EDB Reaffirms Bahrain’s Commitment to the ICT Sector at GITEX 2014

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January 01, 2015

The Economic Development Board (EDB) participated in the Gulf Information Technology Exhibition (GITEX) for the fifth consecutive year. The annual technology trade show took place at Dubai World Trade Centre in October 2014.

Launched in 1981, GITEX is the largest ICT event in the Middle East, Africa and South Asia (MEASA). This year’s exhibition brought together more than 142,000 ICT professionals, 25,000 high-level executives, and over 3,700 exhibitors from 61 countries. The EDB was presented alongside Bahraini government and private sector institutions including the eGovernment Authority, Ahlia University, the General Organisation for Youth and Sports (GOYS), and the Bahrain Technology Companies Society (BTECH).
Ms. Vivian Jamal, Executive Director – Business Development at the EDB commented, “GITEX is one of the leading regional ICT sector events and ensuring a strong presence for Bahrain at such events is key to attracting inward investment in our burgeoning ICT sector.”
Boasting one of the most liberal and advanced ICT infrastructures and policies in the region, Bahrain has maintained its position in the top 30 economies in The Global Information Technology Report (GITR) 2014, produced by the World Economic Forum in cooperation with INSEAD, a report which provides an overview of the current state of ICT readiness in 148 economies.
According to the report, which was released in April 2014, Bahrain ranks 25th in terms of least costly access to ICT services, ranks 14th in uptake by individuals,  one of the highest in the world, with a very high number of internet users, where Bahrain ranks 10th globally. Bahrain also ranks in the top 5 countries in the number of households with a personal computer, coming in at 3rd internationally. The Kingdom also has a strong vision to develop the sector, ranking 14th and offers a wide range of services online.
“With around 400 ICT companies present in Bahrain, 50 of which are specifically software companies, the transportation and communication sector contributed 6.9% to Bahrain’s GDP in 2013, and experienced a growth of 3.1% from 2012. We are keen to drive the sector to expand further. GITEX is an important regional platform to promote Bahrain’s ICT sector, alongside leading regional and international players,” Ms. Jamal added.
GITEX 2013 was a great success for EDB, with multiple activities carried out to promote the kingdom’s national economy and its investment environment.

EDB Supports Apprenticeship MOU to strengthen Bahraini-German cooperation in Industrial Training

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January 01, 2015

​The National Institute for Industrial Training (NIIT) signed a Memorandum of Understanding (MOU) with the Education Center of Rheinmetall MAN Military Vehicles in Kassel, Germany, in December to promote cooperation in the fields of apprenticeship and training, with the support of the Bahrain Economic Development Board (EDB).

Under the terms of the MOU, the two parties will work together to develop joint apprenticeship and training activities, encourage exchange of education and training expertise, co-operate in planning and installation of apprenticeship and training-centers, and integrate the German dual apprenticeship system.

The latter is an apprenticeship system that combines between theory and practice as well as company and vocational schools. The Bahraini apprenticeship system would coordinate a system that offers graduates the chance to be employed as trainees at companies offering opportunities in learning new methods, machines, techniques and operational processes, paving the way towards hiring them as skilled-workers upon their successful final qualification.

The MOU is part of a wider plan between NIIT and Rheinmetall Education Center that also incorporates planning an apprenticeship and training center in Bahrain, and implementation of the apprenticeship pilot project in the Kingdom, joint workshops and seminars, and to participate in fairs and conferences.

The MOU was signed by Mr. Abdullah Mohammed, Acting Director of NIIT, and Mr. Thomas Noll vice president and Head of Education & Training Center of Rheinmetall at the NIIT headquarters in Hidd Industrial Area. NIIT was established six years ago by a group of 53 business leaders in Bahrain to provide industrial training for Bahrainis to enhance their chances of employment.

The First Russia-GCC Trade and Industrial Dialogue Concludes in Manama

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December 15, 2014

​Manama, 15th December, 2014, Economic Development Board: The first “Russia-GCC Trade and Industrial Dialogue”, held in Manama 14th to 15th December concluded today after attracting attendance from key officials and private sector representatives from Russia and the Gulf Cooperation Council (GCC).

