The Bahrain Economic Development Board (Bahrain EDB) announced, at the sidelines of the Singapore Fintech Festival 2024, that it has attracted over $100 million in investment commitments from Singapore-based companies since November 2023.
These investments cover key sectors, namely financial services, ICT, and tourism, marking a milestone for Bahrain EDB’s international footprint. The Singapore office, established a year ago, is Bahrain EDB’s first in the ASEAN region.
Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, said, “Underscoring the established trust of international investors in Bahrain’s value proposition, this milestone achievement is a testament to the impact and agility of our ‘Team Bahrain’ approach, wherein both the public and private sectors work in tandem to ensure Bahrain’s investment environment remains attractive, defined by forward looking regulatory frameworks and streamlined services, offering a seamless journey for businesses setting up in our island nation.”
She added, “We take pride in the steady growth of investments from key markets, including Singapore, and in witnessing international firms that set up in Bahrain successfully expand and flourish.”
Bahrain, strategically positioned in the heart of the Arabian Gulf, is celebrated for its openness, tolerance, and cultural diversity. The island nation is home to a highly skilled talent pool, consistently supported by government grants and subsidised programmes, equipping the workforce to meet evolving global demands. Women make up 34% of the financial services and insurance sector alone, and leading firms like Citi and PwC Middle East have chosen Bahrain as their base for tech hubs and service centres serving a global clientele.
Dalal Buhejji, Executive Director of Financial Services at Bahrain EDB, noted, “Bahrain has always been a hub for innovation and financial services. As a singular financial regulator, the Central Bank of Bahrain (CBB) has been a pioneering force in supporting the development of Bahrain’s thriving financial services sector, introducing robust regulatory frameworks that include regional firsts in crypto assets and open banking. Beyond this, businesses in Bahrain benefit from a future ready workforce that combines bilingual, driven Bahraini nationals with a diverse expat talent pool, offering global perspectives.”
As the first Gulf nation to diversify its economy, Bahrain continues to flourish, with its digitally empowered financial services sector contributing almost 17% to real GDP as of 2023. The sector hosts a diverse range of international banks, financial institutions, fintechs, and new digital asset firms, including Singapore based companies like Whampoa Group’s Singapore Gulf Bank and the recently licensed Crypto.com to provide payment services.
The Bahrain EDB’s Singapore based office serves as an on ground presence, providing advisory services to investors and businesses in Singapore seeking expansion into Bahrain. Positioned as a business friendly gateway to the Middle East and North Africa (MENA) region, Bahrain EDB offers comprehensive support, including research led market insights and industry assessments, while facilitating connections with key decision makers across Bahrain’s public and private sectors and providing tailored aftercare services.
BNA(R)
