Tourism contributes 5% of Bahrain GDP, new Economic Development Board whitepaper shows

Posted on by edbclient
July 13, 2016

​Report underscores the growth and employment potential of the sector in Bahrain

Today, the Bahrain Economic Development Board has launched a new whitepaper, revealing that tourism directly contributes 5% of Bahrain’s GDP, underlining the importance of the sector to the country’s economy.

Titled ‘Evaluating the role of tourism in the Bahraini economy’, the paper highlights the ‘transformative’ growth of an industry which has leapt from 4mn visitors per year in 2000 to 11.6mn in 2015. The report estimates that the sector supports as many as 42,000 jobs in Bahrain, showcasing the sector’s exceptional employment opportunities. The report also notes that the sector offers unique opportunities for entrepreneurship as a consequence of above average growth and the absence of significant barriers to entry or economies of scale.

Bahrain is a regional hub for tourism, with the majority of visitors travelling from within the GCC and particularly Saudi Arabia, via the King Fahad Causeway. However more than a quarter of visitors are coming from beyond the Gulf, highlighting a significant number of international tourists.

The growth in visitor numbers is expected to be supported by significant build-up in both accommodation and infrastructure, due to ongoing investment in the country’s tourism sector. This is exemplified by the expansion and modernization of Bahrain International Airport, which will increase annual capacity from 9 million to 14 million passengers after an 18.6% rise in airport arrivals between 2013 and 2015.

This investment builds on the potential of the Kingdom’s uniquely open and authentic culture, as well as its attractive liberal lifestyle and rich history. Bahrain also has a central location within the GCC that makes it a convenient destination for visitors from around the region as well as Europe and Asia.

These factors are expected to boost the number of visitors to the country and encourage visitors to extend the length of their stay and increase spend.

The findings were discussed at a roundtable hosted by the Economic Development Board on July 13th with Dr. Jarmo Kotilaine, Chief Economist, and Mr. Jerad Bachar, Executive Director of Tourism and Leisure Investment.

Speaking ahead of the roundtable, Mr. Bachar said:

“Tourism is an essential pillar of the Bahraini economy and this importance is underlined by the volume and variety of visitor expenditure. This paper shows the far-reaching impact of tourism and the investment opportunities that come both directly and indirectly from the industry.”

“We see tourism as a sector that has the potential to create high quality sustainable jobs for Bahrainis and to make an important difference in diversifying our economy and export profile. We are confident that in the coming years Bahrain’s attractions and overall offer will make it a great location for leisure as well as business.”

Download the whitepaper

Our welcome Your pleasure

Posted on by edbclient

June 14, 2016

​Warm weather, warm sands and warm smiles are waiting to welcome visitors to the Kingdom of Bahrain with the launch of its new “Ours. Yours. Bahrain” tourism brand.

