Prospects Bright For Islamic Capital Markets

Posted on by edbclient

May 19, 2014

Manama:  Prospects for international Islamic capital markets remain bright, according to the Chief Economist of the Economic Development Board, Dr. Jarmo Kotilaine.
Dr. Kotilaine discussed the prospects for the future of Islamic capital markets during a speech held at the World Islamic Funds and Capital Markets Conference in Bahrain. This year’s event marks the conference’s 10th anniversary and comes at a time of growing global interest in Islamic capital markets – including last year’s announcement from the UK government that it intends to issue a sovereign sukuk.
The speech assessed the global and regional economic outlook and the potential for a new wave of growth opportunities for Islamic investments.
Dr. Jarmo Kotilaine, Chief Economist of the EDB said: “Islamic finance is experiencing strong levels of growth worldwide, both as the industry itself matures, and as demand for financial services grows in markets with Muslim populations that are also experiencing rapid growth.
“Whether it is in bank credit, capital markets, or IPOs, regional economies are showing positive signs. Given the underlying growth fundamentals they possess, with young, fast-expanding populations and increasing demand for financial services, the prospects for the industry are strong.
“Growth in Bahrain estimated to be driven by a strong pick-up in the non-oil sector, thanks in large part to the initiation of a number of major infrastructure projects this year. With non-oil growth likely to exceed 4% this year, the finance sector, and the Islamic Finance industry within it, should see significant new growth opportunities, as investors look for means of funding projects”.
In 2001, Bahrain became the first country in the world to develop and implement regulations specific to the Islamic banking industry and presently, there are 24 Islamic banks in Bahrain, whose assets under management total $23.1 billion as of October 2013, up from $16.4 billion from June 2008, and 8 Islamic insurance companies (takaful and retakaful) operating in the Kingdom.
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 and Deloitte’s Islamic Finance Knowledge Center. Bahrain also holds many conferences on the Islamic Finance industry, and most recently played host to the World Islamic Banking Conference (WIBC), marking the event’s 20th anniversary. It is through the presence of organizations and conference such as these, that Bahrain has been able to become one the region’s knowledge hubs for the industry.
In 2001, the Central Bank’s predecessor, the Bahrain Monetary Agency, became the first central bank in the world to develop and issue sukuk and Bahrain has continued to play a leading role in the introduction of these products through regular short-term issuance, which are regularly oversubscribed. In 2011, the CBB raised $750 million through a seven-year sovereign sukuk.
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For further information please contact:
Economic Development Board
Tel: +973 17589966
Email: nc@bahrainedb.com

Economic Development Board Hosts Petrotech Gala Dinner

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May 18, 2014​

Manama: Today Petrotech 2014, the Middle East’s leading petrochemicals exhibition and conference, opens in Bahrain. The event brings together more than 2,500 industry leaders from around the region to explore new technologies, business opportunities and partnerships. As part of the event, the Bahrain Economic Development Board (EDB) will be hosting a gala dinner on Tuesday, 20th May at the Ritz-Carlton Hotel, Bahrain.
Attendees at Petrotech, which is being held at the Bahrain International Exhibition and Convention Centre, will enjoy a 5,400 sqm showcase featuring specialist businesses and some of the petroleum industry’s largest corporations, including the Bahrain Petroleum Company (BAPCO), Abu Dhabi National Oil Company (ADNOC), Kuwait Petroleum Corporation, Petro Rabigh, Sadara Chemical Company, Saudi Aramco and Yanbu Aramco Sinopec Refining Company (YASREF).
A number of specialist speakers will also deliver presentations and participate in panel discussions that will provide unique insights into the latest industry developments, the region’s mega projects and new technologies. Speakers include:, Bahrain EDB; HE Shaikh Ahmed bin Mohammed Al Khalifa, Bahrain Minister of Finance, Minister in Charge of Oil and Gas Affairs, and Chairman of the National Oil & Gas Authority (NOGA);  HE Kamal bin Ahmed, Bahrain Minister of Transportation and Acting Chief Executive, Bahrain EDB; HRH Prince Faisal bin Turki bin Abdulaziz Al-Saud, Advisor to the Ministry of Petroleum and Mineral Resources, Saudi Arabia; HE Dr Muhammad Al Jasser, Minister of Economy and Planning, Saudi Arabia;  Khalid Al Falih, President and Chief Executive Officer, Saudi Aramco and Dr Jarmo Kotilaine, Chief Economist, Bahrain EDB.
HE Kamal bin Ahmed, said:
“Bahrain’s long heritage in the oil and gas industry, coupled with our investment in education and training, means that we have a deep well of human capital available for businesses investing in the region. Bahrain discovered oil in 1932, becoming the first Gulf state to successfully drill and exploit oil commercially, and with continued investment we believe Bahrain can play an important regional role in the sector.
“It is a great pleasure to welcome so many of the oil and petrochemical industry’s leaders to Bahrain for Petrotech 2014. Together we can chart a course for the industry that will deliver the greatest benefit to all people across our region, so that the industry that has been such an important part of our development to date can continue to enable us to thrive in the future.”
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Notes to editors:
Further information:
Noora Abul, Bahrain Economic Development Board
Tel: +973 17 589 903
Email: internationalmedia@bahrainedb.com
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

