Bahrain EDB Wraps Up a Successful Visit to the UK

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Bahrain Economic Development Board (Bahrain EDB) successfully concluded its five-day strategic visit to the United Kingdom (UK). Designed to highlight the investment opportunities in Bahrain through a curated agenda of business meetings and roundtable discussions, the visit culminated at the Newmarket July Festival as part of Bahrain EDB’s partnership with Rashid Equestrian and Horseracing Club (REHC).

The Newmarket July Festival race was attended by His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Education Charitable Trust, Chairman of the Board of Directors of the Labour Fund, and Chairman of the Rashid Equestrian and Horse Racing Club (REHC) High Committee، H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, along with officials of Bahrain EDB and REHC.

REHC sponsored three International Group races on the festival’s opening day. Bahrain EDB, in collaboration with REHC, additionally hosted both existing and potential investors at The Bahrain Trophy at the Newmarket July Festival as part of its aftercare and strategic advisory services, driven by a commitment to retain, promote, and facilitate reinvestment within the island nation. The event provided an invaluable platform to connect and build strong relationships with high-net-worth companies and individuals and shed light on Bahrain’s unique value proposition and attractive investment environment.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB said, “We take pride in our partnership with Rashid Equestrian and Horseracing Club, which builds upon a longstanding legacy partnership with Newmarket Racecourse, underscoring Bahrain’s commitment to further building upon its economic and commercial ties with the United Kingdom.”

Her Excellency added, “We at Bahrain EDB are firmly dedicated to continuing to promote the Kingdom as a prime destination for investment across our target markets. Alongside the strategic meetings and events we hosted, the Newmarket July Festival has been instrumental in providing the opportunity to engage with companies in a vibrant atmosphere and highlight Bahrain’s competitive advantages, business-friendly environment, and highly skilled talent pool.”

Yusuf Buheji, Chief Executive Officer at Rashid Equestrian and Horseracing Club, stated, “We would like to extend our gratitude to Bahrain EDB as a key partner of REHC. The prestigious Newmarket July Festival provides the ideal setting for us to showcase all that Bahrain has to offer. It enables us to connect with likeminded people in the racing community and forge strategic partnerships and collaborations with various international institutions and companies, which will serve to further develop the Kingdom’s horseracing sector, as part of our far-reaching goals to cement Bahrain’s international recognition as a leading horseracing and equestrian destination.”

During the visit, Bahrain EDB hosted two pivotal roundtables attended by UK-based companies and investors. The first, titled “The Future of Manufacturing – Investment Opportunities and Best Practices,” was hosted in collaboration with Sovereign Strategy and highlighted investment opportunities primarily in the manufacturing sector, as well as in financial services and ICT sectors. The second event, held in partnership with City UK, focused on financial services under the theme “The Talent Test: Attracting the Right Skills for the Future of Fintech.” Both events, attended by key stakeholders from Bahrain’s public and private sectors, and senior representatives from key UK-based firms operating in Bahrain, in the likes of PWC Middle East, were critical for engaging with industry leaders and investors in the UK.

REHC partnership with Newmarket Racecourse extends back to 1991. It builds on a robust legacy of bilateral economic ties between the Kingdom of Bahrain and the United Kingdom that span over 200 years, underpinned by strong commercial and investment ties. Numerous leading UK companies, such as Unilever, Charles Russell, Deloitte, Ernst & Young, Standard Chartered, Trowers & Hamlins, HSBC, Reckitt Benckiser, and Price Waterhouse Coopers (PWC), have established a presence in Bahrain.

Source:https://www.bahrainedb.com/latest-news/bahrain-edb-wraps-up-a-successful-visit-to-the-uk

Bahrain Gears Up to Host the 2nd Edition of Fintech Forward in October

The flagship installment of 2024’s Transformation Agenda series will be programmed by Economist Impact and hosted by Bahrain Economic Development Board with the support of the Central Bank of Bahrain & Bahrain FinTech Bay.

