Page 33 – Invest in Bahrain

Leading Logistics Provider Opens New USD 20million Joint Venture Facility in Bahrain

Posted on November 9, 2017August 27, 2020 by edbuser

Investment to support the expansion of regional operations in the chemical and petrochemical markets

Manama, Bahrain – 8 November 2017: nogaholding, the investment and business development arm of National Oil and Gas Authority (NOGA), and Schmidt Heilbronn has today inaugurated its new joint venture facility, Schmidt Logistics Bahrain.

The US 20million facility will create around 100 jobs in the logistics sector (directly and indirectly). It is located in the Bahrain Logistics Zone and will support the zone’s expanding operations, particularly in the chemical and petrochemical logistics market.

Schmidt Logistics Bahrain was opened by H.E. Shaikh Mohamed bin Khalifa Al Khalifa, The Minister of Oil and Chairman of nogaholding, and Mr. Thomas Schmidt, CEO and Managing Partner of Schmidt Group. The event was attended by high dignitaries and officials including H.E. Kamal bin Ahmed Mohammed, Minister of Transportation and Telecommunications; H.E.

Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB); H.E. Dr. Mohammed bin Dainah, CEO of the Supreme Council for Environment; Dr. Dafer Al Jalahma, Chief Executive at nogaholding and Chairman of Schmidt Logistics Bahrain; and Bassam Al Khaja, General Manager of Schmidt Logistics Bahrain among other officials and dignitaries.

H.E. Shaikh Mohamed bin Khalifa Al Khalifa said: “We would like to congratulate Schmidt on the launch of our new joint venture facility here in Bahrain, where there is great demand for its highly-specialised services”.

Dr. Dafer Al Jalahma, Chief Executive at nogaholding and Chairman of Schmidt Logistics Bahrain said: “Our new facility will have a significant positive impact on the regional chemical and petrochemical industries and facilitate quicker and easier transportation of goods around the GCC. Through our partnership with Schmidt we are proud to have supported the establishment of this facility, and will continue to provide support for its operations in the future.”

Mr. Thomas Schmidt said: “This new development is a reflection of the huge growth we see in the regional logistics industry. It also represents the confidence we have in Bahrain as one of our key strategic operational bases in the Gulf region. We originally chose to locate a significant proportion of our services in Bahrain because of the strong transportation links with neighbouring countries, excellent logistics infrastructure and supportive regulations.”

“We are now in a position to be able to capitalise further on these competitive advantages and expand our regional offering.”

Joint efforts from nogaholding, the Ministry of Transportation and Telecommunications, Bahrain EDB, Supreme Council for the Environment and Customs Affairs have led to the establishment of Schmidt Logistics Bahrain. H.E. Khalid Al Rumaihi commented at the event:

“The manufacturing and logistics sector is one of the strongest in the Kingdom and Bahrain attracted more than USD 200 million of investment into this sector in the first half of the year – investments that will create more than 1,000 jobs over the next three years. Joint investments such as Schmidt Logistics Bahrain enable the growth of this world-class industry and attract companies with specialised expertise and operational skills to Bahrain to support the supply chain, creating high-quality employment opportunities for the local market.”

The Bahrain Logistics Zone offers competitive set up and operational rates, specialised services for import/export and re-export activities, efficient turnaround times and close proximity to transportation hubs such as the Khalifa Bin Salman Port and Bahrain International Airport. Strategically located in the heart of the Gulf, Bahrain offers international logistics companies an ideal base from which to launch their regional operations.

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About Schmidt Heilbronn
The Karl Schmidt group has grown into one of the leading logistics providers for dry-bulk products in Europe. With 35 locations, 1400 employees and a fleet of more than 800 trucks plus approx. 5000 containers the company is represented at all major European production sites for polyolefins.

Schmidt offers a full range of services, which may be relevant during transport, storage and handling of dry-bulk products. The service starts from the receipt of the material directly from the production line and finishes with the delivery to the end-user.

Based on an excellent knowledge of bulk products and many years of practical experience, Schmidt logistics experts are able to fulfill all the requirements expected from a logistics service provider, core competence is provided in transport organization, storage, planning and operation of logistics complexes, outsourcing and logistics consulting.

