Manama, Bahrain – 25 June 2024: In a collaborative effort with the Bahrain Economic Development Board (Bahrain EDB), Harvard Business School’s (HBS) Club of the Gulf Cooperation Council (GCC), a non-profit organisation representing over 1,400 HBS alumni in the GCC, hosted an alumni-exclusive Think Tank at the Four Seasons Hotel on 25 June.

Under the title “Local Talent: Global Reach – Bahrain: A Hub for Talent,” the event featured H.E. Hamad bin Faisal Al Malki, Minister of Cabinet Affairs, as the guest of honour in a fireside chat moderated by Maryam AlQaseer, Country Head Bahrain of HBS Club of the GCC, and Vice President of Clinical Excellence at the Eastern Health Cluster.

This distinguished event delved into the dynamic talent landscape influenced by rapid technological advancements and the green transition, featuring a panel discussion with the participation of Professor Dr. Ciarán Ó Catháin, Chief Executive Officer of Bahrain Polytechnic, Nada Al Saeed, Chief of Strategy & Research at Bahrain EDB, and Alaa Saeed, Co-founder of Array Innovation, an AI and Cloud native digital provider.  Moderated by Megha Mittal, Chartered member, HBS Club of the GCC, and CEO of MemiFriends the panel explored the economic implications of the evolving talent landscape, the necessary infrastructure, private-public collaborations, and the educational measures required to prepare the workforce for future demands.

Saleh Lootah, President of HBS Club of the GCC said: “We are delighted to see such enthusiastic participation at this ThinkTank. This event, in partnership with the Bahrain Economic Development Board, underscores our commitment to advancing the regional business, educational, and social climate through active engagement with key stakeholders. This event highlights our commitment to providing a vibrant platform for our alumni to connect, share ideas, and contribute to the region.

Our mission is to bridge the gap between stakeholders, fostering collaborations that drive innovation and economic growth. By leveraging our members’ expertise, we create an ecosystem that encourages mentorship, lifelong connections, and strategic initiatives. We are proud to support Bahrain’s efforts to nurture local talent and make a global impact. Together, we can drive sustainable progress and prosperity in the Gulf region.”

Nada Al Saeed, Chief of Strategy at Bahrain EDB Said: “Events like these are crucial as they provide a platform for dialogue and collaboration among key stakeholders. They enable us to share insights, address challenges, and collectively strategise on how to best equip our talent with the skills needed for tomorrow’s world. By bringing together industry leaders, we can forge stronger connections and drive impactful initiatives that benefit our economy and society at large.”

Nada Al Saeed added: “Bahrain is dedicated to fostering an environment where local talent can thrive and make a global impact. The Kingdom’s investments in education, technology, and public-private partnerships are designed to ensure that our workforce is not only prepared for the future but also poised to lead it.”

The event highlighted the island nation of Bahrain’s strategic initiatives to nurture and leverage local talent on a global stage. The Kingdom continues to invest in talent development, recognising it as a cornerstone for sustained progress, economic growth, and prosperity. Businesses operating in Bahrain benefit from a young, tech-savvy population and insight from a future-ready workforce combining highly-skilled, bi-lingual, driven Bahraini nationals and a diverse talent pool offering a global perspective.

The milestone year-on-year increase from USD 2.8 billion in FDI inflows in 2022 is a testament to Bahrain’s standing as a trusted destination of choice for regional and global investors

Manama, Bahrain – 20 June 2024: The island nation of Bahrain has secured a record-breaking USD 6.8 billion in Foreign Direct Investment (FDI) inflows in 2023, according to the latest World Investment Report (WIR 2024) by the United Nations Conference of Trade and Development (UNCTAD). The figure tops the previous record set in 2022 marking a mammoth increase of 148%. This contributed to the growth of cumulative inward FDI stocks, which climbed from USD 36.2 billion in 2022 to USD 43.1 billion.

Marking one of the highest ratios in the world, Bahrain’s FDI stocks relative to GDP stood at 99.7% as of the end of 2023, a figure significantly higher than the global average of 46.9%. According to Bahrain’s Information & eGovernment Authority, the top countries contributing to Bahrain’s FDI stocks as part of a diverse portfolio include Kuwait (36%), Saudi Arabia (23%) and the United Arab Emirates (10%).