Bahrain is gearing up for its second edition of Fintech Forward, which will be programmed by Economist Impact, hosted by Bahrain Economic Development Board (Bahrain EDB) and supported by the Central Bank of Bahrain (CBB) and Bahrain FinTech Bay (BFB). The flagship installment of 2024’s Transformation Agenda series will take place on October 2nd and October 3rd, 2024, at Exhibition World Bahrain.

Featuring a series of panel discussions, the two-day event will unite global fintech experts with financial institutions, governments, and regulators to tackle trending topics across generative AI, blockchain technologies, cybercrime, open banking, evolving consumer behaviour, the impact of new regulations, as well as best practices in prioritising sustainable financial initiatives. Against a backdrop of these insightful discussions that will deliberate on the evolving advancements and imminent challenges facing the global financial services industry, Fintech Forward will serve as a platform for both strategic collaboration and networking with leading players across the region and beyond.

As a singular financial regulator, the CBB has consistently enhanced the competitiveness of Bahrain’s financial services sector, supporting the national transition to a digital economy by pioneering new regulatory frameworks and legislation, all while introducing innovative platforms in the likes of the Regulatory Sandbox. Year after year, Bahrain EDB has continued to attract investments into focused sectors in line with national priorities, fostering ongoing discussions with the private and public sectors to create a business-friendly environment backed by progressive legislation. Further driven by a thriving financial services ecosystem that comprises a balanced portfolio of leading international conventional banking institutions alongside new financial players, including crypto asset service providers, digital payment providers, and highly-specialised firms; Bahrain has earned a reputation as a leading hub of fintech in the Middle East and North Africa region.

Following the successful inaugural event last year, which secured attendees from across the world, Fintech Forward has cemented itself as a platform for innovative leaders to share experiences, collaborate on learnings, and connect with their peers. Showcasing Bahrain’s phenomenal progress in digital transformation, expanding its fintech space, and success in developing a highly skilled talent pool to further fuel the growth of a booming industry, this year’s flagship event is expected to be yet another resounding achievement.

More information on Fintech Forward 2024, which will be programmed by Economist Impact and hosted by Bahrain EDB, can be found on https://events.economist.com/fintechforward/.

Bahrain EDB Wraps Up Multi-City Visit to India to Promote KeyInvestment Opportunities

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Bahrain Economic Development Board (Bahrain EDB) successfully wrapped up a week-long visit to India which kicked off earlier this month on September 9, 2024, and spanned across the cities of Mumbai, Bengaluru, and Chennai. Led by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, with the support of senior members of the investment promotion agency, the visit comprised a series of select events and meetings to showcase value-adding opportunities across priority sectors, namely manufacturing and information and communication technology (ICT), to targeted investors.

Designed to strengthen economic and business ties between the two countries, as well as promote high-impact investment opportunities in Bahrain to a curated selection of India-based investors, Bahrain EDB hosted several events as part of the roadshow. In Mumbai, in collaboration with the Confederation of Indian Industry (CII), an exclusive dinner was held at Taj Mahal Palace, where the gathering offered an opportunity to connect with key decision makers from select leading Indian companies.

Two forums were held showcasing the Kingdom’s investment landscape with an in-depth discussion of expansion opportunities available for businesses to leverage Bahrain as a hub to expand across the Gulf and greater Middle East and North Africa region. The first was held in Mumbai, the second was held in at The Leela Palace Bengaluru, both events held in partnership with Grant Thorton focusing on investment opportunities within Bahrain’s thriving manufacturing and ICT sectors.

At the sidelines of the events, Bahrain EDB announced securing investment commitments valued at just under USD 33 million stemming from leading India based companies across multiple sectors. The cumulative impact of these investments, particularly Polymatech’s entry into Bahrain, will contribute to the Kingdom’s ongoing journey towards economic diversification, sustainable growth, and its goal of becoming a hub for innovation and technological excellence in the region.