For further information about Schmidt, visit www.schmidt-heilbronn.de

About nogaholding
nogaholding is 100 per cent. owned by the Government of Bahrain and plays a fundamental role in the execution of the Kingdom of Bahrain’s policy in the oil and gas sector and stewardship of the Kingdom of Bahrain’s investment in oil, gas and petrochemical assets.

nogaholding’s main portfolio includes: The Bahrain Petroleum Company (BAPCO), The Bahrain National Gas Company (Banagas), The Bahrain National Gas Expansion Company (Tawseah), The Bahrain Aviation Fuelling Company (BAFCO), The Bahrain Lube Base Oil Company (BLBOC), The Gulf Petrochemical Industries Company (GPIC), Tatweer Petroleum, Bahrain LNG W.L.L and Bahrain Gasoline Blending.

For further information about Schmidt, visit http://www.nogaholding.com

Bahrain and FinTech Consortium launch the largest dedicated FinTech hub in the Middle East and Africa

Posted on November 5, 2017August 25, 2020 by edbuser

Manama, 5 November 2017: The Bahrain Economic Development Board (“EDB”) and FinTech Consortium (“FTC”) announced today the launch of “Bahrain FinTech Bay” (“BFB”), the largest dedicated FinTech hub in the Middle East and Africa. The new hub aims to further the development and acceleration of Fintech firms as well as the interaction between investors, entrepreneurs, government bodies and financial institutions.

BFB, with an area of over 10,000 square feet of usable space, is located in the Arcapita building overlooking the waters of Bahrain Bay and the Arabian Gulf. Scheduled to open in February 2018, it will comprise state of the art facilities, co-working spaces, communal areas, workstations, hot desks, and a variety of other shared infrastructure, making it the ideal hub for local and international corporate innovation labs and FinTech start-ups to base themselves in.

FinTech Consortium (“FTC”), through its subsidiary FinTech Consortium Bahrain, has been appointed as the operator and ecosystem builder of Bahrain FinTech Bay. FTC will apply physical and digital solutions to manage the hub, as well as integrate BFB into its numerous FinTech platforms, including blockchain, insurance technology, regulatory technology (RegTech), and others. BFB will open, ready for business, as part of FTC’s global network of locations – New York, Singapore, and now Bahrain – and work closely with its counterparts to promote collaboration and shared innovation.

H.E. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) said: “We are happy to announce this partnership with FinTech Consortium and we are delighted to have the benefit of their expertise as we develop our own regional FinTech hub.

“We are very excited about the opportunities that FinTech presents in the region and in Bahrain’s ability to serve as a hub for innovation in this sector. We know that in order to realise these opportunities, it is vital to get the right ecosystem, including ensuring a supportive regulatory environment and infrastructure is in place. The launch of our regulatory sandbox, which allows entrants to test their banking ideas and solutions, will show the extent of support available to FinTech companies of all sizes in the Kingdom. This partnership to develop the dedicated FinTech co-working space and digital ecosystem platform will play an important role in developing this further.”

Gerben Visser, Co-Founder of the FinTech Consortium said: “We are pleased to work closely with the Bahrain Economic Development Board (EDB) to accelerate Bahrain’s position in the FinTech ecosystem. Bahrain FinTech Bay will promote innovation, entrepreneurship and foster collaboration between our partners. With the strong support from the Bahraini government and Central Bank and a world-class infrastructure, we are confident that Bahrain FinTech Bay will contribute to the future-proofing of Bahrain’s financial centre.”

Maissan Al Maskati, Chairman of FinTech Consortium Bahrain said: “Bahrain today offers the most compelling and credible FinTech proposition in the Middle East. It is the only regional financial centre to provide a complete offering for corporate and individual FinTech innovators. It has strategically provided the key ingredients that are a necessary to build a successful FinTech ecosystem including the Central Bank’s guidelines on FinTech, the introduction of advanced technological infrastructure through AWS, and now the launch of Bahrain FinTech Bay. We are excited to be part of this initiative and will spare no effort to ensure its success”.

BFB is being founded together with a number of regional and international founding partners, strong support and partnership with the Central Bank of Bahrain, other government entities, and financial institutions.

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Notes to editors:

Further information:
Telephone: 17589966
Email: Khalid.jamal@bahrainedb.com
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 The Bahrain FinTech Bay (“BFB”)
The Bahrain FinTech Bay (“BFB”) will be the leading FinTech Hub in Middle East, located conveniently in the Arcapita Building, Bahrain. Bahrain FinTech Bay will provide you with a physical hub to incubate insightful, scalable and impactful FinTech initiatives through innovation labs, acceleration programmes, curated activities, educational opportunities and collaborative platforms.

