Euroscot re-engineers regional manufacturing

Posted on by edbclient

October 01, 2016

World-renowned precision engineering company Euroscot Engineering has opened its first facility outside Scotland in the Kingdom of Bahrain.
Euroscot will serve markets in Europe and the Gulf Cooperation Council (GCC) from their USD 6.6 million manufacturing facility in the Bahrain Investment Wharf.
With the GCC’s USD 1.5 trillion GCC market expected to hit USD 2 trillion by 2020, Euroscot sees Bahrain as the ideal base from which to meet the region’s growing demand for manufactured goods. They will have easy access to key GCC markets – no more than 45 minutes by air or eight hours by road – with the Kingdom’s primary infrastructure links being no more than 30 minutes away.
In addition to excellent regional access, the company’s choice of location was influenced by the fact that Bahrain has the region’s lowest operating costs, and also by the ease with which they were able to set up with the support of entities such as the Bahrain Economic Development Board, Tamkeen and the Bahrain Development Bank. With a commitment towards having world-class institutions that are built with the private sector’s growth in mind, Bahrain makes it easy for companies to thrive through a range of incentive schemes and support services.
Euroscot’s presence will reduce the region’s reliance on importing manufactured components from Asia and elsewhere, and will introduce into the region highly specialised technology such as Computer Numerical Controlled precision engineering machinery, 3D printing and Big Area Additive Manufacturing.
In addition to regional opportunities, their presence in Bahrain also opens the door for supporting industries to enter the Kingdom and take advantage of increasing manufacturing demands, as well as an attractive business environment.

Bahrain commits to pioneering payments

Posted on by edbclient

October 01, 2016

​40 years ago, Bahrain established itself as the Gulf Cooperation Council’s (GCC) first financial centre. Today, the Kingdom continues its commitment to being a regional pioneer by embracing the sector’s next frontier: Financial Technology (FinTech).

Payments are a crucial part of FinTech, as traditional banking systems become increasingly digitised with consumers doing more and more online. In recognition of this, Bahrain’s key financial players have kicked off a series of roundtables on the development of the Kingdom’s payments infrastructure.
The talks involve Bahrain’s primary payments providers such as Benefit, who operate the nation’s network for electronic financial transactions, as well as Arab Financial Services (AFS), NEC Payments and Sadad. The Central Bank of Bahrain (CBB), a regulatory role model for the region, and the Bahrain Economic Development Board (EDB) are also participants.
The roundtables discuss the ways to advance Bahrain’s existing payments infrastructure through the implementation of regulations that support innovation, and form initiatives accordingly to see these regulations realized.
Read on below to see what initiatives are currently in the works as a result of these roundtables, and what that means for you.

New opportunities for you:

At the heart of a region in which the FinTech industry is projected to boom in the coming years, Bahrain is pushing forward with initiatives will make it become the Gulf’s FinTech hub.
These initiatives will unlock opportunities for international Payment Service Providers (PSPs) and payments support services to meet Bahrain’s growing demand for payments solutions.
Spearheaded by the EDB, current initiatives include:
·       Know Your Customer (KYC) Regulation: Introducing regulation that supports a risk-based, tiered-KYC approach and permits outsourcing of KYC activities to third-parties
·       Acquirer Model: Making it easier for Independent Service Organisations (ISOs) and PSPs to fill gaps in the current acquirer model
Contact the EDB on investorenquiries@bahrainedb.com to find out more >

Telecom revenues breach the billion mark

Posted on by edbclient

October 01, 2016

Bahrain’s Telecommunications Regulatory Authority (TRA) reported a USD 53 million boost in telecom revenues between 2014 and 2015. The twelve-month period saw a rise from USD 1.14 billion to USD 1.193 billion.

The TRA’s latest market indicators report revealed a 4.7% growth in the sector and a Compound Annual Growth Rate (CAGR) of 4.6% between 2010 and 2015.
During that six-year period, telecom operators invested a total of USD 1.254 billion towards developing innovative mobile, data and broadband services to cater to the increasing demands of the Gulf’s most tech-enabled nation.
Their investment paid off as subscription rates skyrocketed. By the end of Q2 2016, the broadband penetration rate reached 145% as nearly 2 million broadband subscriptions were registered. Better yet, the mobile penetration rate reached 201% as approximately 2.8 million mobile subscriptions were recorded. And there’s sure to be a demand for more.
With a CAGR of 10.3% and a projected value of USD 2.7 billion by 2020, Bahrain is on course to have the fastest growing Information and Communication Technology (ICT) in the Gulf Cooperation Council.