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB) said: “The milestone FDI inflows attracted in 2023 reflects the strength of Bahrain’s value proposition and continued standing as a trusted destination of choice for regional and global investors seeking best value operating costs in a strategic location that serves as an ideal gateway to the region and beyond.”

The island nation continues to cement its reputation as an attractive hub for investments, where the government continues to prioritise the ongoing development of forward-looking regulatory frameworks alongside the implementation of strategic economic plans to encourage economic growth and diversification. Bahrain’s nominal GDP increased from around USD 11 billion in 2003 to over USD 43 billion in 2023, marking an average annual growth of 7%, surpassing the global average of 5%. In addition to securing healthy economic growth, Bahrain’s economy also diversified, the financial services sector overtook the oil sector as the highest contributor to real GDP, standing at 17.8% in 2023, marking a milestone achievement.

The Minister of Sustainable Development and Chief Executive of Bahrain EDB added, “Backed by an agile government, highly skilled bi-lingual talent pool, and financially liberal environment, Bahrain has proven itself as a leading investment destination enabling leading companies to benefit from a business-friendly environment. At Bahrain EDB, we continue to tactically work towards attracting increased investments from priority markets, supported by Team Bahrain, in the interest of sustaining economic growth and diversification”

Attracting a total of USD 2.4 billion in investments from 9 major projects and set to generate 3,000 job opportunities, the Golden License has been a pivotal initiative launched in Bahrain in April 2023, which has successfully encouraged increased regional and international investments. Spanning across various sectors, the latest projects awarded a Golden License in 2024 include Bahrain Titanium, the first facility of its kind in the region set to be established by Interlink Metals & Chemicals, the construction of the first greenfield head office of National Bank of Kuwait (NBK) outside of Kuwait, the development of a data centre facility and international submarine cable by Beyon, and the development Bahrain Marina.

Bahrain Economic Development Board (Bahrain EDB), is participating in the Money20/20 Europe Forum in Amsterdam, Netherlands, from June 4 to June 6, 2024, to showcase key investment opportunities in Bahrain in addition to the latest developments and success stories in the financial services and fintech sector. Offering a prime opportunity for Bahrain EDB to connect with global thought leaders, build relationships with potential investors, and gain access to insightful discussions on the industry’s latest trends; key team members and senior executives from the Labour Fund, Tamkeen, as well as Bahrain FinTech Bay and Benefit Pay are additionally attending the industry-leading forum.

Bahrain’s 100-year-old financial services sector, one of the most established in the region, is currently the highest contributor to real GDP, standing at 17.8% in 2023. Additionally, a major contributor to employment figures, the financial services sector currently employs over 14,000, with Bahrain’s highly skilled and bilingual local workforce representing 70%.

Dalal Buhejji, Executive Director of Business Development for Financial Services at Bahrain EDB, said, “As we continue to work towards attracting investments into key sectors as part of Bahrain EDB’s mandate to foster an attractive investment environment, thereby contributing to economic growth and diversification, events like Money20/20 provide an ideal platform to showcase Bahrain’s thriving financial services ecosystem to key global decision-makers and investors. Our supportive environment, highly skilled workforce, and forward-looking regulatory frameworks continue to foster creativity, innovation, and opportunities for global investors looking to tap into the fast-growing Middle East region and beyond.”

In addition to on-ground support at the dedicated Bahrain pavilion at the forum, which aims to promote the island nation’s robust financial services and fintech sector, highlighting its competitive advantages and investment opportunities, key members of the Bahrain-based entities are attending the various panel discussions exploring topics in the likes of the current and future landscape of financial services sector worldwide. Suzy Al-Zeera, Chief Operating Officer at Bahrain FinTech Bay, is speaking at a discussion panel titled “Fintech Forges East: Trends and Partnerships in the Middle East and Turkey,” providing insight into the key factors driving growth in the MENA region, primarily the GCC, and how Bahrain is positioning itself for success and driving innovation in the region.  Money20/20 is one of the premier global events for the financial services industry, with a particular focus on the rapidly expanding fintech sector, and continues to bring together key decision-makers, industry experts, and specialists in payments, financial technology, and various financial services, year after year, attracting participants from over 100 countries and facilitating more than 18,000 meetings.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB) joined senior ministers and leaders at the GCC-ASEAN Economic & Investment Conference, which was held in Riyadh, Saudi Arabia on May 28, 2024; attending the opening ceremony, participating in the closing ministerial panel discussion and additionally hosting several bilateral meetings with key counterparts and officials at the sidelines of the conference. The 2024 conference aimed to encourage increased economic cooperation and explore investment opportunities between the Gulf Cooperation Council (GCC) and the nine members of the Association of Southeast Asian Nations (ASEAN) across various sectors.