Bahrain FinTech Bay partners with governmental bodies, financial institutions, corporates, consultancy firms, universities, associations, media agencies, venture capital and FinTech start-ups to bring the full spectrum of financial market participants and stakeholders together. We believe in partnership and collaboration to drive forward Middle east’s FinTech ecosystem.

For more information on Bahrain FinTech Bay visit http://bahrainfintechbay.com

About FinTech Consortium (“FTC”)
The FinTech Consortium is a FinTech Incubator and Ecosystem Builder that aims to further the development, interaction and acceleration of FinTech ecosystems.

We foster synergies among market players, including government bodies, financial institutions, corporates, investors and innovators, who believe that technology can bring added value to the financial industry.

Through our FinTech incubation platform, we offer corporate incubation, research lab and venture acceleration as well as provide access to analytical tools and FinTech related resources. We believe that FinTech is a crucial infrastructure layer to strengthen financial services.

For more information on FinTech Consortium visit http://www.fintech-consortium.com

Bahrain EDB signs deal with Italian Business Association

Posted on October 13, 2017August 27, 2020 by edbuser

Deal aims to boost cooperation between Bahrain and Italy across a range of sectors

Manama – 13 October 2017: The Bahrain Economic Development Board (EDB) today signed an MOU with Confindustria Assafrica & Mediterraneo in the Italian capital, Rome. The MOU aims to boost cooperation between Bahrain and Italy in several sectors key to the Bahraini economy, including manufacturing, transport and logistics, financial services, tourism, ICT and start-ups. It comes as part of the visit by a high-level Bahraini business delegation to Italy to promote the investment opportunities in the Kingdom.

As part of the EDB’s role in promoting Bahrain in its key target markets, it is conducting a roadshow in the Italian cities of Milan and Rome which runs from 11th to 13th October. The roadshow is led by H.E. Zayed R. Alzayani, Minister of Industry, Commerce and Tourism, H.E. Khalid Al Rumaihi, Chief Executive of the EDB and H.E. Dr. Mohammed Abdulghafar, Bahrain’s Ambassador to France and Italy in addition to senior representatives from the private and public sectors.

The delegation attended high-level bilateral meetings with Italian officials, businesses and investors from the private sector with the aim of promoting the opportunities available for investors in Bahrain. This is in line with Bahrain’s Economic Vision 2030, which aims to attract investment in order to develop the Kingdom’s economy and create jobs.

On the side-lines of the Confindustria Assafrica & Mediterraneo forum, H.E. Khalid Al Rumaihi said: “We have seen real momentum in our efforts over the last year as foreign investors increasingly look to invest in the region. Today’s deal reflects that momentum.

“As one of the most diversified economies in the GCC region, Bahrain has much to offer foreign investors – particularly in fast growing sectors such as financial services, tourism, ICT, transport and logistics services and start-ups. In addition, the Kingdom offers the lowest operating costs in the region, trusted regulatory environment and enjoys a strategic geographical location with an excellent transport infrastructure that makes the island a logistical hub, allowing for a quick, easy and reliable transportation of goods to the GCC markets valued at US$1.5 trillion. The EDB looks forward to assisting many more Italian companies who are keen to set up in Bahrain and take advantage of the benefits on offer here.”

Today’s announcement comes as the next step in a strong history of bilateral relations. Bahrain and Italy enjoy close trade relations dating back to 1973, with a number of formal agreements between the two countries dating from 2000 when they signed an agreement on mutual exemption of taxes on air and sea transport.

More recently, the two countries signed a deal on protection of investments in 2006 and equal treatment of anchorage and port taxes in 2009 and in 2006 the Bahrain Chamber of Commerce and Industry signed an MOU with its counterpart, the Union of Italian Chambers.

Bahrain is currently home to more than 180 Italian commercial enterprises across various sectors, with the largest concentration of firms in pharmaceuticals and fashion. Non-oil trade between the two countries was US$ 367 million in 2016, a 2% increase on the year before.

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Notes to editors:

Further information:
Bahrain 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 an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

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 Delegation Takes Part in the First Italian-Arab Business Forum in Milan

Posted on October 12, 2017August 27, 2020 by edbuser

High-level delegation to promote business opportunities for Italian businesses

Manama – 12 October 2017: A high-level Bahraini business delegation today took part in the First Italian-Arab Business Forum in Milan as part of a roadshow in Italy, which runs from 11th – 13th October 2017. The Bahrain Economic Development Board (EDB) is organising the visit as part of its wider strategy to attract investment into Bahrain; thus acting as a catalyst for economic growth and creating jobs in the local market, in line with Bahrain’s Economic Vision 2030.