The Bahrain Tourism & Exhibitions Authority unveiled the brand to the region during the Arabian Travel Market held in April at the Dubai World Trade Centre.
Shaikh Khalid bin Humood Al Khalifa, Chief Executive Officer of the Bahrain Tourism & Exhibitions Authority (BTEA), said of the brand:
“The new brand embraces the country’s biggest asset, its people – their warmth and welcoming attitude. It’s the culmination of our efforts to develop an integrated strategic approach towards elevating the industry by attracting investors and providing a suitable environment to incubate tourism projects.”
The brand was launched as part of the BTEA’s commitment towards reinvigorating the Kingdom’s tourism industry through spearheading initiatives that bolster investment opportunities in the country.
In 2015, Bahrain’s tourism sector made up 3.6% of the Kingdom’s GDP, contributing approximately USD 700 million. The campaign’s strategic and infrastructural initiatives aim to increase this amount to USD 1 billion by 2020, effectively doubling tourism’s contribution to Bahrain’s GDP from 3.6% to 6.6%.
Shaikh Khalid revealed the BTEA’s four driving pillars: Awareness, Attraction, Access and Accommodation.
Initiatives are already underway in support of these pillars, including:
  • Awareness: Establishing tourism offices in key markets such as UK, France, India, Germany and Russia to promote tourism in Bahrain, as well as its key offerings as a destination for both tourists and operators of tour, hotel and cruise lines.
  • Attraction: Developing new leisure attractions through utilising the island’s many beaches, and certifying 100 Bahraini tour guides by end of 2016 to offer tourists an insider’s experience of the Kingdom. MICE tourism is also being targeted through the planned construction of a new 40,000 sqm exhibition site capable of hosting over 5,000 people.
  • Access: Revamping existing airport facilities to accommodate 14 million passengers (a 65% increase to existing capacity), and upgrading port infrastructure to increase amount of mooring facilities for cruise liners and yachts passing through the Arabian Gulf. In addition, the construction of the new King Hamad Causeway, connecting Bahrain and Saudi Arabia, will provide increased and more efficient access for vehicles traveling between the two Kingdoms.
  • Accommodation: Encouraging hotel operators to establish operations in Bahrain to cater to a strong demand for sea-front hotels, as well as high-quality mid-range accommodation for family and business travellers. Over 10 five-star and four-star hotels are now under development.
With a country-wide commitment towards the growth of the tourism sector, find out what opportunities await you if you’re a:
Cruise Operator >
Hotel Operator >
Tour Operator >
Bahrain’s Tourism: At a Glance
  • Positioned for success: Situated within the heart of the Gulf Cooperation Council (GCC), with over 300 million people less than a two-hour flight away.
  • Solid growth: Between 2013 and 2014, Bahrain’s tourism revenues increased by 17.4%, the hotel and restaurant sector expanding by 4.1%, and inbound visitors increased by 11.1% with over 10 million visitors coming to Bahrain.
  • Unique past: Home to historical sites dating back to the 5,000-year-old Dilmun civilisation such as the Bahrain Fort and Barbar Temple.
  • Luxurious present: Bahrain is home to leading five star hotel chains including the Four Seasons Hotel Bahrain Bay, The Ritz-Carlton Bahrain, Sofitel, ART Rotana, Le Méridien and the Westin. Complimenting high-end hospitality is world-class cuisine catered by the likes of Michelin starred chefs Wolfgang Puck and Vineet Bhatia.
  • Exhilarating events: Host to the Formula 1 Gulf Air Bahrain Grand Prix, Spring of Culture, Bahrain International Air Show, IRONMAN 70.3 Middle East Championship Bahrain and Shop Bahrain.

Global environmental solutions leader expands in Bahrain

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June 14, 2016

With the Gulf Cooperation Council (GCC) undergoing rapid growth which sees its market value expected to hit USD 2 trillion by 2020, the chemicals and plastics sectors have spiked in demand and now record the greatest number of industrial projects in the GCC.

It is against this backdrop that Ion Exchange – leading Indian water treatment company and pioneer in environment management solutions – decided to expand operations in Bahrain to cater to the burgeoning region.
With the support of the Bahrain Economic Development Board (EDB), Ion Exchange will be establishing a chemical blending facility to create products for export around the GCC, addressing the need for water treatment services.
Ion Exchange’s decision to locate in Bahrain was influenced by the Kingdom’s ease of accessibility to the key GCC market. Speaking during the announcement of the new plant, Mr. Rajesh Sharma, Chairman and Managing Director of Ion Exchange, said:
“The launch of the new Bahrain facility is part of our wider strategy to ensure proximity to our GCC and North Arab market. Bahrain is located at the heart of the Gulf market with excellent transport and logistics connections throughout the region. We are expanding to meet the GCC’s rising demand for water treatment products and services and are excited to work closely with organisations like the EDB to ensure our success.”Situated in the Bahrain Investment Wharf, the new plant is within instant reach of key transport links – 15 minutes from the Khalifa Bin Salman Port, 20 minutes from the Bahrain International Airport and 30 minutes from the King Fahd Causeway bridging to Saudi Arabia.