Bahrain’s Minister of Sustainable Development and Chief Executive of Bahrain EDB joined H.E. Eng. Khalid bin Abdulaziz Al-Falih, Minister of Investment of the Kingdom of Saudi Arabia, H.E. Dato’ Hairil Yahri Yaacob, Secretary General at the Ministry of International Trade and Industry, Malaysia, H.E Russ Jalichandra, Vice Minister for Foreign Affairs and Special Envoy of the Minister of Foreign Affairs of Thailand, in a panel titled ‘Economics, Investments, Trade & Partnerships’. The high-level panel explored joint trade and investment opportunities between GCC and ASEAN across the priority sectors identified across both regions, discussing mechanisms to enhance ties in line with the ASEAN-GCC Framework of Cooperation for 2024-2028. The session aimed to showcase ongoing partnerships and initiatives that have fostered increased bilateral cooperation, diving into the role of the private sector in encouraging the development of a more robust environment to boost investment flows for the prosperity of the collective region.

After extending her congratulations to the Kingdom of Saudi Arabia on convening the pivotal conference on the heels of the first ASEAN-GCC October 2023 Summit, H.E. expressed her vested commitment to continuing to strengthen the solid partnerships built within the GCC and with the ASEAN countries, commenting, “We firmly believe the Framework provides ample opportunities for collaboration between countries. As an island nation with a deep-rooted history of being a regional hub of trade and investment, we advocate forming collaborative ties that go beyond bilateral trade, extending to exchanging talent, co-investments, and knowledge sharing in areas for sustainable economic prosperity.”

Her Excellency added, “The Kingdom of Bahrain launched the Economic Recovery Plan (ERP) during Q4 2021 to encourage post pandemic recovery, which was fueled by a clear focus on attracting investment into key strategic sectors – namely financial services, manufacturing, ICT, logistics, and tourism. The pillars outlined in the ERP additionally prioritise future-proofing local talent with digital skills, which is further backed by a national digital transformation strategy on an economic, policy, and infrastructural level. These priorities are directly aligned with both the Framework of Cooperation, and Blueprint Bahrain – our roadmap to achieving our net zero commitments to secure a sustainable economic future.” The 2024 Conference follows the first ever interregional summit held in 2023 between GCC and ASEAN, which recognised the value multilateral approaches to tackle regional and global challenges creating a dialogue to discuss solutions to further develop the ASEAN-GCC interregional partnership based on shared interests and strong historical ties. Last year’s Summit adopted a Framework of Cooperation (2024-2028) document, which set out an action plan for realising the objectives of interregional cooperation.

• The Report classifies Bahrain as a ‘Very High Youth Development’ country, marking the highest out of 4 classifications.
• The Kingdom ranks 1^st in MENA for Equality & Inclusion and 1^st in GCC for Employment & Opportunities

The island nation of Bahrain has secured the 2^nd position in the Arab World (3^rd in MENA) on the Global Youth Development Index (YDI) 2023. With the YDI cementing itself as an established resource for researchers, policymakers, and civil society to effectively track progress on the Sustainable Development Goals (SDGs) associated with youth development, Bahrain’s significant achievements underscores its vested commitment to nurturing and empowering its youth and talent.

The Commonwealth Secretariat and the Institute for Economics and Peace recently published the 2023 Global YDI Report, which identified encouraging progress and outlined critical priorities for enhancing the well-being and empowerment of youth worldwide. The Index, which assesses youth development across 183 countries across several pillars, including health, education, employment opportunities, and Equality & Inclusion, classified Bahrain as a ‘Very High Youth Development’ country. Marking the highest out of 4 classifications, this achievement reflects the ongoing investments in its future leaders.

The 2023 YDI additionally analysed the performance of countries across key domains, Bahrain ranked 1^st in MENA in Equality & Inclusion and 1^st within the Gulf in terms of Employment & Opportunities. For both pillars, Bahrain ranked 11^th globally signalling the island nation’s robust framework for gender parity and youth development that has been cultivated over the years.