The delegation is led by H.E. Zayed R. Alzayani, Minister of Industry, Commerce and Tourism; H.E. Khalid Al Rumaihi, Chief Executive of the EDB; H.E. Dr. Mohammed Abdulghafar, Bahrain’s Ambassador to France and Italy, as well as senior representatives from the private and public sector, who held bilateral meetings with Italian government officials, businesses and investors at the forum.

As part of Bahrain’s participation at the forum, H.E. Zayed R. Alzayani delivered a speech praising the strong bilateral and commercial relations between the two countries; a relationship that extends back to the last century. H.E. Khalid Al Rumaihi, also promoted the two countries’ robust relationship in a panel discussion titled: “Industrialisation, regional strategies and visions”. His Excellency used this opportunity to demonstrate the Kingdom’s favourable business environment, competitive advantages, investment opportunities and its strategic location as a gateway to GCC markets valued at US$1.5 trillion.

Mr. Al Rumaihi said: “Economic forums such as the First Italian-Arab Business Forum are great platforms to promote Bahrain’s proposition internationally and invite the international community to invest in Bahrain, while also discussing further policies Bahrain can take in order to boost foreign investments.

“Bahrain was a pioneer in recognising the importance of economic diversification in the region. The oil sector now comprises less than 20% of total GDP, evidence that Bahrain today enjoys a business-friendly environment to investors across a multitude of economic sectors.”

Bahrain and Italy have enjoyed close trading relations since 1973, with agreements between the two countries dating back to 2000 and the signing of the “Mutual Exemption of Taxes on Air Transport Enterprises and Sea” agreement. The two countries have also signed two other economic agreements; the first relating to the “Protection of Investments” in 2006 and the second “Equal Treatment of Anchorage and Port Taxes” in 2009. Since the turn of the century, the Bahrain Chamber of Commerce and Industry has also signed an MOU with the Union of Italian Chambers in 2006.

This close trading relationship is further evidenced by the fact that Bahrain is home to more than 182 Italian commercial enterprises across various sectors; the most prominent of these being in pharmaceuticals and fashion. Between 2015 and 2016 the two countries increased their non-oil trade by US$ 7 million, reaching a total of US$ 367 million.

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Notes to editors:

Further information:
Bahrain Economic Development Board
Tel: + 973 1758 9966
Email: Communications@bahrainedb.com

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 Delegation in Italy to Promote Investment Opportunities

Posted on October 9, 2017March 30, 2023 by edbuser

Delegates to hold high-level meetings with companies and investors

Manama, 9 October 2017: The Bahrain Economic Development Board (EDB) will participate in the first Italian Arab Business Forum in Milan, and in the Confindustria Assafrica & Mediterraneo forum in Rome, Italy from 11-13th October 2017. A high-level Bahraini delegation will showcase the investment opportunities and competitive advantages that Bahrain offers in the financial services, manufacturing, and tourism sectors. Participation in such business forums reflects one part of the EDB and other government entities’ efforts to attract investment, further economic growth, and create jobs in the local market.

The Bahrain delegation will include H.E. Zayed Bin Rashid Alzayani (Minister of Industry, Commerce and Tourism), H.E. Khalid Al Rumaihi (Chief Executive of the EDB), H.E. Dr. Mohammed Abdulghafar (Ambassador of Bahrain to France and Italy) and senior representatives from the private and public sector. During the forums, the Bahrain delegation will also hold bilateral meetings with Italian businesses and investors.

“Bahrain has held strong commercial ties with Italy since the early 1970s,” said H.E. Zayed Bin Rashid Alzayani, Minister of Industry, Commerce and Tourism. “Political leadership in both countries has played a key role in developing and strengthening these relations to meet common aspirations and goals. This visit is a perfect opportunity to further our relationship with Italy by promoting the current economic opportunities in Bahrain, as well as showcasing the ideal investment environment open to all industrial, commercial and tourism business activities and projects.”

Bahrain and Italy have been trading partners since 1973, with agreements between the two countries dating back to 2000. The countries have also signed two economic agreements relating to the protection of investments and equal treatment of anchorage and port taxes. In 2006, the Bahrain Chamber of Commerce and Industry signed an MOU with the Union of Italian Chambers.