Recent rankings reaffirm Bahrain’s strength in ICT:

Rapid growth in telecommunications subscriptions, implementation of government endorsed policies and services, and ongoing infrastructure development see Bahrain lead the region in ICT in recent indices:
1st in MENA | 11th globally
Telecommunications Infrastructure Index
United Nations E-Government Survey 2016
1st in MENA | 24th globally
E-Government Development Index
United Nations E-Government Survey 2016
1st in MENA | 27th globally
ICT Development Index
Measuring the Information Society Report (ITU) 2015
1st in MENA | 1st globally
Mobile Network Coverage Rate
The Global Information Technology Report (WEF) 2016
1st in MENA | 7th globally
Government Online Service Index
The Global Information Technology Report (WEF) 2016
2nd in MENA | 4th globally
Mobile Broadband Internet Subscriptions
The Global Information Technology Report (WEF) 2016

New law supports partnerships

Posted on by edbclient

October 01, 2016

Bahrain has become the first country in the MENA region to integrate limited partnerships laws into its legal system nationwide with the introduction of the Limited Investment Partnership Law.

The new Law will allow partnerships to be regarded as a legal personality in place of companies. Activities encompassed within the Law include: collective investment undertakings, private investment undertakings, securitisation and insurance captives, as well as additional activities that may be later identified and added into the regulation by the Central Bank of Bahrain (CBB).
With partnership laws being a longstanding staple within Common Law jurisdictions such as London, New York and Singapore, the new Law will allow financial firms from such jurisdictions to be able to operate within a legal framework they are familiar with.
Furthermore, the Law will also support financial firms in establishing financial investment funds, and grant them access to new funding mechanisms.
The Law’s implementation came as a result of an initiative led by the Bahrain Economic Development Board (EDB) in collaboration with the CBB, with the goal of enhancing Bahrain’s competitiveness in financial services and making it easier to raise finance for investment activities.

Forming a Limited Investment Partnership (LIP) in Bahrain

You can form a LIP in Bahrain by either establishing a new professional partnership as an LIP, or converting an existing partnership into an LIP. All involved partners can be either individuals or companies.
Establishing an LIP is as immediate as filling in an LIP application form from the CBB.
Contact the EDB on investorenquiries@bahrainedb.com to find out more >

Welcoming the world to Bahrain

Posted on by edbclient

October 01, 2016

Visit Bahrain is a Destination Management Company (DMC) that has, in a very short period of time, become the Kingdom’s go-to guide to exploring our beautiful islands.
Since launching this year, they have already expanded their source markets to include Russia, Germany, the United Kingdom and India.
Read our interview with Mr. Kyriako Zarkadas, Founder of Visit Bahrain, to find out why he chose Bahrain and the opportunities the Kingdom offers:
Bahrain Economic Development Board (EDB): Tell us more about Visit Bahrain and why you’ve chosen Bahrain as a DMC Destination.
Kyriako Zarkadas: When I first moved to Bahrain, I found more than a new home. I found a place unlike any other in the world, with world-class tourism potential—host to marvels and adventures waiting to be explored. I had to be a part of it. Visit Bahrain represents my passion for introducing Bahrain to the world. I have leveraged my experience leading other successful tourism ventures to create a company dedicated to facilitating a world-class tourism experience. The attractions and excitement already live here; my job—the job of Visit Bahrain—is to open Bahrain’s doors to the world.
EDB: What does Bahrain have to offer DMCs and tour operators?
Zarkadas: It has a 5000-year civilisation in history, which nobody knows about. It has the friendliest people of the Middle East, which nobody knows about. And much, much more. So that’s why I’m here, to showcase Bahrain to the world.
Bahrain also has such vast opportunities, it’s a virgin ground, especially for tourism and travel. We see Bahrain as a hub, we see Bahrain as an island in the Middle East that hasn’t been developed to its fullest tourism-wise, and the opportunities are endless.
EDB: How has your experience been like setting up in Bahrain?
Zarkadas: There was solid support from the Government and individuals who were willing to assist in setting up. The support that I got from the EDB was unheard of. If EDB wasn’t in place, I wouldn’t be here. They played a critical role in setting up, and in keeping the business going.
EDB: What would be Bahrain’s main appeal to tourists?
Zarkadas: I see the number one attraction of Bahrain as its people, who bring the traditions of authentic Arabia to life in the friendliest and most welcoming way.  Nowhere else in the Gulf are the taxi drivers and other local service providers, who are mainly Bahraini, so happy to show you their country and its rich heritage.