As a regional hub, Ion Exchange will be able to reach key GCC markets in under 45 minutes by air or a maximum of 8 hours by land.Find out how you can also tap into the flourishing GCC market by contacting the Bahrain Economic Development Board >

Ion Exchange joins the ranks of industry leaders already in Bahrain, including:
·     Mondelez International (formerly Kraft)
·     Olayan Kimberly-Clark
·     Chemco Group
·     SMS Meer
·     RMA
·     JBF
·     SULB
·     BASF

Reforms reinforce global connections

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June 14, 2016

Bahrain has long been regarded as the “heart of the Gulf” due to its position in the centre of the USD 1.5 trillion Gulf Cooperation Council (GCC) market. It is a location that allowed Bahrain to establish itself 4,000 years ago as a quintessential trading centre, bridging East and West.

Infrastructure Reforms
Aiming to maintain its trading legacy, Bahrain is pressing ahead with regulatory and infrastructural reforms to further strengthen its fast-growing Transport & Logistics (T&L) sector.
Regional gatewayRecent initiatives spearheaded by the Bahrain Logistics Board (BLB) aim to capitalise on Bahrain’s incomparable connectivity by allowing foreign companies to setup wholly-owned regional distribution centres. Boasting the fastest seaport customs clearance (less than 3 hours) and truck turnaround time (33 minutes) in the GCC, companies can service a region in which no state is over 2 hours away by air or 8 hours away on land.

Lowering costs, maximizing profitability
Bahrain’s business environment is one that is marked by freedom. Financial freedom, trade freedom, fiscal freedom, the freedom of 100% foreign ownership in most sectors, and the freedom to repatriate all capital, profits and dividends. In addition to an enabling regulatory and business environment, Bahrain also boasts the lowest operation, manpower and port costs across the GCC.
As part recent cost reduction initiatives, Bahrain’s cost competitiveness will be boosted by the abolishment of minimal capital requirements for business startups.
Foreign investors can now also take advantage of Bahrain’s reputation as a key export hub by claiming a 49% stake in shipping, airfreight and sea freight agencies.
Infrastructural interconnectedness
Starting with APM Terminals’ operation of the USD 360 million Khalifa Bin Salman Port, to the Bahrain Logistics Zone offering a customs-free value added logistics park with both bonded and non-bonded areas, Bahrain’s word-class logistics infrastructure addresses T&L needs from A-Z.
Strengthening Bahrain’s logistics offering is the close proximity of all key infrastructure on the island. For instance, it only takes 30 minutes to get from Khalifa Bin Salman Port to the King Fahd Causeway leading into Saudi Arabia, or just 25 minutes to get to the Causeway from the Bahrain International Airport.
Two major infrastructure projects are underway which are sure to further enhance Bahrain’s top-notch infrastructural offerings:
  • Airport Modernisation and Expansion – An estimated USD 1.1 billion project focussed on the development and modernisation of the existing airport. Upon completion, the airport is expected to support 14 million passengers (65% increase in capacity).
  • King Hamad Causeway – Links to Saudi Arabia will increase with the addition of a new causeway alongside the existing King Fahd Causeway. The USD 3 billion King Hamad Causeway is expected to result in an estimated 30% – 50% lower import costs.
Driving efficiency through innovation
With business processes becoming increasingly technology-driven, advanced information infrastructure has become as critical as physical infrastructure. Bahrain’s active recognition of this sees it leading the Middle East and North Africa (MENA) region in ICT development and online government services.
An example of such leading services includes the online customs clearance system called OFOQ, meaning ‘horizon’ in Arabic. Serving as a one-stop shop for all customs enquiries and submissions, OFOQ effectively decreases transaction costs while increasing risk management and transparency in the clearance process.
A recent addition to Bahrain’s online services is the recently introduced Sijilat Commercial Registration Portal. Sijilat offers businesses a seamless set-up experience with streamlined licensing procedures and reduced registration times.
Rankings
It is partially due to these reforms that Bahrain has received international accolades in 2016 from the likes of the World Economic Forum, UNCTAD and Agility. See below Bahrain’s latest rankings within the T&L Sector:

Bahrain’s ICT sets companies for success

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June 14, 2016

Boasting the Middle East’s most liberal and developed ICT market, Bahrain’s ICT infrastructure has been set up with your company’s success in mind. That’s why tech giants like Microsoft, Cisco, Hewlett-Packard, Huawei and Tata Consultancy have chosen to have a presence here.