“Bahrain offers investors a wide range of opportunities. For Italian investors in manufacturing for example, our strategic location in the middle of the Gulf, with easy access to the GCC market worth US$1.5 trillion, is especially attractive,” said the EDB’s Chief Executive, H.E. Khalid Al Rumaihi. “Bahrain and Italy enjoy close trade relations. Bahrain is home to more than 182 Italian commercial enterprises across various sectors, and non-oil trade between the two countries increased from US$361 million to US$367 million between 2015 and 2016. By participating in these forums we are able to promote the competitive advantages offered by Bahrain to international investors, in turn attracting further investments and creating diversified employment.”

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Notes to editors:

Further information:
Bahrain Economic Development Board
Tel: + 973 1758 9966
Email: communications@bahrainedb.com

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.

Amazon Web Services infrastructure to boost business performance

Posted on October 4, 2017August 27, 2020 by edbuser

AWS, part of Amazon, provides cloud data storage to more than a million customers in 190 countries. It has just announced plans to create cloud infrastructure in Bahrain to serve the Middle East that will be operational by early 2019. The new AWS Middle East (Bahrain) Region will incorporate three Availability Zones, a means to ensure greater speed and reliability than through a single data centre.

Gulf businesses will now find it easier to take on the world. Via AWS’s cloud infrastructure, they will be able to run serious workloads (data processing, storage and sharing) in ways that weren’t previously possible.

With AWS’s servers and data centres close to regional businesses, this will give faster access through lower latency (the time it takes for data to get from one point to another) and lower costs.

Not just business friendly: environmentally friendly

AWS runs its business with minimal environmental impact. It selected Bahrain partly due to the Kingdom’s focus on delivering renewable energy, as well as a proposed 100 MW solar farm that will provide sustainable power for AWS. The Bahrain Electricity and Water Authority expects this to be online in 2019.

Bahrain and AWS: working closely together

AWS had already chosen Bahrain and the UAE to forge a Middle East presence and support its growing customer base. The company opened a sales office in Manama (as well as in Dubai) in January 2017, staffed with account managers, solutions architects, partner managers, professional services consultants and other functions.

Skills development

Bahrain is looking to build cloud computing skills in partnership with the AWS Educate programme to fast-track learning, with courses in cloud computing at the Bahrain Polytechnic and University of Bahrain.

At the same time, local accelerators and incubators, such as C5’s Cloud 10 Scalerator and 500 Startups, are working through the AWS Activate programme to help new businesses go global. These include OneGCC, Dubizzle, Fetchr and Opensooq.

In common with other Middle East countries, established Bahraini companies (and those represented in the Kingdom) such as Batelco, Silah Gulf, the United Arab Shipping Company, Al Moayyed Computers, du, Infonas and Zain, are moving to large-scale cloud storage with AWS to save money, enhance innovation and reduce time to market. Many of these businesses migrate to the cloud with help from members of the AWS Partner Network.

Bahrain government: showing the way

Bahraini government organisations are already advanced in using cloud technology to improve services to citizens for less. For example, the Bahrain Information & eGovernment Authority (iGA), which is responsible for taking all government services online, as well for as ICT governance and procurement, has launched a ‘cloud first’ policy.

In addition, the Bahrain Institute of Public Administration has cut costs by more 90% by moving its Learning Management System to AWS.

Comment from the EDB

H.E. Khalid Al Rumaihi, Chief Executive of the EBD, said: “AWS’s commitment to expanding its presence into the Middle East and North Africa (MENA) region, from Bahrain, is a major enabler for technology and data-driven business across the GCC. This will benefit global corporates, SMEs, entrepreneurs, and governments alike. The ability to store and share data at speeds the Gulf has never experienced before has the potential to help companies gain competitive advantage, allowing them to compete more effectively at a global level. Amazon Web Services is delivering the Middle East a world-class service. With such a young, technologically adept, and growing population, the Gulf is well positioned to drive innovation in mobile applications and digital services. I am very eager to see how our region’s entrepreneurs will make use of this exciting opportunity.”

How the AWS infrastructure will benefit Gulf companiesScalable
Businesses can quickly scale up or down based on demand

Great for start-ups
SMEs can innovate and experiment with fewer upfront costs

Pay as you go
Only pay for the data used

Flexible
Select the technology, programming language, and services you like to use.