The event was organised by the Russian Federation’s Ministry of Trade and Industry, and supported by the Ministry of Industry and Commerce (MOIC), Bahrain Economic Development Board (EDB), the Bahrain Chamber of Commerce and Industry (BCCI) and the Federation of GCC Chambers of Commerce. Trade and industry Ministers from all the GCC countries and Russia, as well as a range of private sector representatives, participated at the event sessions which focused on Russian–GCC business collaboration and investment opportunities in a range of sectors, including infrastructure development projects, manufacturing and industry, agriculture, energy and Islamic finance.

A panel session took place during the event under the title ‘Russian-Arabic business collaboration – new horizons and opportunities’. HE Kamal bin Ahmed, Minister of Transportation and Telecommunications and Acting Chief Executive of the Bahrain Economic Development Board (EDB), H.E. Mohammed Bin Khalifa Al-Khalifa, Chief Executive of National Oil and Gas Authority, and Mahmood Hashim Al Kooheji, CEO, Mumtalakat, participated the session, where HE Kamal bin Ahmed highlighted Russia’s importance as a trading partner for the Gulf region, being one of the world’s leading economies. He also stressed the efforts the GCC and Bahrain have been making to build business ties with a large range of international markets.

HE Kamal bin Ahmed emphasised the importance of this forum, which builds on His Majesty King Hamad bin Isa Al Khalifa’s historical visit to Russia in 2008 and the high level business delegation visit to Russia this year led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the EDB, which saw the signing of a number of MoUs between the two countries.

HE commented on opportunities for Russian companies to invest in Bahrain saying: “Bahrain has almost 30 billion dollars of infrastructure projects planned over the coming years, in a number of sectors, including transportation, housing, industry, energy and healthcare, and Russian expertise can no doubt play a vital role in these ambitious programs.”

Giving a keynote at the event, Minister of Industry and Commerce, HE Zayed bin Rashed Al Zayani confirmed the importance and willingness of the government to further develop the Kingdom’s economic relations with various countries of the world, noting that according to UNCTAD, Bahrain  Bahrain attracted 989million dollars of foreign investment in 2013, an increase of 11% from the previous year. HE added that the bilateral trade value between Bahrain and Russia stands at about US$58 million, with imports from the Russian Federation limited to basic industrial and semi-finished material. The Minister highlighted that the relations between Bahrain and Russia were strengthened following the historic visit of His Majesty King Hamad bin Isa Al Khalifa and the visit of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the EDB.

He also stressed that the Bahrain Economic Vision 2030, will achieve stability, sustainability and competitiveness, referring to Bahrain adapting a policy of attracting regional and international business, through enhancing the business environment and facilitating policies. HE the Minister added the sustained cooperation and integration in economic policies with the GCC countries and the larger MENA region, and the FTA with the USA, has yielded great benefits for exports originating in Bahrain, from customs exemptions, as well as other bilateral and regional trade preferences and economic integration benefits.

The Government of Bahrain also recently announced that it has revised visa policies for Russian citizens visiting the Kingdom to encourage business and trade between the two countries, whilst Gulf Air, the national carrier of Bahrain, announced the launch of a new direct route from Moscow to the Kingdom.

Russia and GCC Businessmen hold B2B meetings to discuss partnerships in Bahrain

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December 14, 2014

Manama, 14th December, 2014, Economic Development Board: Businessmen representing various sectors in Russia and GCC countries discussed ways to strengthen industrial and commercial trade. The meetings were held as part of the first “Russia-GCC Trade and Industrial Dialogue” hosted in the Kingdom of Bahrain from December 14 to 15, at the Ritz-Carlton, Bahrain Hotel and Spa.The event was attended by key officials and business representatives from Russia and the GCC states, and witnessed a number of B2B meetings to discuss investment opportunities and cooperation in the sectors of infrastructure, development projects, manufacturing, agriculture, energy and Islamic finance. It also featured discussions for business collaboration between both nations through the establishment of partnerships and joint initiatives as well as increasing business visits.

During the event a meeting was held between HE Kamal bin Ahmed and Mr. Denis Manturov, Minister of Trade and Industry of the Russian Federation. The meeting included discussions on opportunities to strengthen trade and industrial relations between the two countries in various sectors, as well as investment cooperation through joint Bahraini-Russian agreements. Present were HE Zayed Al Zayani, Minister of Industry and Commerce; HE Khalid Almoayed, Chairman of the Bahrain Chamber of Commerce and Industry (BCCI); Mr. Mahmood Al Kooheji, Chief Executive Officer, Mumtalakat and Mr. Valdimir Dmitriev, Chairman, Vneshekonombank.