Read on to learn about the experiences of two ICT companies based in Bahrain – one a leading multinational travel corporation and the other an independent Small and Medium Enterprise (SME).
Sabre Travel Network Middle East (STNME)
The Bahrain Economic Development Board (EDB) sat down with Daniel Naoumovitch, Chief Executive Officer of STNME, to learn about STNME’s history in Bahrain and why it still serves as their regional base.
EDB: Tell us more about Sabre.
Daniel Naoumovitch: Sabre touches upon every aspect of the traveller journey with the largest portfolio of products accessible at all traveller touch points. We provide Travel Management Companies (TMC) with the least expensive fares, streamlined workloads for travel agents, tools for airlines to ensure the right crew numbers staff their flights and the ability for executive travellers to book online.
EDB: How did STNME settle on Bahrain?
Daniel: Sabre chose Gulf Air to officially distribute our products across the region since 1989. In 2004, we entered into a joint venture with Gulf Air. Bahrain was the natural choice as a regional hub for STNME due to its central and strategic location. We now operate out of 27 offices in 13 countries across the region. We have offices in Egypt, Yemen, Palestine, Lebanon, Iraq, Syria, Jordan and across the Gulf Cooperation Council (GCC) countries.
EDB: How has Bahrain’s location contributed to regional growth?
Daniel: Bahrain is a large enough market for our needs but also small enough to get around quickly and easily as a hub destination. The ease of travel also makes it ideal for our needs’. We can disperse teams in and out of Bahrain across the region easily, quickly and most efficiently.
EDB: How was the process of setting up like?
Daniel: Our biggest incentive for putting the STNME regional hub in Bahrain was the ease and speed of setting up here. It took us a few weeks to set up our company. When we were increasing our capital to further expand, it was a matter of weeks to put in place the structures needed to do so. We now run the following divisions from our Bahrain hub:  IT, product suite offering, Finance, Operations and Support teams including Human Resources, and Marketing and Communications. So you can see our entire structure is Bahrain-based.
EDB: Are there other aspects of Bahrain that make it an ideal regional hub?
 
Daniel: We have never been short of talent in Bahrain. In 2005, we started with 30 employees and we now boast over 200 employees, with 80 Bahrain-based staff of which half are Bahrainis. Furthermore, we have found that Bahrain has among the lowest staff turnovers across our regional network in EMEA.
Another big advantage we have found in Bahrain is the variety of languages spoken. From here, we serve our customers in 4 languages: Urdu, Hindi, Arabic and English.
EDB: How long have you yourself been in Bahrain for?
Daniel: I have been living in Bahrain for eleven years, I initially moved to Bahrain with my wife and daughter where she attended one of the best schools in the region.
EDB: What do you find keeps you here after all these years?
Daniel: Bahrain to me is one of the most beautiful countries in the Middle East, with the kindest and most welcoming people I have met. Bahrain has the perfect experience where – you get the family environment, along with the growth and economic potential you ideally want for your business. It’s such an easy country to come into and call your home. The airport is the most accessible and you are never far from wherever you chose to go to. There is no other country where you can land, disembark, get through customs and be at your home within less than one hour.
Elite Technology
Arun Aravindan, Chief Executive Officer of Elite Technology, has over 13 years of experience in the tech industry. Prior to establishing his own business in Bahrain, he worked as a regional consultant for a leading international firm based in Dubai.
Watch the video below to learn about Arun’s transition into becoming a business owner based in Bahrain:
Bahrain’s ICT Sector: At a Glance
  • Exceptional Growth: Bahrain’s ICT sector is predicted to exceed GCC market growth, with a CAGR of 10.3% that will see Bahrain’s market value reach USD 2.7 billion by 2020. The BPO market in particular is growing at a pace faster than the global industry average.
  • Primed for Innovation: Bahrain serves as the ideal testing ground for new products due to its small, multicultural population within a region with one of the highest mobile and internet penetration levels in the world.
  • Skilled Local Labour Force: 53% of the ICT workforce in Bahrain is comprised of a highly educated, bilingual local workforce. 

