, support growth in a number of areas and help to make Bahrain a highly competitive location for those looking to access the opportunities around the Gulf.”
The outreach programme will facilitate an ongoing dialogue with industry to discuss opportunities of further boosting Bahrain’s position as a financial hub, said Mr. Abdulrahman Al Baker, Executive Director of Financial Institutions Supervision at the CBB.
“The Kingdom has a strong and mature financial sector that is only growing in par with international markets, and we at the CBB are looking for ways to nurture this growth with the joint support of the EDB, our main partner,
“We have introduced the outreach programme to stress the importance of the three laws enacted last year and to show the favourable position of Bahrain in the region, providing investor friendly, cost and time effective solutions.”
Mr. Brian Howard, Partner at Trowers & Hamlins, said: “The addition of the new investment limited partnership law, the protected cell companies law and the new trusts law in Bahrain, opens the door to many new lines of business and investment structures not previously available and brings Bahrain’s structuring options in line with the best modern international examples.
“The Kingdom of Bahrain is the first country in the GCC region to introduce such structures into its mainland legislative framework and we know that investors and institutions have been looking forward to the new opportunities these laws present. We are delighted to have been able to support the Central Bank of Bahrain, the Economic Development Board and the Kingdom of Bahrain in these developments.”
Bahrain has become the first country in the GCC region to integrate this type of laws into its legal system nationwide. Other jurisdictions have issued such limited partnership laws through free zones only.
The laws enhance the sector competitiveness and create new funding mechanisms. The Limited Partnership Law is expected to provide a strong boost to the sector, supporting growth in real estate funds, private equity funds, venture capital and technology funds, startups, and Shariah compliant funds, as well as captive insurance.
The introduction of the Trusts Law aims to regulate the creation of a trust and its liabilities, as well as allowing establishment of a trust for charitable and non-charitable purposes. Meanwhile, the Protected Cell Companies law is looked to allow strengthening investors’ rights in separating their private assets from company running the fund, as well as lowering running costs.
-END-
Notes to editors:
Further information:
Communications
Economic Development Board
Tel: + 973 1758 9966
Email: Communications@bahrainedb.com
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include tourism, manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.

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

H.R.H the Crown Prince stresses the importance of economic competitiveness in latest EDB Board meeting

April 02, 2017

Manama, 2nd April 2017:  His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the Economic Development Board (EDB) chaired the EDB’s board meeting at the organisation’s offices in Bahrain Bay. At the meeting, His Royal Highness stressed the importance of strengthening the Kingdom’s competitive position through implementing initiatives to enhance the business environment and attract investment into the Kingdom. 
 
Ensuring the Kingdom’s competitiveness is vital to maintaining sustainable economic development, allowing for the creation of high quality jobs for Bahrainis, which is one of the EDB’s core principles stemming from the Kingdom’s Economic Vision 2030.
His Royal Highness also highlighted the Kingdom’s numerous achievements, demonstrating the importance of continuing to develop the infrastructure that enables key sectors of the economy to enhance their performance.
 
His Excellency Khalid Al Rumaihi, EDB Chief Executive, presented the latest economic developments and the EDB’s initiatives in collaboration with relevant Ministries and Authorities that aim to enhance competitiveness. Developments include the introduction of a new bankruptcy law, the improvement of the commercial dispute resolution process, and initiatives facilitating the commercial registration process, all of which make registration more efficient, improve the judicial system, and support the SME sector.
 
His Excellency also discussed the EDB’s strategy towards attracting investment in target sectors by introducing prospective investors to these opportunities at major international events. Additionally, the EDB has expanded its international presence and now operates offices out of KSA, the UAE, Turkey, the East Coast of the United States of America, Malaysia, Singapore, Sweden, Finland, Netherlands and Denmark, in addition to previously existing offices in Japan, India, China, and the UK, among others.
The EDB’s achievements in the first quarter of the year were also highlighted, where 14 companies were attracted to establish operations in the Kingdom, creating more than 350 jobs in the sectors of logistics, ICT and social and personal services.
The EDB has met with more than 150 financial institutions during the past year in Bahrain,  encouraging them to embrace FinTech and to develop an agenda for innovation. HE also emphasized the role of the Central Bank of Bahrain (CBB) in creating the ecosystem needed to support an innovative and an inclusive financial sector, along with the initiatives that the EDB and its partners are working on to strengthen Bahrain’s position in the FinTech field. The EDB has also recently announced a strategic partnership with
the Singapore FinTech Consortium and Trucial Investment Partners. The partnership demonstrates the Kingdom’s ambitions towards becoming the leading regional hub for FinTech and a global Islamic FinTech hub. The partnership will ensure that Bahrain has the right ecosystem and regulatory framework in place for the development of the sector.
 
– ENDS –
 
Notes to editors:
About The Bahrain Economic Development Board (“EDB”)

The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include tourism, manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
 
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com
 

Innovation is key at the GCC Financial Forum

March 29, 2017

Around 800 financiers, economists, academics and policy-makers recently came together in Bahrain to determine how the GCC funds its future.
These high-level delegates attended the sixth annual GCC Financial Forum, which took place February 27-28 at the Four Seasons Hotel, Bahrain Bay, Manama.
The event featured world-renowned speakers, interviewees and panellists. In wide-ranging speeches and discussions they delivered insight into the evolution of the Gulf’s financial markets, outlined regional challenges and explored how these can be met with innovative FinTech solutions.
The Bahrain Economic Development Board (EDB) has co-hosted the Forum since its inception in 2012. This continuous support underlines Bahrain’s pre-eminence as a regional financial services centre. The Kingdom has more than 40 years’ experience, the highest concentration of financial institutions, a powerful reputation for regulation through the Central Bank of Bahrain and strength across sectors from private banking to Islamic finance.
Victoria Behn, Director of Middle East and Africa at Euromoney Conferences, commented: “We are proud to host the GCC Financial Forum for the sixth consecutive year in partnership with the Bahrain Economic Development Board and we are excited to present a significantly upgraded event for 2017. Our flagship Forum has uniquely established itself as a truly international gathering which provides an ideal platform for financial experts, business leaders and policy-makers to exchange ideas, develop new contacts and participate in informed, impartial and leading-edge discussions.”
Keynote speakers and interviewees
H.E. Mr Rasheed Mohammed Al Maraj, Governor, Central Bank of Bahrain
Francis Fukuyama, political commentator, futurist and author
Lord Adair Turner, Chairman, Institute for New Economic Thinking
Chris Skinner, FinTech commentator and author
Khalid Al Rumaihi, Chief Executive, Bahrain Economic Development Board
Mahmood Hashim Al Kooheji, Chief Executive Officer, Mumtalakat
Adel A. El Labban, Chief Executive Officer, Ahli United Bank
Bassel Gamal, Group Chief Executive Officer, QIB
Jean Lemierre, Group Chairman, BNP Paribas
Panel discussions
The macro environment and financial sector outlook for 2017: global politics, currencies and more
The GCC financing challenge: oil market dynamics, fiscal strategy, new funding sources
Harnessing the power of private capital: interest rates, regulation, infrastructure
Creating vibrant financing platforms – innovation in payments: FinTech opportunities and implications
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