Faster
Being close to the data centre means more effective operation

Cheaper
Achieve a lower variable cost in the cloud than you can get on your own

Crowdfunding takes Bahrain FinTech up a gear

Posted on October 4, 2017 by edbuser

New regulations released in August 2017 by the Central Bank of Bahrain (CBB) promise to enhance Bahrain’s position as an FinTech powerhouse.

The new regulations, which cover both conventional and Shari’a-compliant investment, enable small and medium-sized businesses in Bahrain and across MENA to raise capital through crowdfunding.

As a means of funding, of course, crowdfunding helps SMEs and start-ups fill gaps in lending and move ahead with developing products and solutions. In Bahrain, we regard it as a vital way both to encourage innovation and support our thriving ecosystem that already comprises more than 60 companies.

Flexible, easy and consistent

This is a prime reason why our ‘flavour’ of crowdfunding makes Bahrain’s solution as flexible as any you would find in the UK, Singapore, Dubai or Malaysia.

For example, both local and global SMEs can raise funds; standardised declaration forms make reporting easy and consistent; and platform operators (companies that bring entrepreneur borrowers and ‘crowd’ lenders together) may – subject to additional licensing – offer lending or equity-based investment.

And, while the conventional and Shari’a-compliant regulations are broadly the same, Bahrain is the first GCC country to have issued stand-alone Shari’a-compliant directives, providing reassurance of lending in accordance with Shari’a rules.

Regulatory quality is key

So, why is Bahrain’s crowdfunding offering so convincing? Primarily, it’s down to the quality of our single integrated regulator.

The CBB is recognised as an advanced financial supervisor with a proven record for creating clear, accessible regulations for business that promote integrity, accountability and transparency, while providing the highest levels of protection for investors, entrepreneurs and fundraisers.

But as well as being robust and rigorous, it is inventive: recently the CBB introduced MENA’s only onshore Regulatory Sandbox, which has already attracted its first two entrants – Tramonex, a London-based forex cash management solution, and NOW Money, a Dubai-based account and remittance service. A virtual space for entrepreneurs to safely test FinTech technology, it also ensures that products and businesses who want to operate in Bahrain are sound.

Three further factors make Bahrain compelling for crowdfunding. In parallel with unrivalled 40-plus years’ experience as a regional financial services centre, we are also a global leader in Islamic finance, with the region’s highest concentration of funds and institutions, and a strong reputation for raising funds. What is more, businesses can operate in a cost-competitive environment: it’s around 30% cheaper to run a financial services firm here than in Dubai or Qatar.

Commenting on the new regulations, Mr. Khalid Hamad, Executive Director at the CBB, said: “We expect Bahraini entrepreneurs to benefit from the global crowdfunding trend, which provides a viable alternative to bank financing. In particular, the CBB is keen to see Bahrain dominate the Shari’a compliant financing-based crowdfunding market in the region. The demand for Shari’a compliant financing is already high and we expect to see it reflected in the crowdfunding market as well.”

Bahrain’s crowdfunding model

MIT Innovation Forum promotes pan-Arab innovation

Posted on October 4, 2017August 27, 2020 by edbuser

If proof were needed that Bahrain is pre-eminent in ICT across the Middle East, a special event in Manama recently provided it.

MIT Enterprise Pan Arab held its first-ever Innovation Forum for the Arab world at the Four Seasons Hotel on 27th-28th September. It was hosted in partnership with the EDB and Investcorp, a leading provider of alternative investment products for high-net-worth private and institutional clients.

The aim of the forum was to foster a culture of innovation, entrepreneurship and technology adoption. As can be seen below, it covered a wide range of emerging technology trends, including cloud, autonomous driving, cybersecurity, AI and Blockchain.

More than 2,000 MENA influencers attended from disruptive start-ups, researchers, entrepreneurs and investors, to CEOs, CTOs and CIOs from world-leading tech companies. Policy-makers and the media were also there.

Business-friendly hub

Another trend on which the forum focused was FinTech. Bahrain is fast becoming a regional FinTech hub, with significant strengths in card and mobile payments, and with entrepreneurs eager to pursue opportunities from our business-friendly commercial environment.

So, why did MIT choose Bahrain as the natural venue for the Innovation Forum? The answer: our powerful digital economy. The Kingdom itself is ranked in leading surveys as one of the world’s freest economies, and this applies directly to digital.

