Month: May 2023

Bahrain today announced the launch of a Golden License, providing incentives and streamlined services to foreign and local businesses with large-scale investment projects in Bahrain, in an important step in the country’s pursuit to incentivise investments and boost job creation under its fiscal and economic reforms.

The move builds upon the growing investment attractiveness of Bahrain, which has recently recorded its highest Real GDP growth rate in almost a decade.

Companies with major investment and strategic projects that will create more than 500 jobs in Bahrain, or those with investment value exceeding USD 50 million, will be eligible for the License.

With the License, companies will enjoy a wide range of privileges and benefits, including prioritised allocation of land for investments, infrastructure services and utilities. They will also have streamlined access to government services – including business licensing and building permit approval, as well as support from Bahrain’s Labour Fund, Tamkeen, and Bahrain Development Bank.

Introduced by Bahrain’s Cabinet, which was chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister, the License aims to attract investments from local and international companies, and create jobs locally. These are priorities of the Economic Recovery Plan, the blueprint of Bahrain’s fiscal and economic reforms introduced in 2021 that has been the driving force of the country’s recent robust economic performance.

Further advantages under the License include integrated cooperation with various government departments, a designated account manager from Bahrain’s Economic Development Board, as well as potential review of existing laws or regulations where necessary and applicable.

Source:https://www.bahrainedb.com/latest-news/the-kingdom-of-bahrain-launches-golden-license-to-attract-large-scale-investment-projects

Howden, the international insurance broker, announces today that it has received a regulatory license from the Central Bank of Bahrain to establish operations in the Kingdom of Bahrain. This represents a significant step in Howden’s strategic growth ambitions for the Gulf region.

The establishment of Howden Bahrain adds another key territory to Howden’s footprint in the Gulf, with existing operations in Dubai, Abu Dhabi and Oman employing over 200 people in the region. It will provide a full range of insurance broking and risk advisory services across multiple risk sectors including Aviation, Construction, Energy, Financial Institutions, Marine, Property & Casualty, Employee Benefits and Specialty Lines.

Adam Knights, Executive Director and Chief Executive Officer, Howden Bahrain, said: “I am delighted to be involved in this new and exciting venture here in Bahrain, which has been my home for 26 years. Howden Bahrain will provide Bahraini clients with personalised insurance solutions bolstered by Howden’s specialist expertise, data and analytics and technological capabilities. Our engagements with multiple renowned Bahraini enterprises have encouraged us that there is ample opportunity for an alternative insurance broker to provide services in the Kingdom, and our strategy will be to grow a sizeable market share by adding value to Bahraini clients using our international capabilities and by attracting and developing local talent.”

David Howden, Chief Executive Officer, Howden Group, added: “Howden has operated in the Gulf for over a decade, and we were attracted to the Kingdom of Bahrain due to its reputation for being business friendly, combined with its comprehensive regulatory environment and the availability of experienced and talented local individuals. Our goal is to provide choice for clients in Bahrain and the wider Gulf region. We are eager to grow our existing territorial presence and develop a range of specialist solutions, and look forward to building one of the leading brokers in the region, combining our international platform with local expertise.”

Dalal Buhejji, Executive Director of Business Development for Financial Services at the Bahrain Economic Development Board, said: “We are thrilled to see Howden enter the market benefiting from Bahrain’s earned reputation as the region’s most established financial hub with a forward-looking business ecosystem. In line with the Financial Services Sector Development Strategy under the Kingdom’s Economic Recovery Plan which outlines an overall objective to increase the financial services sector’s contribution to GDP to 20% by 2026, further developing Bahrain’s insurance subsector is a vital deliverable alongside five priorities. Attracting leading players in the likes of Howden to set up operations in Bahrain is another positive step towards realising this target.”

Howden is a proud sponsor of Bahrain’s Crown Prince’s Cup, underlining Howden’s passion for international horse racing in Bahrain and its commitment and support to local communities.

Source:https://www.bahrainedb.com/latest-news/howden-accelerates-growth-in-the-gulf-with-the-establishment-of-howden-bahrain

A high-level delegation from Bahrain, led by the Minister of Industry and Commerce, H.E. Abdulla bin Adel Fakhro supported by H.E. Noor bint Ali Al Khulaif, Minister of Sustainable Development, is heading for a weeklong visit to Japan and South Korea scheduled from May 5 to May 12, 2023.
Organised by the Ministry of Industry and Commerce (MOIC) and supported by Bahrain Economic Development Board, the visit is designed to add value across a multi-year investment horizon in alignment with the Economic Recovery Plan to deliver sustainable benefits to Bahrain’s investment climate, economy, and society at large.

The visit will bring together an expert team from Bahrain’s public and private sectors to promote high-impact investment opportunities in Bahrain, where in addition to key officials from the MOIC, Ministry of Sustainable Development and Bahrain EDB, the delegation will be supported by the Bahrain Chamber of Commerce and Industry, the Bahrain Tourism and Exhibitions Authority (BTEA), Nogaholding, Alba, Export Bahrain, and Bahrain-based Gulf Aluminium Rolling Mill (GARMCO).

Additionally the visit will be aiming to foster strengthened economic and trade ties across the two countries, focusing on key economic sectors namely financial services, manufacturing, logistics, Information and Communication Technology (ICT), and tourism; in both Japan and South Korea. A dynamic line up of events, site visits, and strategic meetings have been planned for the delegation to engage with influential government counterparts and representatives of leading companies with secured global reputations.

Starting in Tokyo, Japan, on the sidelines of the strategic business development meetings by the entire delegation, the Bahrain EDB will be hosting two headline events to shed light on investment opportunities. The first exclusive roundtable will be held in collaboration with the Japan-Bahrain Economic Cooperation Association (JBECA) with select top-level executives, while the business forum co-hosted by the Japan External Trade Organization (JETRO), titled ‘Accessing Opportunities in MENA via Bahrain’ will invite key stakeholders from leading companies in Japan and feature two panel discussions. The first panel discussion will highlight investment opportunities in Bahrain, while the second session, titled ‘From Bahrain to the World: Stories of Success from Japanese Industry Leaders’.

Moving onto Seoul, South Korea, in collaboration with the Korea Chamber of Commerce and Industry (KCCI) the Bahrain EDB, has organised a forum and networking event to discuss mutually beneficial investment opportunities. The forum will witness sessions delivered by key members of the delegation, featuring a fireside chat to discuss Bahrain’s strategic value in enabling companies to access markets in the MENA and beyond.

H.E. Abdulla bin Adel Fakhro, the Minister of Industry and Commerce, said: “Economic diversification and innovation are vital pillars of Bahrain’s economic growth, and this curated delegation visit aims to secure new commercial opportunities across focused sectors, which will enable Bahrain to form strategic partnerships with Japan and South Korea, further building upon strong economic and trade ties.”

Source:https://www.bahrainedb.com/latest-news/a-bahraini-high-level-delegation-heads-to-japan-and-south-korea-to-promote-investment-opportunities