The “Russia-GCC Trade and Industrial Dialogue” is organised by the Russian Federation’s Ministry of Trade and Industry, and supported by the Economic Development Board (EDB), the Bahrain Chamber of Commerce and Industry (BCCI) and the Federation of GCC Chambers of Commerce.The event follows a visit by a high-level Bahraini business delegation to Russia in April, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, First Deputy Prime Minister and Chairman of the EDB. The visit paved way for various agreements, which will see greater investment cooperation. It also witnessed Gulf Air, the national carrier of Bahrain, announcing the launch of a new direct route from Moscow to the Kingdom.

Economic relations between Bahrain and Russia have strengthened due to the increasing trade between the two countries. These relations were made stronger with the establishment of the Russia Bahrain Business Council during the historic visit by His Majesty King Hamad to Russia in 2008.

Manama Named Top Global City of the Future by FDI Intelligence Magazine

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December 08, 2014

​Manama, Economic Development Board, 8 December 2014: The fDi Intelligence division of the Financial Times has named Manama a top 10 ‘Global City of the Future’ in an annual report released today.

The shortlist was compiled using data from 130 countries under five categories – economic potential, business friendliness, human capital and lifestyle, cost effectiveness and connectivity. Manama ranked 6th overall, 3rd for human capital and lifestyle, 4th for cost effectiveness, 7th for connectivity, and 8th for business friendliness in the small and mid-sized cities category. Manama was the leading city in the Middle East and North Africa in the category, ahead of neighbouring cities in the region.

HE Kamal bin Ahmed, Minister of Transportation and Telecommunications and Acting Chief Executive of the Economic Development Board (EDB), commented:

“We are delighted that Manama has been recognised as one of the leading small and mid-sized Global Cities of the Future and first in the Middle East.

“The combination of rapid growth in the GCC, and Bahrain’s strengths as a business hub has helped us attract nearly US$1 billion of foreign direct investment in 2013. Bahrain’s economy is the most open in the region, with a competitive tax regime, world-class regulation, one of the most educated workforces in the GCC and high connectivity and access to regional markets.”

According to the UNCTAD World Investment Report 2014, released in June, total FDI to Bahrain in 2013 was $989 million, an increase of 11% on 2012, outpacing global average growth of 9%. Bahrain’s open economy, favourable business conditions and strong economic fundamentals have also been endorsed by the Heritage Foundation’s 2014 Index of Economic Freedom, which saw the Kingdom ranked 13th in the world and first in the Middle East and North Africa.

fDi Intelligence is the largest FDI centre of excellence globally, specialising in all areas relating to foreign direct investment and investment promotion. The finalist cities in the fDi Global Cities of the Future report were selected based on data collected by the Financial Times using the specialist online tools fDi Markets and fDi Benchmark. Data was then collected for the selected 130 locations under five categories: Economic Potential, Business Friendliness, Human Capital and Lifestyle, Cost Effectiveness and Connectivity, and the locations scored up to a maximum of 10 points for each datapoint.

EDB Promotes Bahrain in Japan and South Korea

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December 03, 2014

Manama, Economic Development Board, 3rd December 2014 – Officials from the Economic Development Board (EDB) recently visited Japan and South Korea to promote for Bahrain as a preferred regional destination for investment, specifically in the the ICT sector.

The visit to Japan followed an MOU signed by the EDB and the Japan Information Services Association (JISA) in September. The memorandum aims to strengthen cooperation between both sides to enhance bilateral relations and the exchange of technical information in the ICT industry in both countries.

Around 50 JISA members attended the event in Tokyo last week, where EDB officials highlighted the various opportunities available to foreign investors and companies looking to launch operations in the Kingdom, including the highly skilled national workforce, relatively low cost of living, and high human capital development, which leading international companies and investors have continuously utilised to access neighbouring GCC markets.While in Korea, the EDB, in collaboration with Korea Chamber of Commerce and Industry (KCCI), organised a seminar introducing regional opportunities to Korean ICT companies. Around 65 people from 47 companies attended the seminar where they were briefed on case studies of successful Korean investments in Bahrain, including LG CNS who showcased their experience working on the Business License Information System (BLIS) project with the Bahrain eGovernment.