US Delegation Briefed about Support for Entrepreneurs and Investment Environment in the Kingdom during a visit to the EDB

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May 13, 2014

Manama: An official delegation from the US Department of Commerce visited the Economic Development Board (EDB) headquarters today. The members met with EDB officials to discuss bilateral cooperation efforts between the two countries.

The delegation were briefed on Bahrain’s investment environment, as well as the competitive features of its diversified economy  and the Kingdom’s economic freedom, as well as explaining the Kingdom’s policy in flexibly addressing economic changes. The meeting also highlighted Bahrain’s achievements, which are manifested in its positive international rankings and the opportunities it offers. These have helped attract renowned companies and international investors to Bahrain.
These factors, as well as the Kingdom’s national, bilingual and skilled workforce, relative low living costs and high human development rates makes  it the natural gateway for investors looking to access the $1.5 trillion worth GCC market.
The meeting held between the delegation members and EDB officials also showcased various success stories of entrepreneurs in the Kingdom through a presentation given by Tenmou Chief Executive Officer Mr. Hasan Haider, who shed the light on the company’s experience in supporting and guiding entrepreneurs, which is the first of its kind in Bahrain.
Present at the meeting were Ms. Vivian Jamal, Executive Director of Business Development at the EDB; Mr. Don S. De Amicis, General Counsel and Vice President of Overseas Private Investment Corporation; Mr. Justin Antonipillai, Deputy General Counsel of US Department of Commerce and Mr. Hasan Haider, Chief Exectuive Officer of Tenmou.
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For Further information please contact:
Bahrain Economic Development Board
Tel: +973 17589966
Email: nc@bahrainedb.com

Preparations Underway for 10th Annual Spring of Culture

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May 12, 2014

Manama: Organisers of the Spring of Culture Festival 2014 announced preparations are underway for next year, which will look to celebrate the festival’s tenth anniversary since its launch in 2006.

This was announced with the conclusion of this year’s Spring of Culture activities, which succeeded in providing an array of educational, cultural and artistic performances attracting a wide and diverse audience. The festival also included social community programmes and educational workshops to benefit the public.
Commenting on the preparations, H.E. Shaikha Mai bint Mohammed Al Khalifa, Minister of Culture, revealed next year’s festival will be under the title “Our Heritage is Our treasure”, and will showcase world heritage through international groups that will visit the Kingdom, bringing with them their local heritage and culture. She also stated Bahrain’s heritage will take centre stage in the festival’s activities, to celebrate the 10th anniversary of the Spring of Culture and provide a unique experience to the audience.
Speaking on the festival, H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Economic Development Board (EDB), said: “The Spring of Culture Festival has achieved its set goals, and has managed to attract more tourists from the region as well as reflect Bahrain’s openness and cultural scene. We are proud to be supporters of this festival since its launch, and will continue to do so, to benefit the national economy, and enhance the Kingdom’s continuous cultural contribution through our partnership with the festival organisers.”
This year’s most popular performances that witnessed huge attendance was the concert of legend guitarist Eric Clapton, Mohammed Abdo, international singer Gloria Gaynor, Liaoning Ballet performance which was held in line with the Chinese Cultural Week, Opera performance by international legend José Carreras and renowned musician Michel Fadel. This is along with events which attracted families and children such as the China National Acrobatic Troupe and The Very Hungry Caterpillar and other Eric Carle Favourites.
The festival has also brought social community programmes and educational workshops, free of charge, which organisers estimated more than 300 individuals to have benefited from. They were conducted by performers taking part in the festival, as well as renowned experts, in line with the Spring of Culture Talents Programme, which sought to develop young Bahraini talents.
The Spring of Culture 2014 was organised by the Ministry of Culture in cooperation with the Economic Development Board, Shaikh Ebrahim bin Mohammed Al Khalifa Centre for Culture and Research, Al Bareh Art Gallery, Al Riwaq Art Space, and La Fontaine Centre.
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For Further information please contact:
The Economic Development Board
Tel: +973 17589966
Email: nc@bahrainedb.com