Islamic finance reinterpreted at Global forum

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June 14, 2016

A who’s who of the world’s top Islamic finance figures convened at the Four Seasons Hotel Bahrain Bay on 3rd – 4th May to tackle the theme of “Rethinking Values of Sustainable Growth”, at the General Council for Islamic Banks and Financial Institutions (CIBAFI) Global Forum.

Held under the patronage of the Central Bank of Bahrain (CBB) and in partnership with the Bahrain Economic Development Board (EDB), the CIBAFI Global Forum was attended by delegates from over 28 countries representing international and national regulatory and policy-making bodies, financial institutions and academia.
Islamic finance industry leaders provided critical insight into the issues that most urgently impact the growth and stability of the industry today. Experts stressed on the need to shift away from prioritising shareholders, to championing stakeholders and Environment, Social, Governance (ESG) practices. Accordingly, experts exchanged ideas and strategies for the enhancement of regulation, governance, innovation, social responsibility and investments.
Forum delegates were greeted by Mr. Abdelilah Belatik, Secretary General of CIBAFI, and Mr. Musa A. Shihadeh, CIBAFI Board Member and Chief Executive Officer & General Manager of the Jordan Islamic Bank. A Keynote Address was delivered by H.E. Rasheed Mohammed Al Maraj, Governor of the CBB, and the special keynote guest was Dr. Mark Mobius, Executive Chairman of Templeton Emerging Markets Group.
Speaking about the Forum, H.E. Sheikh Saleh A.Kamel, Chairman of CIBAFI, said:
“This Forum is well-thought out in terms of delivering insights for creating long-term value and performance in the industry, and to unlock the potential of Islamic finance in today’s business environment. The Forum is an important step towards reiterating the value-based system that forms the core of Islamic finance.”
 Islamic-Finance-in-Focus.png
The CIBAFI Global Forum is the latest addition to Bahrain’s busy roster of Islamic finance events. With an Islamic finance sector dating back to the 1970s, Bahrain boasts the world’s largest concentration of Islamic financial institutions and today ranks 2nd worldwide in Islamic Finance. So it’s only natural that Bahrain is regarded as a global Islamic finance hub and a magnet for key international events such as the World Islamic Banking Conference and the AAOIFI World Bank Annual Conference on Islamic Banking & Finance.
About CIBAFI
Established and headquartered in Bahrain since 2001, CIBAFI is an assembly of leading Islamic finance institutions comprised of over 120 members from over 30 countries.
CIBAFI aims to strengthen and support the development of the Islamic finance industry through the advocacy of regulatory, financial and economic, thought leadership and professional development.
It is an affiliate of the Organization of Islamic Cooperation (OIC).
Find out more at http://www.cibafi.org/.