Commenting on the visits, Ms. Vivian Jamal, the Executive Director of Business Development at the EDB, said:

“We expect this visit to Japan and South Korea to pave the way for future collaborations between companies from these countries and their counterparts in Bahrain. The visit helped in promoting for the Kingdom’s economic fundamentals and competitive advantages and has answered many questions raised by businessmen from Japan and Korea on establishing investment in Bahrain.”Bahrain has close diplomatic and economic relationships with Japan and South Korea, dating back to 1932 and 2012, respectively, since the reopening of the South Korean embassy in Bahrain two years ago. Japan is one of Bahrain’s major trading partners and Bahrain is also home to a number of major Japanese companies including Nomura Securities, Toyota, Yokogawa, and Daiwa Securities. South Korean companies present in the Kingdom include Samsung Electronics, Hyundai Heavy Industries, Korea Exchange Bank, and Woori Bank.

EDB Officials Brief Delegation on Opportunities in the Kingdom

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December 01, 2014

​Manama, Economic Development Board, 1st December 2014: The Economic Development Board (EDB) received today a visiting French delegation from the City of Schiltigheim, which is on a one-week visit to the Kingdom of Bahrain, during which the delegates will meet officials from Bahrain’s private and public sectors. The delegation is comprised of representatives from the training and construction sectors.

During its visit to the EDB, the French delegation learned about the investment opportunities that Bahrain offers, as well as the economic strengths of the Kingdom which include a free economy, modern infrastructure, well-educated local workforce and its proximity to the $1.6 trillion GCC market – factors that secured the Kingdom’s prominent ranking as a competitive economy.

Commenting on the visit, HE Kamal bin Ahmed, the Minister of Transportation and Acting Chief Executive of the EDB said:

“Visits such as this present an opportunity for us to showcase the competitive strengths of Bahrain’s economy and the openness its business environment provides to investors from all around the globe. Bahrain receives many similar visits and tours by delegates coming from key international economies who see Bahrain as an ideal destination to establish their businesses, and access regional markets.”

The French delegation are also scheduled to attend seminars at the Bahrain Chamber of Commerce and Industry and Tamkeen.

A number of leading French companies operate from Bahrain, including BNP Paribas, Axa Insurance, and Credit Agricole. The size of trade exchange between Bahrain and France increased to $648 million in 2011 from $370 million in 2008.

Bahrain Hosts Leading Islamic Banking Conference For 21st Year In A Row

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November 30, 2014

​Manama, Economic Development Board, 1st December 2014: On the 1st-3rd December 2014 Bahrain will host the World Islamic Banking Conference (WIBC), the world’s largest and most influential international gathering of Islamic finance industry leaders. This year marks the event’s 21st anniversary and more than 1,300 delegates from over 50 countries are expected to attend, including 90 specialist speakers and industry thought leaders.
 
The WIBC has supported growth, excellence and innovation in the global Islamic banking and finance industry for more than two decades. WIBC 2014 will celebrate the tremendous growth of Islamic finance and revisit critical success factors that will enable the industry to fulfil its potential with an ever-growing base of investors and customers. WIBC 2014 is held with the support of the Central Bank of Bahrain and the Economic Development Board (EDB).
 
Dr Jarmo Kotilaine, Chief Economist at the EDB, will be participating as a specialist speaker on the panel ‘Expanding the Global Reach and Depth of Islamic Finance’ on the first day of the WIBC. The EDB has also invited a number of international journalists from around the world to attend WIBC 2014 and to showcase Bahrain’s role as a global centre for Islamic finance. Journalists are visiting Bahrain from the UK, Germany, India, Malaysia, China and from across the Middle East region.
 
HE Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, said:
 
“We are exceptionally proud that Bahrain will again host the WIBC, as we have done every year since the first event 21 years ago. This year more than 1,300 leaders from around the world will gather in Bahrain to discuss the future of Islamic finance as the industry continues to demonstrate strong growth and expands into new international markets.
 
“Bahrain has the highest concentration of Islamic finance institutions found anywhere in the world and is a knowledge hub for the industry, a position built on our strong regulation and the most highly skilled workforce in the region. Bahrain is poised to play a crucial role driving forward Islamic finance policy and regulation.”
 