First Roundtable Organised by the EDB Discusses Potential for Collaboration in Real Estate Sector

Posted on by edbclient

September 22, 2016

The Economic Development Board (EDB) organised a roundtable focusing on the real estate sector in Bahrain and explored means of developing the industry further. The session, which featured the participation of officials from the public sector as well as real estate developers, allowed for discussion on ways to continue to have the sector attract investments and increase economic growth for the country.

The session aimed at establishing a collaborative strategy for the sector and reviewing development plans that emphasise transparency and coordination among projects to increase potential sustainability. It also covered identifying strategies which attract investments to the sector and raise the international profile of the Kingdom’s real estate market.

Mr. Khalid Al Rumaihi, Chief Executive of the EDB, commented:

“The EDB aims to unify efforts between the public and private sectors to further build real estate development and highlight its role in economic diversification.”
“This is part of an ongoing effort aimed at developing the sector and highlighting the investment opportunities it offers, which aligns with the EDB’s strategy of focusing on developing five main sectors that offer competitive advantages to the Kingdom.”

Participants were briefed on EDB’s strategy for the sector, specifically in areas of tourism and leisure. The session also featured discussions to enhance joint work between the various parties and identify investment opportunities in the local market. A presentation also provided the audience with knowledge on the upcoming projects by real estate developers in Bahrain, to unify promotion efforts internationally.

World’s Largest Container and Trailer Manufacturer CIMC Unveils State of the Art Manufacturing Facility in Bahrain

Posted on by edbclient

September 05, 2016

​– A new reefer trailer manufacturing and export hub in Bahrain –

Manama, 5th September 2016: CIMC Vehicle Group, the core member enterprise of China International Marine Containers Group Ltd. (CIMC) – a world leading supplier of logistics and energy equipment, announced today that it will invest and launch its first manufacturing facility in Bahrain with 20 new job opportunities as phase one.

The new facility will serve as a major reefer trailer manufacturing and export hub in the Middle East. Reefer trailers, are vehicles which are used in the transportation industry, to transport temperature sensitive goods. CIMC is dedicated to supplying high-quality and reliable equipment and services, including containers, vehicles, energy, chemical and food equipment, offshore equipment, logistics service, and airport facilities. As a diversified multinational operation group worth almost 8 billion USD, CIMC has over 300 member enterprises, 60,000 staff, and an extensive sales network that covers more than 100 countries and regions. The multinational company was supported by the Bahrain Economic Development Board (EDB), which attracts international companies to the Kingdom, and fully supports their establishment. The EDB identified and targeted CIMC’s business activity portfolio as a requirement for the region as part of its efforts during the China Road Show, undertaken by the EDB in 2014. The EDB assisted CIMC in investigating Bahrain’s investment climate where they fully supported CIMC throughout their registration and setting-up process, as well as their other business requirements in order to ensure the company’s successful inception.  Besides being the biggest container-manufacturing company globally since 1996, CIMC started the trailer business in 2002, and now is also the world’s biggest trailer manufacturer.

Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB), said:
“We are delighted to welcome CIMC to Bahrain and believe their investment is a reflection of Bahrain’s excellent regional transport connections, mature regulatory system, and the strength of its highly-skilled local workforce. As part of the EDB’s ongoing logistics initiative, Bahrain offers global manufacturing companies like CIMC a number of competitive advantages that will serve to benefit their operations in the region. The Kingdom has the shortest travel time between seaport, airport, and logistics processing zones, and is connected to the GCC’s biggest economy. Besides being the freest economy in the Middle East, we are ranked 29th globally by the World Economic Forum for the quality of our transport infrastructure. The EDB is proud to have played a part in securing CIMC’s investment and in creating more quality job opportunities for Bahrainis. We look forward to CIMC expanding their business operations even further in the Kingdom.”

Ms. Teresa Tan, CFO of CIMC Vehicle Group, commented:
“Bahrain was an easy choice for CIMC to launch its new manufacturing facility. The Kingdom has excellent infrastructure, cost competitiveness, a strong connectivity to Saudi Arabia as well as the GCC and the Middle East region. These are essentials for our operations. We believe Bahrain’s highly skilled workforce and open business environment provide us the perfect platform for our next growth phase.”