Bahrain and India enjoy strong bilateral and economic ties, where India is ranked as one of Bahrain’s top 6 investing partners, with India’s FDI stock in Bahrain reaching over $1.5 billion in 2023. Earlier this August, in a significant expansion into the Middle East, The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, announced the launch of two luxury properties in Bahrain under its iconic Taj brand. The strategic move, in partnership with Kingdom Projects, marks a significant milestone for IHCL as part of its growth-oriented plans to expand its global footprint under its portfolio of leading hospitality brands across the Middle East. Bahrain remains committed to fostering a supportive ecosystem for investors, with forward looking policies aimed at simplifying business operations, offering unique competitive advantages leading to success stories with local roots and global impact. These factors, combined with a highly skilled, bi-lingual, and diverse talent pool, advanced infrastructure, and strategic location, continue to cement Bahrain as an attractive destination for global investors around the world.

Source:https://www.bahrainedb.com/latest-news/bahrain-edb-wraps-up-multi-city-visit-to-india-to-promote-keyinvestment-opportunities

HRH the CP, PM, and Chairman of the Bahrain EDB chairs the Bahrain EDB Board Meeting

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Prime Minister, and Chairman of the Bahrain Economic Development Board (EDB), chaired the EDB’s Board of Directors meeting today at Gudaibiya Palace.

During the meeting, His Royal Highness commended the broad outcomes achieved by the Economic Development Board through its cooperation and collaboration with the Kingdom’s government agencies and the private sector, emphasising that their efforts are highly valued by all.

HRH the Crown Prince, Prime Minister, and Chairman of the Bahrain EDB emphasised that the success of investments are measured by the amount of lucrative employment and business opportunities yielded by that investment. In this regard, His Royal Highness noted the significance of Team Bahrain’s joint efforts in attracting investments that provide more opportunities for citizens, in line with the Kingdom’s goals of comprehensive development led by His Majesty King Hamad bin Isa Al Khalifa.

HRH Prince Salman bin Hamad underscored the importance of maintaining Team Bahrain’s momentum in advancing economic growth by strengthening public-private partnerships that deliver vital development projects, ultimately achieving shared economic objectives that benefit everyone.

HRH the Crown Prince, Prime Minister, and Chairman of the Bahrain EDB welcomed the newly appointed members of the Bahrain EDB board, expressing his best wishes for their success in achieving the EDB’s far-reaching economic goals. His Royal Highness also commended the efforts and contributions of the former board members during their tenure.

The Economic Development Board reviewed its achievements in the first half of 2024 and outlined strategies for attracting investments across priority sectors.

The Minister of Sustainable Development and Chief Executive of Bahrain EDB, HE Noor bint Ali Alkhulaif, then delivered a presentation, briefing the board members on the direct investments secured by the Board. These investments totalled BHD 399.2 million (USD 1.056 billion) from 62 local and international investment projects, with 40% representing new ventures and 60% being expansion projects.

The presentation highlighted that the manufacturing sector accounted for the largest share of diversified direct investments, followed by the tourism and financial services sectors. These cumulative investments are projected to create more than 5,400 employment opportunities within the next three years.

Key success stories across priority sectors were also presented, including investments from India-based semiconductor manufacturer Polymatech, Singapore Gulf Bank, a home-grown tech company ARRAY, Amana Healthcare, and the University of Strathclyde. Additionally, the Board reviewed a breakdown of Bahrain EDB’s extensive international investor outreach efforts across key target markets.

The Representative of His Majesty the King for Humanitarian Works and Youth Affairs, His Highness Shaikh Nasser bin Hamad Al Khalifa, the Chairman of the Board of Trustees of the Isa bin Salman Educational Charitable Trust, and Chairman of the Board of Directors of the Labour Fund (Tamkeen), His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, the Deputy Prime Minister, His Excellency Shaikh Khalid bin Abdulla Al Khalifa, the Minister of Finance and National Economy, His Excellency Shaikh Salman bin Khalifa Al Khalifa, along with a number of senior officials and members of the Board of Directors of the Economic Development Board, also attended the meeting.