Liberal and progressive

We offer the Middle East’s most liberal ICT infrastructure, with a progressive regulatory framework and policies, backed by a multi-award-winning regulator (as voted by CommsMEA). With a thirst for new technology and mobile and broadband penetration that outstrips the rest of the GCC, Bahrain is in the global top ten for network readiness, ICT use and development, as well as being first in MENA.

It is little wonder, then, that ICT entrepreneurs and start-ups increasingly love being here.

Speaking before the event, Hala Fadel, Chairperson of the MIT Enterprise Forum Pan Arab stressed the importance of this forum, which will constitute a unique occurrence especially in terms of the discussed topics as well as the rich crowd of tech experts, innovators and entrepreneurs this event brings together from all over the world. She said: “The forum aspires to gather the brightest minds in the academic, corporates, and startup communities in an effort to glean insight into the innovations that shape the world economy, which are the product of both global and regional businesses.”

Speakers and scheduleThe forum heard from regional and international speakers on the latest technology and scientific research.

Speakers

H.E. Khalid Al Rumaihi, Chief Executive of the EDB
Hazem Ben-Gacem, Managing Director, Corporate Investments – Europe
Paul Papadimitriou, CEO, Founder, Intelligencr
Dr. Denis Batalov, Senior Solutions Architect, Amazon Web Services Artificial Intelligence
Niall Clauberg, Head of Financial Services Middle East, Salesforce
Mark Whelan, GCC Regional Territory Manager, Salesforce
Ghareeb Saad, Senior Security Researcher, Kaspersky
Dr. Georges Aoude, Co-Founder & CEO, Derq
Amira Rashad, Co-Founder & CEO, BulkWhiz
John Defterios, Emerging Markets Editor, CNN
Saqr Ereiqa, Senior Managing Consultant, IBM
Emad Kashgari, Western Region Manager, Badir Program for Incubators and Accelerators
Areije Alshakar, Vice President, Bahrain Development Bank
Hadya Fathalla, Executive Director, C5a/Executive Director, Peregrine Foundation
Yasin Aboudaoud, Chief Development Officer, Brinc
Julio Alejandro, Director, Jada Consulting

Schedule

Day 1:

Keynote: AI & disruption

Talk: Cybersecurity. Beyond quantum: securing your systems for tomorrow

Panel: Cybersecurity. How to protect your brand, product and data online and offline

Panel: Autonomous driving. So close yet so far: when will machines finally take over our cars?

Day 2:

Keynote: How to keep AI from slipping beyond our control

Fireside chat: Artificial intelligence

Talk: Cloud computing

Fireside chat: cloud computing and data. The challenges with cloud data for medium sized companies

Panel: FinTech

Panel: Lessons learned from start-up accelerators. The challenges facing tech start-ups in the region

Bahrain International Investment Park and Bahrain Logistics Zone attract more than USD 200 million in six months

Posted on October 4, 2017August 27, 2020 by edbuser

During the first half of 2017, Bahrain attracted an astonishing volume of inward investment to its manufacturing and logistics sector. Most of these investments have chosen Bahrain International Investment Park and Bahrain Logistics Zone to be their regional base. This large-scale commitment is expected to create around 1,000 new local jobs within three years.

Manufacturing output in Bahrain has soared by 80% over the last ten years, while the manufacturing and logistics sector is now the third-largest contributor to the Kingdom’s economy, accounting for 14.4% of 2016 GDP.

But the recent increase in growth comes from companies wanting to use Bahrain to access economic and commercial opportunities across the USD 1.6 trillion GCC (Gulf Cooperation Council).

Why companies choose Bahrain

Manufacturing and logistics businesses prefer Bahrain for a wide variety of reasons. Here are the top few.

Best market access. Bahrain is close to key Gulf export markets by road, sea and air – speeding goods to their destination and saving money.

Business freedom. A liberal regulatory environment and minimal bureaucracy mean that foreign companies can operate without exchange controls or free-zone restrictions. All of which helps to make Bahrain MENA’s freest economy,

Low costs. Industrial operating costs are the GCC’s lowest, with set-up, transport, employment and port handling all highly competitive. Corporate and personal taxation hardly exists.

Superb infrastructure. Bahrain offers the Gulf’s shortest transit between entry point (such as Khalifa bin Salman Port) and Bahrain Logistics Zone (BLZ). Everything is integrated and continuously upgraded – including ongoing expansion and modernisation of Bahrain International Airport to increase cargo capacity to one million tonnes, work to build a second road link to Saudi Arabia, and streamlined procedures on the existing King Fahd Causeway.