EDB Releases Bahrain Economic Quarterly

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May 11, 2014

Manama: The Economic Development Board (EDB) recently said that the Kingdom’s non-oil sector is well positioned for growth in 2014 following a sharp rebound in the oil sector in 2013.

The first Bahrain Economic Quarterly (BEQ) for 2014 also highlights expectations of further growth in key sectors such as infrastructure, with predictions of increasing momentum in the coming months. The forecasted growth will have a marked positive impact on contractors, confidence, and increased bank credit growth.
The report identifies three factors contributing to the non-oil sector growth and comeback, including the delay in incremental government spending. As a result of this, the annual growth rate of the government services sector in the national accounts slowed down sharply last year. However, government expenditure for this year is expected to be more robust compared to last year.
The second reason behind the non-oil sector growth is the launch of a number of infrastructure projects, worth $4.43 billion according to recent reports by Ministry of Finance. A number of infrastructure projects which were approved by the Gulf Development Fund are due to be launched in the coming months.  Third, the banking sector’s liquidity and low loan-to-deposit ratios, have also led to the acceleration of project development and improved confidence levels.
According to the latest official estimates, which the EDB reviews in a separate update than the BEQ, the real GDP growth rate in 2013 reached 5.3%, supported by the robust 15.3% expansion in the hydrocarbons sector, and growth of just over 3% in non-oil sectors. The EDB expects non-oil growth to accelerate to more than 4% this year and even as the oil sector is likely to remain more or less flat, headline GDP growth should come in at 3.5-4%. The EDB’s current estimate is 3.7%.
The hydrocarbons sector is expected to experience a year of stability in 2014 as the main offshore Abu Sa’afah oil field looks likely to remain at full capacity. As a result of various pilot projects being evaluated, stable production from the onshore Bahrain field is likely to result in a modest contribution from the hydrocarbons sector to GDP growth this year.
According to the BEQ, the EDB has attracted approximately $114 million of foreign investment in 2013 from North America, Europe and Asia, 12% more than in 2012. In 2013 alone 35 foreign companies established business in Bahrain, creating over 800 jobs in financial services, logistics, manufacturing, healthcare, technology and ICT sectors.
The report also highlighted the positive growth of the labour market in Bahrain, where private sector employment went up by 5.2% in Q3 of 2013, reflecting a recovering economy in labour driven sectors and an improvement in labour market conditions. At the same time, official rates for unemployment have decreased from 4.5% in November, to 4.3% in December.
On a global perspective, and in spite of uncertainty on the current economic scene, developed economies seem to have a healthy outlook, while uncertainty clouds the future of emerging economies. In terms of the economic situation in the Gulf region, the BEQ expects the non-oil sectors to make a positive comeback in the region and lead the forecasted economic growth, paired with lower, government controlled hydrocarbons sector contribution to the overall growth. According to the report, the Kingdom of Bahrain can take advantage of the positive economic outlook in the region by boosting investor confidence levels, thus boosting growth in the private sector.
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Further information please contact:
Economic Development Board
Tel: +973 17 589 966
Email: NC@BahrainEDB.com