Culture and sport share pole position

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June 14, 2016

11th Spring of Culture
Running from February to April, the 11th Spring of Culture marked a season-long celebration of arts and culture. Visitors and residents of Bahrain were enthralled by over 50 events that featured performances from over 20 countries.
This year’s highlights included Grammy-award winning jazz sensation Gregory Porter who delivered a mesmerizing performance at the historical 15th century Arad Fort. His powerful vocals were perfectly paired with a four-piece band, allowing fans to immerse themselves in Porter’s unique brand of soul.
The historical 15th century Arad Fort was also host to prolific Arab singer Kadim Al Sahir, who captivated audiences with his sweeping orchestral ballads and contemporary pop compositions. Dubbed the “Caesar of Arabic Music”, Al Sahir is one of the most internationally-acclaimed and successful artists in Arab history. His talent has seen him draw in audiences of over 100,000 – the highest recorded attendance for an Arabic performer.
Other performances included the world-renowned Beirut-based Caracalla Dance Theatre’s Kan Ya Ma Kan dance spectacle, Mexican Duo Rodrigo Y Gabriela’s electrifying anthemic rock performances, and the Pirates of the Carabina’s Total Theatre Award-winning circus show Flown.
2016 Formula 1 Gulf Air Bahrain Grand Prix
The Mercedes AMG Petronas Formula One Team secured their third consecutive win at the Formula 1 Gulf Air Bahrain Grand Prix. Previously won by the two-time Bahrain GP winner Lewis Hamilton, it was teammate Nico Rosberg who achieved his first victory at the Bahrain International Circuit (BIC) – dubbed the ‘Home of Motorsport in the Middle East’.
Rosberg’s triumph came after drivers battled out 57 laps around the BIC’s floodlit track, which is regarded as being one of the longest and most exciting tracks.
Jenson Button, driver for the McLaren-Honda Formula 1 Team, described the track as being:
“… a fun track to drive on. The landscape of racing in the desert after sunset is always really special and brings a new dimension to the spectacle. Everything in Bahrain is always very slick and it’s an impressive place to be. My win there in 2009 is still a great memory and the wide track and run-off areas mean it’s a fun circuit on which to battle. “
Rosberg’s Bahraini victory was the second in a four-win streak since the start of the 2016 Formula One season – he first won the Australian Grand Prix, followed by the Bahrain, Chinese and Russian Grands Prix.
Excitement from the track spilled over into BIC’s Formula 1 Village, which hosted a weekend-long festival that featured non-stop theatrical, acrobatic and musical acts. Visitors were treated to performances from a range of genres including electronic dance music superstar duo Axwell & Ingrosso, Jamaican reggae artist Jimmy Cliff, and Moroccan singer Saad Lamjarred.
Capping off the weekend of stellar performances was international dance sensation Avicii, who delivered a breath-taking audio-visual show that dazzled the crowd as they danced to chart-topping singles “Levels”, “Wake Me Up” and “Hey Brother”.

Top global garments company Must World W.L.L. opens new regional head office in bahrain

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June 13, 2016

​- MUST Group subsidiary to handle $200 million of US orders from Bahrain –

Manama, 12th June 2016: Must World W.L.L., a company specialised in manufacturing and supplying high quality garments to well-known brands in the US and European markets has announced today that it has incorporated a new company in Bahrain, which will act as their regional head office. The new regional head office will handle $200 million of US orders, producing 18 million garments per year.
Must World W.L.L., a subsidiary of MUST Group, will be carrying out, designing, sampling, merchandising, industrial engineering, production planning, and logistics support to their manufacturing expansions in Middle-east and Africa, from their regional office, based in Bahrain. The office is planned for opening towards the end of the year. Must World W.L.L. incorporation will eventually create 20 jobs for local Bahrainis in fields such as fashion design, finance, business administration as well as logistics. Must World W.L.L supplies its garments to brands such as H&M, Tommy Hilfiger, Marks & Spencer, as well as Macy’s. The Bahrain Economic Development Board (EDB) assisted and advised Must World W.L.L. with respect to the business move and the registration of their new head office in Bahrain.
Mr. Khalid Al Rumaihi, Chief Executive of the Bahrain EDB said: “We are delighted that the MUST Group has selected Bahrain to open the Must World W.L.L. regional office. The company joins a number of other firms taking advantage of Bahrain’s highly skilled workforce, regional connectivity, business friendly regulations and low operating costs. These advantages make Bahrain an ideal platform for international businesses to use and export into the global market. We look forward to welcoming Must World W.L.L. to Bahrain and are committed to doing what we can to help them to expand their operations in the kingdom.”
Harinder Lamba, Executive Director of Must World W.L.L. said: “Bahrain’s highly skilled and educated workforce make it an ideal destination for any global company interested in expanding in the global retail market. Besides this we have benefited from a business friendly environment and low operating costs which will support our business. We have seen strong expansion in recent years and appreciate the support that the EDB has provided in growing our operations in the kingdom.”
MUST Group was founded in 1981, by the Mahtani family in Hong Kong and currently supplies 40 million garments a year to the US and Europe via its manufacturing plants in the Middle East and South Asia. To date, MUST Group employs over 20,000 people in over 8 countries supporting the company’s business of manufacturing and supplying high quality garments to top brands in the USA and European markets which include the likes of JCPenny, H&M and Wal-Mart. The company joins several other businesses that have recently expanded head office operations in Bahrain. This includes SSH, a leading Middle East professional services company specialising in infrastructure and project management and German-based manufacturing conglomerate SMS Meer Group, which has opened its Middle East office for worldwide field services in Bahrain.