In September 2014 Bahrain was ranked the most developed Islamic financial market in the Middle East and the second in the world by the ICD-Thomson Reuters Islamic Finance Development Indicator (IFDI).
 
Bahrain is widely recognised as a global leader in Islamic finance and is home to the largest concentration of Islamic financial institutions in the world, including 30 Islamic Banks and Takaful and Retakaful firms. Bahrain is also host to a number of organisations dedicated to advancing Islamic finance policy and regulation, such as the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the International Islamic Financial Market (IIFM), the General Council for Islamic Banks and Financial Institutions, the Islamic International Rating Agency (IIRA), the Thomson Reuters Global Islamic Finance Hub, the EY Islamic Financial Services Group, and Deloitte’s Islamic Finance Knowledge Centre, making the Kingdom a knowledge hub for the industry.
 

EDB Participates On Panel At ARABAL

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November 26, 2014

​Manama, Economic Development Board, 26th November 2014: Dr Jarmo Kotilaine, Chief Economist at the Economic Development Board, has participated on a panel at The Arab International Aluminium Conference (ARABAL) titled: ‘Bahrain at the Heart of Aluminium Downstream’.
 
The session focused on the importance of the aluminium sector as one of the leading contributors to the Bahraini economy, and reasons GCC smelters should focus on downstream development. Dr Kotilaine took part alongside high profile representatives including Mumtalakat, Aluminium Bahrain (ALBA), and Midal Cables.
 
Dr. Jarmo Kotilaine said:
 
“Bahrain was the first country in the GCC to discover oil and the first to start primary aluminium smelting. Today, we are one of the leading producers of aluminium globally. Bahrain is ideally positioned to take advantage of surging global demand for aluminium and aluminium products, particularly from Eastern markets, and have seen significant growth in downstream manufacturing.”
 
Aluminium Bahrain B.S.C. (Alba), the organisers of ARABAL, is one of the leading aluminium smelters in the world and is renowned for its premium grade aluminium products. Established in 1971 as a 120,000 tonnes per annum smelter, Alba today produces more than 890,000 metric tonnes per annum of the highest grade aluminium. Recent years have seen significant growth in the downstream manufacturing area where a number of important players have established themselves, such as Gulf Aluminium Rolling Mill (Garmco), Midal Cables Ltd. and Bahrain Aluminium Extrusion Co (Balexco).
 
ARABAL is the premium trade event for the Middle East’s aluminium industry and the only conference in the world attended by every single primary aluminium manufacturer in the region. ARABAL is being hosted for the fourth time by the Kingdom of Bahrain, and this year, it is expected to attract more than 700 delegates including key decision makers and industry leaders from all sectors of the aluminium industry in the region and across the world.

Economic Development Board Hosts German Journalists

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November 25, 2014

Manama, Economic Development Board, 25th November 2014: The Economic Development Board (EDB) is hosting this week a German journalist delegation on the sidelines of the Arab International Aluminum Conference (ARABAL). This comes as part of the EDB’s efforts to promote investment opportunities in the Kingdom and further strengthen bilateral ties between the two nations.

The journalists and editors represent a number of high profile German publications including Aluminum Praxis, International Aluminum Journal, & Metall- Journal of Metallurgy. The trip follows His Majesty King Hamad bin Isa Al Khalifa’s historical visit to Germany in 2008, and the visit of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the EDB to Germany in 2011, and further reiterates the strong connections between the two countries.

The three-day visit includes meetings and interviews with a number of public and private sector representatives such as the EDB, Aluminum Bahrain (ALBA), the Bahrain International Investment Park (BIIP), Midal Cables, and Garmco; as well as attending the key trade event for the Middle East’s aluminum industry, The Arab International Aluminum Conference (ARABAL). Additionally, the journalists will also experience Bahraini culture with a visit to the Bahrain Fort & Museum.

H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB said:
“These visits come as part of the EDB’s efforts to build Bahrain’s reputation of openness and strong economic and cultural relations, and promoting the Kingdom globally as an ideal business and investment destination. The trip will further strengthen ties between Bahrain & Germany, who already have a longstanding history as trading partners.”

The total trade between Germany & Bahrain in 2011 exceeded $500 million.

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