Challenge Bahrain announced

Posted on by edbclient

May 08, 2014

Challenge Family has announced Challenge Bahrain as the newest member of our global triathlon series. Challenge Bahrain promises to set a new standard in triathlon with a record prize purse and unsurpassed overall experience for all athletes.
With the first of the annual events taking place on 6 December 2014, Challenge Bahrain marks a new Middle East partnership between Challenge Family and Bahrain. The partnership will have a strong focus on encouraging new participation and excellence in triathlon while creating an opportunity for professional athletes with its US$500,000 prize purse, the largest in the world over the 1.9km/90km/21km distance to insure the widest and most professional participation.
The point-to-point course is designed to take athletes on a journey through Bahrain’s history, from the high tech future to the roots of this ancient civilisation dating back 4,000 years. It also includes one of the most exciting new developments in the progression of triathlon, the newly announced “Bahrain Triathlon City”. Dedicated purely to triathlon, this unique high performance training centre will feature altitude-controlled training facilities and accommodation as well as world classing swimming, biking and running circuits, aimed at being the best in the world.
The Challenge Bahrain 1.9km swim will take place in the calm waters of Bahrain Bay, surrounded by some of the Middle East’s most striking modern architecture, including the landmark Four Seasons and World Trade Centre in the Financial Harbour of Manama.
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Bahrain Joins Global Entrepreneurship Monitor Community

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May 05, 2014

Manama: The Economic Development Board (EDB), in partnership with Bahrain Polytechnic, today hosted a launch event for the Kingdom’s membership of the Global Entrepreneurship Monitor (GEM), a non-profit academic research consortium that aims to provide quality information on global entrepreneurship activities.

Started as a partnership between London Business School and Babson College in 1999, GEM now conducts research in over 75 economies worldwide. The research, based on an assessment of the level of national entrepreneurship activity for all participating countries, involves an exploration of the role of entrepreneurship in national economic growth. Data from GEM National Teams is widely used by prestigious international publication such as the World Competitiveness Report, INSEAD Innovation Indices, UN Reports and global business press.
The ‘Bahrain GEM National Team’, consisting of stakeholders from the EDB and Bahrain Polytechnic, will now lead the process of undertaking the necessary research during the remainder of 2014 to participate in the next GEM report, the world’s largest single study of entrepreneurial activity. At the event, presentations were provided on the benefits that participating will provide for Bahrain, and workshops were held on the two surveys to be undertaken, the ‘Adult Population Survey’ and the ‘National Expert Survey’. Welcome addresses were provided by Shaikh Hisham bin Abdulaziz Al Khalifa, Chairman of the Bahrain Polytechnic Board of Trustees, and H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB.
Speaking at the event, H.E. Kamal bin Ahmed said: “We are very proud to be joining the GEM community as a full member. Given Bahrain’s long trade history, entrepreneurship has always been a part of how we see ourselves, and the Kingdom recognised the critical importance of SMEs for successful economic diversification decades ago.
“A key precondition of success in driving the SME agenda forward is properly understanding what we have achieved and what needs to be done, and this is where the GEM project comes in. It can help us better understand what works and what is required, and gives us important information about the experiences of other countries which will help shape the Government’s strategy and programmes to support entrepreneurship. This will help us ensure that we are able to create and strengthen the right business fundamentals to support entrepreneurial success – the skilled national workforce, open economy, and low operating costs that have underpinned economic growth in the Kingdom.”
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Further information:
Economic Development Board
Tel: +973 17 589 966
Email: NC@BahrainEDB.com