Bahrain business delegation arrives in Dublin for ICT event

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May 25, 2016

​- Bahrain’s unique value proposition as a regional hub for ICT and BPO companies on show to international audiences-

A Bahrain business delegation, led by the Economic Development Board (EDB), is attending the Shared Services & Outsourcing Week in Dublin this week in order to highlight Bahrain’s core strengths as an ICT and BPO hub in the fast-growing Gulf region to the global community.

SSO week is one of premier events of the industry’s annual calendar. This year the theme of the conference is “Driving Strategic Value through Automation, Process Excellence and Data” and the forum will look at how Global Business Services firms and shared service entities can transform themselves from simply transactional operational bases to value-adding centres.

Khalid Al Rumaihi, the Chief Executive of the EDB, said: “The Bahrain delegation’s attendance at the SSO Week offers us a high-profile opportunity to demonstrate to potential investors the opportunities on offer in the GCC region, where the IT sector is expected to grow by over 10% per annum over the next five years.

“Bahrain’s mature regulatory environment and skilled, highly motivated workforce are just two of the significant attractions for employers, who will find strong demand for products and services from Bahrain’s young, technologically adept and affluent population. With its high standards of education and a talented, bilingual local population, Bahrain is ideally placed to support the growth of the BPO industry in the region, acting as the gateway to neighbouring Gulf markets.”

The growing importance of the GCC market, currently valued at approximately $1.5 trillion, means that businesses are increasingly focused on building back and mid-office support in the region in order to provide the best service to their customers.

Innovation in payment services focus of panel discussion in Bahrain

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May 25, 2016

A panel discussion shedding light on ways to promote innovation in payment services was organised by the Economic Development Board (EDB) at the Capital Club, Bahrain Financial Harbour. The event participants included officials from the Central Bank of Bahrain (CBB), the EDB and other institutions under the CBB’s ancillary services sector that support the financial services sector and payment service providers in the Kingdom

The discussion focused around strengthening cooperation between stakeholders in order to develop infrastructure for the payments industry, enhance its potential and support the ongoing efforts towards leadership in service innovation. The meeting resulted in a list of recommendations for the support of the industry and its development, as well as an action plan to follow up on progress and implementation.

Mr. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) said:

“We are able to share our ideas and vision for the development of the Financial services industry through discussions like these, particularly around the payments industry, which is one of the main pillars of the sector which has become increasingly important in recent years. Such discussions allow for enhanced cooperation between stakeholders representing both the public and private sectors in order to bring to light some of the challenges and opportunities we are facing in the field”.

The panel also focused on the role payment systems play in the financial services’ infrastructure, as well as covered the latest technological developments in the global payments industry. These developments contribute to further financial stability and allow for less dependency on cash transactions, while also enhancing the efficiency of payment channels, and the development of security standards.

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