As part of the Shenzhen – Bahrain Business forum, held this morning, the EDB signed two MOUs with “Galaxy Institute for Innovation and Entrepreneurship”, and “Huawei Technologies Bahrain S.P.C.”.

The MOU signed with “Galaxy Institute for Innovation and Entrepreneurship” aims to promote cooperation between the EDB and the institute through exploring opportunities around establishing incubators in Bahrain, joint business forums and promotional activities. It will also include establishing a Galaxy Institute for financial funds in partnership with Bahraini companies to support investments and entrepreneurship in Bahrain and China. Under the MOU, the EDB and the institute will also exchange ideas on innovation, as well as the legislation and planning around entrepreneurship-related laws and regulations.

The MOU signed with “Huawei Technologies Bahrain S.P.C.”, looks at opportunities to enhance and expand the ICT sector in the Kingdom leading to greater economic growth and cooperation. Additionally, the MOU provides a framework from which the parties can explore and implement a strategic plan to develop the human capital in Bahrain and the possibility of cooperating with official authorities in technological solutions presented by Huawei.

The Shenzhen – Bahrain Business Forum was held as part of an official high-level Chinese business delegation visit, led by His Excellency Xu Qin, Mayor of Shenzhen to Bahrain between the 4th and 5th of September 2016. The event was a platform for further investment cooperation between Bahrain and China, explores the various opportunities between the two countries, and discusses possibilities of establishing companies in Bahrain and China.

Bahrain’s manufacturing sector contributes considerably to the Kingdom’s economy, accounting for over 14.6% of real GDP, having grown by 20% over the past 5 years; it is the second largest contributor to Bahrain’s economy in the non-oil sector. The Kingdom is the most efficient processor of trading goods with the shortest travel time between seaport, airport and logistics processing zones in the GCC. Manufacturers based in Bahrain also benefit from the Kingdom’s membership of the Great Arab Free Trade Agreement (GAFTA) and free trade agreement with the United States, Singapore, and Northern Europe.

Mayor of Shenzhen Discusses Cooperation with Bahrain’s Economic Development Board

Posted on by edbclient

August 31, 2016

Meetings organised with leading private and public sector representatives

Manama, Economic Development Board: The Bahrain Economic Development Board (EDB) is preparing to receive an official Chinese business delegation led by His Excellency Xu Qin, Mayor of Shenzhen, one of China’s prominent economic centers. The visit, taking place on the 4th and 5th of September, provides an opportunity for the representatives of various business sectors in Bahrain to meet with their counterparts from Shenzhen in order to explore investment cooperation opportunities and potential future partnerships.

The city of Shenzhen is a hub for several vital economic sectors including Financial Services, and Transportation and Logistics Services. Shenzhen is also among the four largest cities in China with a population of 11 million and a gross domestic product (GDP) of around US $261 billion. Shenzhen represents one of the greatest Chinese economic success stories and is one of the first to introduce special economic zones.

The Chinese delegation will include representatives from several organisations involved in investments in the city of Shenzhen, as well as from a number of leading sectors in the Chinese economy,  including: ICT, Healthcare, Transportation. During their visit, they will hold meetings with senior officials from the public sector and representatives from the private sector, along with Chinese businesses with regional operations in Bahrain. Members of the delegation, along with Bahrain EDB and Bahrain Chamber of Commerce & Industry, will also participate in the Bahrain–Shenzhen business forum.

In 2013, the EDB established an international office in People’s Republic of China and also opened an international office in Hong Kong in 2016. The office plays a key role in promoting Bahrain in China. In September 2015, a high level Bahrain business delegation, organised by the Bahrain EDB, concluded a successful ten-day roadshow to China. The visit resulted in the signing of 15 MOUs with Chinese businesses and trade organisations and helped strengthen economic and trade ties between the two countries. The visiting delegation also took part in the China International Fair for Investment & Trade (CIFIT), at which Bahrain was the guest country of honour.

Non-oil trade between Bahrain and China was valued at around USD$1.8 million in 2015.  mechanical and electrical equipment, represent the largest imports to Bahrain, while chemicals were the leading exports to China that same year.