HRH The Crown Prince To Lead Bahrain Delegation To Russia

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April 27, 2014

Manama: A high level business delegation from the Kingdom of Bahrain will arrive in the Russian Republic today as part of an official state visit led by His Royal Highness Prince Salman Bin Hamad Al-Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the  Economic Development Board (EDB).
The visit, which begins April 28th and continues to April 30th, will see the delegation engage in high level talks with Russian officials and private sector leaders, and will include meetings with leading businesses in Moscow and St Petersburg. The delegation will also attend a Bahrain-Russia Business Forum organised by the EDB, the Russian-Arab Business Council and the Russian-Bahrain Business Council, to boost investment between the two countries through a number of sessions and one-to-one meetings with private sector business leaders.
Speaking ahead of the visit, H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB said: “It is a great pleasure to be visiting Russia as part of the Bahrain delegation. Russia is an important economic and trading partner – in 2011 the total trade between our two nations stood at $134 million.
Our existing relations are important, but given Russia’s prominence as one of the world’s leading economies we think there is more that can be done. Through visits such as these we look forward to further strengthening our relationship by interacting with expanding businesses and presenting a compelling proposition of Bahrain’s low cost of doing business, highly skilled local workforce, and access to the fast-growing Gulf market, which is expected to reach $2 trillion by 2020.”
H.E. Khalid Al Moayed, Chairman of the BCCI, said: “Our visit to Russia, and participation at the Bahrain-Russia Business Forum, will enable us and our members to strengthen links with Russian businesses that are looking to access the fast growing Gulf market and capitalise on strong investment prospects. In Bahrain you will find a diversified and highly connected economy that is a gateway for international businesses to access the GCC and wider MENA region. We are excited to be speaking to so many Russian business leaders about Bahrain’s compelling business proposition on this visit. Prospects for increased trade and investment between our two countries are strong and we look forward to exploring opportunities to build on our friendship and economic cooperation.”
Bahrain and Russia have a longstanding bilateral economic relationship strengthened by growing trade, which reached over $130 million in 2011. This was enhanced by the establishment of the Russia-Bahrain Business Council, during the historic visit by His Majesty King Hamad bin Isa Al Khalifa to Russia in 2008, which supports Russian industrial exports to Bahrain and assists Russian companies in implementing joint projects.
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For more information
Communication and Media Department
Economic Development Board
Telephone: 17589966
Email: NC@BahrainEDB.com

EDB Welcomes Investment Delegation From China Overseas Development Agency

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April 13, 2014

Manama:  A Chinese investment delegation led by the China Overseas Development Agency (CODA) arrived in Bahrain today for a three day visit organised by the Economic Development Board (EDB). The group includes more than 20 business leaders from some of China’s top professional services and manufacturing firms.

During the visit the CODA delegation will be introduced to Bahrain’s investment environment, business registration procedures and industrial policy by the EDB, aimed at strengthening economic cooperation between China and Bahrain. The delegation will also visit the Bahrain Logistics Zone, APM Terminals as well as a number of cultural sites, and will hold meetings with relevant Government agencies and a series of Chinese companies already present in the Kingdom. The delegates will also be attending the Bahrain-China Forum on Tuesday, April 15, organised by the EDB and Bahrain Chamber of Commerce and Industry (BCCI).
H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, said:
“Enormous opportunities exist for China and the GCC to capitalise on fast growth and our long-standing economic and trade relationship. The GCC is a rapidly growing market that is becoming increasingly interesting to Chinese businesses because of its strong long term fundamentals and the role for international investment in developing the infrastructure and economic diversification that is required for sustainable prosperity.
“It is always a great pleasure to welcome business delegations from China to Bahrain and introduce them to the leading Chinese companies that are already using the Kingdom as a base from which to access the GCC. We look forward to three days of productive discussions.”
Chinese companies represented on the business delegation include: Beijing Capital Group Co., Ltd. (the Capital Group); China Metallurgical Group Corporation (MCC); Zhong Lun Law Firm; China Oceanwide Holdings Group (COHG); China Zhongwang Aluminum; Jiangsu Transportation Institute (JSTI); CITIC M&A Fund; Tianji Group; Kerui Group; Jinglong; China Ocean Shipping Company  (COSCO); Zoomlion Intl’ Engineering Cost Consultation Co., Ltd.; TransAsia Lawyers Firm; China International Council for the Promotion of Multinational Corporations; and Sinotrans. This follows a visit from a Shenzhen City delegation last week, which was also hosted by the EDB.
A number of leading Chinese companies including Huawei, Bank of China, China Harbour Engineering, Beijing Jangho Curtain Wall Co. Ltd, and Daily Wealth Ltd are already located in Bahrain. China is currently the third largest market for Bahraini exports outside of the GCC, and this year marks 25 years of diplomatic relations between Bahrain and China.
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Further information please contact:
Economic Development Board
Tel: +973 17 589 966
Email: NC@BahrainEDB.com

Business in Formula 1 forum showcases Bahrain’s sole sports car assembler and manufacturer during Formula One Grand Prix