Source:https://www.bahrainedb.com/latest-news/hrh-the-cp-pm-and-chairman-of-the-bahrain-edb-chairs-the-bahrain-edb-board-meeting

Crypto.com Receives Payment Service Provider Licence from Central Bank of Bahrain

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Crypto.com has received full approval to provide payment service provider (PSP) services from the Central Bank of Bahrain through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”, adding to the company’s significant regulatory milestones in the region.

The PSP licence will allow Crypto.com to expand its offerings of e-money and fiat-based payment services regionally, including the launch of its world-renowned prepaid cards.

“With its extensive international presence and an earned reputation for regulatory compliance, we are delighted that Crypto.com has chosen the Kingdom of Bahrain as a destination for investment, which will further bolster Bahrain’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress,” said H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, adding, “Backed by the agility of our Team Bahrain approach, which fosters a streamlined investment environment that champions ease of doing business, Bahrain is successfully building a world-class ecosystem to support the evolution of the fast-growing blockchain, crypto and fintech industry. This is further supported by robust regulations and a diverse, highly skilled, and future-ready talent pool, particularly within the financial services and technology sectors.”

“Bahrain has been working to create an innovation-friendly crypto and fintech ecosystem, which has involved putting in place clear regulation that balances consumer protection with commercialisation,” said Eric Anziani, President and COO of Crypto.com. “We appreciate the work of the Kingdom and look forward to progressing our relationship as we play our part in growing the crypto industry in Bahrain and across the GCC.”

Bahrain, a pioneering hub for digital asset regulation within the Gulf Cooperation Council (GCC) countries, was among the first to issue crypto-asset licences in the region, cementing itself as a leading hub for crypto services and fintech innovations in the region. As the island nation’s investment promotion agency, Bahrain EDB works closely with potential and existing clients providing key services that include industry assessments and strategic advisory, in line with its mandate of attracting investments into Bahrain.

Crypto.com continues to actively grow and expand its ecosystem, with more than 100 million users worldwide. The announcement builds on Crypto.com’s regulatory licensing momentum globally, having received its Virtual Asset Service Provider Licence from the Dubai Virtual Assets Regulatory Authority (VARA) and the launch of the Crypto.com Exchange for institutional investors in April 2024. Cypto.com is additionally licensed for specific services in key markets around the world, including Singapore, France, Australia, Ireland, Malta, United Kingdom, United States, Canada, and South Korea.

Source:https://www.bahrainedb.com/latest-news/crypto-com-receives-payment-service-provider-licence-from-central-bank-of-bahrain

During a visit to factories in Ma’ameer Industrial Area. Minister of Industry and Commerce Affirms Support for the Industrial Sector

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HE Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, affirmed the Kingdom of Bahrain’s continuous support to the industrial sector as a key pillar of economic development, in order to provide more quality opportunities for citizens and support the process of construction and development in the Kingdom.

This came during His Excellency’s field visit to “Craft Boat” factory, “H Al-Dhaen Boat Factory” and “Araib Factory for Industry” in Ma’ameer Industrial Area, in the presence of a number of concerned officials, as part of the ministry’s efforts to follow-up on all developments concerning the industrial sector.

During the visit, the Minister was briefed on the factories’ current situation, and reviewed the production processes and services they provide, stressing support for all industrial activities, especially high added value industrial, commercial and service projects.

H.E. Fakhro also pointed to the importance of cooperating with various entities to implement the objectives of the Industrial Sector Strategy (2022-2026), which revolves around increasing the contribution of the industrial sector to the GDP, increasing industrial exports of national origin, and providing promising job opportunities for citizens in the industrial sector. Noting that the strategy is based on supporting the sector’s transformation towards the Fourth Industrial Revolution, applying the concept of a circular carbon economy and environmental and social governance, encouraging investment in technological infrastructure, digitizing manufacturing, and increasing supply chain efficiency through industrial integration.

Source:https://www.moic.gov.bh/en/node/5671