Nada AlSaeed, Chief of Strategy at Bahrain Economic Development Board, stated, “We are proud of Bahrain’s demonstrated success in fostering an environment where our youth can thrive. Securing top rankings on both a GCC and MENA level reflects Bahrain’s inclusive workforce policies and progressive government outlook.”

There is a strong relationship between the YDI and most SDGs, wherein countries that perform well on youth development also tend to have made greater progress towards the SDGs. Bahrain continues to invest in its talent, recognising that youth development is integral to the Kingdom’s sustained progress, economic growth and prosperity. Businesses operating in Bahrain benefit from a young, tech-savvy population and insight from a future-ready workforce combining highly-skilled, bi-lingual, driven Bahraini nationals and a diverse talent pool offering a global perspective.

The Chief of Strategy added: “Our talent is the bedrock of our nation, and Bahrain’s performance on key metrics on the YDI 2023 clearly indicates that the Kingdom’s investments in youth development are yielding positive results. This milestone reinforces the influence of Bahrain’s long term vision for the sustainable development of its youth, which has prioritised government-backed investments in the reskilling of its talent pool to create a future ready workforce and fostering a culture that promotes gender parity, thereby contributing to the nation’s socioeconomic prosperity.” From Bahrain, international investors are delivering success stories with global impact owing to Bahrani talent. The Golden License project, Citi Global Technology Hub first launched in 2021, chose Bahrain for its talent, where it pledged to hire 1,000 Bahraini coders to deliver solutions that serve Citi’s global client base. 

The island nation of Bahrain has achieved impressive results on the Global Connectedness Index 2024, published by international logistics giant DHL, climbing seven ranks to secure the 25th position globally and the most improving country since 2021. This remarkable progress reflects the Kingdom’s growing integration with the global economy. The report measures 181 countries on how well they integrate and connect with the rest of the world based on international flows across the four main domains of Trade, Capital, Information, and People.

In an impressive display of ability to attract investment, Bahrain now stands as the 1^st globally in Inward Merger & Acquisitions percentage of GDP, representing 19% of its GDP. This achievement underscores Bahrain’s attractiveness as a destination for investment and indicates the confidence that the international business community has in its business-friendly environment.

Bahrain’s economic diversity is further showcased in its dominance in the Trade of Services as a percentage of GDP, leading the Gulf Cooperation Council (GCC) in this category. The Kingdom has also emerged as a premier destination for tourists within the region, ranking first in the GCC for Inbound Tourism when measured by departure and arrival per capita. These accomplishments reflect Bahrain’s successful efforts to diversify its economy and enhance its priority sectors, including tourism, which continues to grow and contribute to the Kingdom’s sustainable economic growth.

Commenting on this achievement, Nada Alsaeed, Chief of Strategy at Bahrain Economic Development Board (Bahrain EDB), said: “Bahrain’s status as the most improved nation in the Global Connectedness Index stands a witness to its robust economic strategy and proactive engagement in the international economy. Since last year’s report, the seven-position climb is a testament to Bahrain’s dedication to building a resilient and open market economy that actively participates in the global exchange of goods, services, and capital.”

Moreover, the Kingdom’s 2^nd place ranking in the Middle East and North Africa (MENA) region for Global Trade Connectedness highlights its significant role in the international trade ecosystem. The Kingdom has effectively leveraged its strategic location and logistics capabilities to integrate with global markets, facilitating free trade flows with 25 countries, which provides duty-free access to 32% of the World’s GDP.

The DHL’s Global Connectedness Index 2024 stated: “The key factors in Bahrain’s growing connectedness were increases in both merchandise exports & inwards M&A activity. Bahrain has long sought to boost international business activity as part of its economic development strategy.” Bahrain has consistently invested in its infrastructure, regulatory reforms, and digital transformation, creating an ecosystem that supports innovation, diversification, and global collaboration. These efforts have not only enhanced the Kingdom’s competitiveness on the world stage but have also fostered a resilient economy. Over a two-decade period, Bahrain’s nominal GDP increased from around USD 11 billion in 2003 to over USD 43 billion in 2023, marking an average annual growth of 7%, surpassing the global average of 5%.