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April 10, 2014

Manama: Mr. Alaa Alshaikh, the Co-Founder and Managing Director of Vmotion W.L.L. “(VMOTION”) was a keynote speaker at the “Business in Formula 1”, a unique initiative that brings leaders from the worlds of business and sport together, which took place during this year’s Formula 1 Gulf Air Bahrain Grand Prix.
The event, organised by the Economic Development Board (EDB) and Formula One, was hosted at the Formula 1 Paddock Club from April 4th to 6th, and focused on using the annual Formula 1 race to promote Bahrain to international investors and strengthen ties with the local and international business community.
Speaking at the event, Mr. Alshaikh stated: “It is a great pleasure and honor to be speaking at this unique event which helps showcase the opportunities in Bahrain for investors looking to access the region.  The Kingdom has a lot to offer, including unrivalled access to the Gulf market, which is not only one of the world’s fastest growing exotic and sports car retail markets, but is also worth more than $1.5 trillion dollars.  This event also gives us the chance to showcase the Bahraini skill and talent base in the automotive industry, while promoting government backed programmes that support and encourage the manufacturing sector. This makes Bahrain an ideal base from which to do business.”
He added: “In forming VMOTION we sought to accomplish something that most people said was difficult, if not impossible, to achieve; a local, Bahraini established international sports car manufacturer.  We hope that our success inspires a generation of Bahraini automotive entrepreneurs.”
Speaking on the development of the company Alshaikh added, “Currently, VMOTION is based in the Bahrain Business Incubator Center, which is developed and owned by the Bahrain Development Bank, in the Salman Industrial City”
Like many other automotive businesses, VMOTION is keen to exploit any opportunities that may come along to relocate nearer the Bahrain International Circuit (BIC). “We built our first car in the pit garages at BIC in 2008 and the opportunity to build a permanent facility for our company, at the BIC, would be exactly what is required. Proximity to the BIC will allow us to not only establish a research & development facility, but would also maximize the opportunity to test the cars we manufacture here in Bahrain.”
In closing Alshaikh referred to his passion to see the expansion of the Bahrain automotive sector.  “We are very proud to be a Bahraini company employing a majority of highly-skilled Bahraini staff. Although small at the time being with mainly part-time team members, our plans will eventually see us grow to a work force of around 30 employees with the majority of them Bahraini.”
The ‘Business in Formula 1’ forum featured a series of presentations from a variety of high-profile speakers along with the opportunity to network with Chairmen, CEOs, Managing Directors and Senior Management from many local, regional and international companies. In addition, guests were treated to F1 Pit Lane walks, on-stage interviews with drivers and sports personalities as well as spectacular views of the race from the Paddock Club. As an added piece of entertainment the world-renowned magician “Dynamo” thrilled and fascinated guests with his unique from of magic on the Business in Formula 1 stage.
This year’s ‘Business in Formula 1’ speakers also included Formula 1 personalities such as Formula One racing legend, Sir Jackie Stewart who is well known as one of the best business networkers in the sports industry; Claire Williams, Deputy Team Principal, Williams Grand Prix; Mike Flewitt, Chief Executive Officer, McLaren Automotive; Susie Wolff, the only woman in Formula 1 as the development driver for the William Formula One team; and Hussain Rajab, Business Development Manager, Bahrain EDB.
Sunday’s Gulf Air Bahrain Formula 1 Grand Prix was the tenth year that the Grand Prix has been hosted by Bahrain, with the first race taking place in 2004. Gulf Air is one of the longest running naming-right sponsors in the sport of Formula 1.
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Notes to editors
About Vmotion
VMOTION W.L.L. (the “Company” or “VMOTION”) is a Bahraini limited liability company specialized in the assembly and manufacturing of sports cars. Incorporated in January 2009, the Company’s mission is to anchor the Kingdom of Bahrain as home to the first Middle Eastern sports car manufacturer and then to grow and become a well-respected global boutique assembler of sports cars. The Company’s manufacturing model is based on the Component Based Car Assembly process (“CBCA”) and is modeled around the empowerment of Bahrainis. The Company’s current primary activities are the assembly and manufacturing of motor vehicles as well as the sales and distribution of complete turn-key vehicles initially in the GCC region. Moreover, the Company is currently working on the establishment of a GCC-Regional Distribution and Maintenance Support Network for the facilitation and support of higher vehicles sales.
 
Further information please contact:
Economic Development Board
Tel: +973 17 589 966
Email: NC@BahrainEDB.com
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