Excellent human capital. Manufacturing and logistics companies can recruit locally from a highly educated and skilled bilingual workforce. Our people are motivated and commercially focused – so they hit the ground running.

H.E. Khalid Al Rumaihi, Chief Executive of the EDB, said: “The economic transformation taking place in the GCC is creating exciting opportunities for manufacturing companies – and we are delighted that many are choosing Bahrain as a location from which to access them.

“Further investments, such as the ongoing modernisation and expansion of Bahrain International Airport, the building of a second causeway to Saudi Arabia and additional regulatory reforms are expected to make it even easier for businesses looking to access the region from Bahrain and we look forward to welcoming more firms in the coming years.”

Who’s been investing?Mondelēz, the world’s second largest food and beverage company, set up a state-of-art factory in Bahrain in 2008 to produce 60,000 tonnes of Kraft cheese and Tang products a year. In 2017 it built a biscuit plant to meet rising demand in the Middle East and Africa that will generate 200 jobs.

Armada, a leading GCC textile and fashion distributor, has begun construction of its regional distribution centre in BLZ. It has invested more than USD 50 million and will create 400 direct jobs. Other significant investments in 2017 include Agility ECU Worldwide, SMSA Express, Elsewedy Electric, Mennekes, Sonmez Metal, Tsinx Environment Technology, Almajdouie Holding, Lals Group, Kuehne+Nagel, Sandvik and Agility Logistics.

Avaya helps accelerate Bahrain’s digital transformation

Posted on October 4, 2017 by edbuser

Avaya, a recognised technology leader in unified communications, collaboration, contact centres and networking, with more than 9,700 people and 7,000 channel partners worldwide, is opening a new office in the Bahrain World Trade Centre, Manama.

The company has grown swiftly in Bahrain as organisations move to reduce costs, boost productivity and enhance customer and team engagement. It has strategic partnerships with some of Bahrain’s most innovative companies including Batelco, VIVA Bahrain, Fakhro Electronics and Malcom IT services, with solutions deployed in prominent private- and public-sector businesses such as BAPCO, Idbar Bank, Mesk Holding and YBA Kanoo.

Via its new office, Avaya will be able to meet increasing demand for next-generation communications and collaboration solutions, as well as for emerging technologies that range from cloud computing, the Internet of Things (IoT) and artificial intelligence (AI).

Commitment, confidence and competitiveness

More than that, Avaya is overtly strengthening its commitment to the rapid digital transformation of Bahrain’s economy, and the opportunities this provides for investors.

Indeed, it’s not surprising that the company has such confidence in Bahrain’s ICT industry. The sector is mature and competitive. At more than 10% annual growth, it is projected to reach USD 2.7 billion as soon as 2020.

Competitiveness has been driven not simply by Bahrain’s superb market access, but by progressive reforms and a pro-business stance. Bahrain was the first Gulf state to liberalise its telecoms market, in 2004, and today has the Middle East’s most open ICT infrastructure, regulatory framework and policies. Further: technical leadership is particularly fuelled by innovation in financial services, including FinTech.

Highly ranked for ICT

The Bahrain government has been very active in promoting digital access and engagement, so that there are now more than 200 digital services for citizens and business. As a result, Bahrain ranks first in MENA for e-government development (United Nations 2016), ICT use (World Economic Forum 2016) and ICT development (International Telecommunication Union 2016), and is in the world’s top 30 for network readiness.

Significant investment started early and continues, especially in cloud development and fibre-optic networking, enabling Bahrain’s fast-expanding ICT ecosystem to maximise commercial potential.

In addition, as Avaya has discovered, Bahrain’s people are crucial to delivering its cloud-based solutions and professional services. The company can recruit locally from a highly-skilled bilingual workforce that’s exceptionally qualified and experienced – and growing in size by around 3% a year.

As Nidal Abou-Ltaif, President, Europe, Middle East & Africa and Asia Pacific, Avaya, says: “The Kingdom’s efforts to create an open and favourable business environment have made this country an attractive centre for business while encouraging investments to diversify the economy. Our priority is enabling our customers’ success. With the opening of this new office, we aim to provide them and our partners with easy access to our products, services and solutions to support and enhance their digital strategies.”