Bahrain ranked top among GCC countries in WEF Human Capital Index

Posted on by edbclient

July 26, 2016

​- Kingdom ranks 1st in MENA and 46th worldwide –

The strength of Bahrain’s local workforce was highlighted in the World Economic Forum’s (WEF) Human Capital Index 2016, with the country ranking first in the Middle East.
The Kingdom ranked 46th worldwide with a score of 73% ahead of Qatar, which ranked 66th (69%), the UAE which ranked 69th (68%), Saudi Arabia, which ranked 87th (64%) and Kuwait, which ranked 97th (50%).
In particular, the report highlighted Bahrain’s progress in increasing percentages of educational attainment (especially secondary and tertiary education) and ranked the country particularly highly in terms of the quality of its education system (ranked 25th worldwide), the level of staff training (ranked 22nd worldwide) and the ease of finding skilled employees (ranked 38th worldwide).
Mr. Khalid Al Rumaihi, Chief Executive of the EDB, said:
“Bahrain is a firm believer in investing in human capital, and we are proud to have this reflected in the report. Education and training have been key areas of investment in Bahrain for many decades and these results demonstrate the impact of these efforts.
“I would like to take this opportunity to thank the different organisations that play a vital role in developing our human capital here in Bahrain. We are looking to improve further and continue to invest in human capital to ensure we are able to compete in the global marketplace.”
Bahrain has long been a pioneer in education and training in the region. It was the first country to introduce a public education system among GCC members in 1919. The Kingdom lead youth literacy rates in the MENA region, ranking 1st (99.76%). compared to the rest of the region, according to WEF Human Capital Index 2016. The Kingdom’s national university, University of Bahrain, is also ranked among the top 50 Arab Universities in 33rd place in 2016.
Such efforts, along with the wide range of training and specialised institutions dedicated to support youth entrance into the workforce, have led to Bahrain having one of the most diversified national workforces in the GCC. Bahrainis are active in all sectors of the economy and only approximately a third of the economically active nationals are employed in the public sector.
The World Economic Forum’s Human Capital Report ranks 130 countries on how well they are developing and deploying their talent. The index evaluates the levels of education, skills and employment available to people in five distinct age groups, starting from under 15 years to over 65.
The full report can be found at: http://www3.weforum.org/docs/HCR2016_Main_Report.pdf

Bahrain Records Strong Growth of 4.5% in First Quarter of 2016

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July 20, 2016

​led by oil sector YOY growth of 12.1%

– Non-oil sector displays continuity
Bahrain experienced a pronounced pick-up in its headline growth during the first quarter of the year. Growth reached 4.5%, its highest level since 2014, led by the 12.1% year-on-year growth in the oil sector, according to the latest Bahrain Economic Quarterly (BEQ) issued by the Economic Development Board (EDB).
The report also noted resilience of the non-oil economy, where it continued to grow and benefit from a large pipeline of infrastructure investment. Nearly USD4bn of projects have now been tendered under the GCC Development Fund, with nearly USD3bn of projects already commenced. This marks a near tripling from a year earlier. Also private sector projects are making good progress, including flagship ventures such as Alba Line 6.
While growth continued to be broad-based across the non-oil economy, performance was particularly strong in social and personal services with 8.4% year-on-year gain. This reflects the strong demographics drivers underpinning the demand for private education and healthcare. Construction which rose by 5.4% year-on-year, reflects the strong infrastructure investment, while financial services expanded by 3.1% year-on-year.
This resilience momentum in the non-oil sector has helped to support strong growth in private sector employment. Overall employment saw an almost 7% year-on-year increase in Q1, with the private sector creating 46,669 jobs as compared to Q1 2015, a 9% year-on-year gain. According to the Social Insurance Organisation, Bahraini private sector employment stood at 92,567 in Q1 2016 as compared to 91,233 in 2015.
Mr. Khalid Al Rumaihi, Chief Executive of the EDB, commented on the findings of the BEQ report: “We are very encouraged by the resilience of the Bahraini economy in the face of a challenging global economy. This reflects the strengths of the fundamental factors underpinning long term growth in the region, the positive impact of the strategic infrastructure investment programme and Bahrain’s unique position as a location from which businesses can access the opportunities in the GCC”.
“There are very significant challenges for all GCC governments in adjusting to a lower oil price environment. These challenges are prompting countries across the region to make strategic commitments to economic diversification – something which we are confident will help us maintain momentum in the future”.
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